How to Buy Your First Home
Buying your first home is bound to be both daunting and exciting. There are so many things to consider and so little time to consider them. To help you take the stress out of buying your first property, we are offering an informative guide to help you embark on a hassle-free move.
Take a Good Look
You might have fallen in love with a home’s sofa or colour scheme, but the interior and furnishings are just superficial. You should really look at the quality of the kitchen and bathrooms, or if a home features central heating. Also, bear in mind that furniture can make a room appear larger or smaller. You should also ask the homeowner about council tax bills or any required service charges they must pay.
The Opening Offer
Once you have found the perfect home, the next step is to put in an opening offer. However, it’s worth being a little cheeky and aiming lower than the asking price. For example, if the home is priced at £140,000, you could always put in an offer for £120,000. If your bid is rejected, increase the price by £1,000 at a time until they say yes. However, if you believe your dream home could soon be snapped up, it might be worth offering the asking price so you don’t lose it.
Find the Best Mortgage
Many mortgage providers are happy to offer a mortgage in principle over the phone. You can then provide your employment details, salary, current address, bank details and other required documentation, which will allow you to agree to a mortgage offer. It is important to note that most mortgage providers will require you to pay up to £500 to set up the mortgage.
The next step is to find a qualified conveyancer or solicitor to start a conveyancing service, which is the legal process that identifies if a seller has a legal right to sell their home to you, whilst ensuring there are no land disputes or a third party is attached to the property. You can compare conveyancing online using a comparison website, sourcing the best specialist for your dream home, requirements and budget.
A Home Survey
A mortgage provider will most likely insist on a basic survey of your home to identify the value of your property. A mortgage valuation is the cheapest survey you can buy and commonly costs £150. However, a homebuyer’s survey is more thorough and can cost approximately £500. You can also choose a full building survey that offers a detailed review of a property, which can cost between £400 to £1,000. If one of the surveys comes back with a problem, you can request a reduction in the property’s price.
The Exchange of Contracts
Once a solicitor has ensured the exchange of contracts between you and the seller, you will have a legal commitment to the property. Should you decide to pull out of the mortgage deal, you will lose your deposit. If you’re happy to exchange contracts, you will then receive a completion date and the house will be yours as soon as you receive the keys.