Buying a house can be a sensational yet daunting experience, especially if you’re doing it for the first time. The purchase decisions you make can be delightful and save you thousands of pounds or cost you the same money altogether.
From finding your dream house to saving for a deposit, here are the key steps that will help you secure the deal, including applying for a mortgage and working out your budget.
Start Searching for an Affordable House
Buying a house comes with multiple advantages. First, you can furnish it and decorate it as you want. In addition, getting your house saves you money and gives you the ultimate security and freedom you need. However, getting your first home can be a daunting task as it takes a lot of research and determination to get an affordable house.
Today, over 86% of UK residents want to own their property. Before you settle for the home hunting quest, you need to ensure that you can afford it. This will help you work on your budget and cover the ongoing and one-off costs that come with purchasing a house.
Get Your Financial Affairs in Place
Whether you’re a renowned homeowner or a first-time buyer searching for a big house, you need to get your financial affairs in place. First, work out how much deposit you can get to cover your mortgage.
Second, think about your savings and the total amount of cash you would get after listing your current house on the market.
In addition, decide on the sort of mortgage to apply for. The mortgage in principle, is of utmost importance and will help you secure a stronger position, especially if you can’t get a mortgage before buying your dream house.
If you’re planning to purchase a new house, you can consult a mortgage broker about buying advice. Additionally, the mortgage broker can help you scan the variety of mortgages in the market and help you get a mortgage if you have underlying special circumstances like being self-employed.
Pick a Specific House and Go for It
When it comes to buying a house, research is of utmost importance. Once you identify a specific house that meets your needs and preferences, visit the local market and have a hang of it. In addition, butter up the local real estate agents and ensure there are no hidden surprises.
It’s significant to make an informed decision before purchasing your dream house. To clear any doubts, you can consult a mortgage advisor and get tips on making an offer. The agent might ask you to deposit a holding fee of up to £1000. If the sale falls through, the agent will refund your fee in full.
Make Your Mortgage Arrangements
Your financial affairs are in order at this stage, and you’ve identified a specific house that meets your needs. If so, visit your mortgage company with a detailed offer to complete the purchase process. Before exchanging contracts with the seller, you’re supposed to have a formal mortgage offer.
If it’s your first time trying to purchase a home, it’s advisable to consult a mortgage advisor. Eden Hawk in Cardiff are an independent mortgage broker who can help you find the most advantageous deals and save you time altogether. In addition, the mortgage advisor offers access to multiple loan products, delivers personalised services, and saves you extra dollars with no hidden costs.
Hire a Surveyor if Necessary
Before exchanging contracts with the seller, you can hire a surveyor who will help check the condition of the house you’re about to purchase. The surveyor is responsible for identifying any faults with the wiring system and the potential problems you may face once you move in.
Exchange the Contracts with the Seller
Once you exchange a contract with a seller, you become legally committed to buying the house and vice versa. However, you can only exchange the contract with the desired seller once formal mortgage arrangements have been made and the solicitor is satisfied with the offered searchers.
Final Negotiations and Sale Completion
After finalising the sale, you need to consider the best day to move. In addition, you need to negotiate with the seller on final details, such as purchasing the seller’s appliances. A sale is considered complete once the money and the deeds of the house are fully transferred.
Take the Possession of Your New House
By the time of completion, the seller is expected to leave within the stipulated time. You can collect the keys from the real estate agent and move in as soon as possible.
Purchasing a house can be exciting. After collecting keys from the real estate agent, you can start decorating and furnishing the house to your taste.