Congratulations on considering the purchase of your first home! This significant milestone will provide you with a place to truly call your own. The journey of becoming a first-time buyer can be an exhilarating and overwhelming experience, encompassing a range of emotions. So, what should you anticipate?
In this concise guide, we will walk you through the initial stages of acquiring your first home.
Financial Considerations
Whether you have diligently saved up or are seeking assistance from family, the foremost task is obtaining a mortgage in principle. This step will help you determine your monthly affordability and the maximum amount you can borrow.
Regrettably, a mortgage is just one aspect to address. There are several other expenses to account for, such as:
- Stamp duty
- Valuation costs
- Survey fees
- Legal fees
- Insurance
- Moving and decorating expenses
Pro Tip: Engaging the services of a mortgage broker can prove invaluable. They will aid you in comprehending the financial commitment, organizing the necessary documents, finding suitable deals, and handling the application process on your behalf.
Property Search
Once you have established your budget, you can commence your property search. While browsing online can be useful, nothing compares to meeting with an estate agent in person to discuss your specific requirements and financial constraints. Estate agents possess extensive knowledge of the local market and the intricacies of the buying process, so it is advisable to take full advantage of their expertise.
Legal Matters
As a first-time buyer, it is crucial to work alongside a team of reliable professionals who can guide you through the process and provide comprehensive explanations. You will require the services of a conveyancer or property solicitor to conduct searches and finalize the transaction.
Pro Tip: It is preferable to select a solicitor who has been recommended rather than conducting your own search.
Property Surveys
Familiarize yourself with two types of surveys: a valuation survey and a homebuyer’s survey. The specific survey you need will depend largely on your lender’s requirements. For instance, if you are purchasing a new property, a valuation survey might suffice. However, if you are buying an older property in need of renovations, a homebuyer’s survey might be necessary.
Once a satisfactory survey has been conducted, your lender will (hopefully) approve your mortgage offer.
Next Steps
As excitement mounts, so will the administrative tasks associated with purchasing a new property. Be prepared to address inquiries from the seller’s solicitor or your lender regarding your timeline and ability to proceed with the exchange, among other matters.
While this article provides a brief overview of the steps involved in buying your first property, it is important to note that it does not serve as an exhaustive guide. Challenges may arise along the way, but rest assured that the effort invested will be worthwhile once the completion date arrives.
If you’re planning to buy your first property, get in touch with our team today.
