Guide to Buying a Home
Buying a new home is a very exciting time, whether you are buying your first home, or if you are an experienced homeowner looking to up or downsize. Whatever stage you are at, there is a lot to think about.
How do your Finances look?
Probably the most important stage of the whole process, your purchase will hinge on the health of your finances. The first thing that you need to do is research how much you actually have to spend on a property. In doing so, you need to take into account the available cash you have for a deposit and speak to a mortgage broker to determine how much you will be able to receive in a loan.
Lastly, don?t forget to budget accordingly for your Stamp Duty Land Tax.
When finding your new dream property, there are some typical places to look, including the windows and websites of local estate agents, property portals, and even spending time on the street locating properties for sale. The time has come to book in some viewings.
Here are some key considerations that you should ask the estate agent about.
- Years left on the lease (only applies to leasehold properties)
- Indoor and outdoor space
- Central heating, insulation, double glazing
- Service charges
- Public transport in the local area
Make an Offer
This is arguably the point of the purchase that makes people the most nervous. Once you know what property it is that you want, the time has come to make the offer. To offer, you will need to inform your estate agent that you would like to make an offer. It is likely that your first offer will be declined, which will lead you into negotiations. Be patient, and listen to the advice of your estate agent.
When the offer is accepted, it is time to employ the services of a conveyancer. The legal specialist will manage negotiations surrounding your property purchase for you, check all of your paperwork and look after the details of the contract for you.
It may also be a wise idea to hire a chartered surveyor. You may want to carry out a full survey of the property, making you aware of any possible problems that may require your attention.
Fees, fees and more fees
Throughout the process of purchasing your new home, you will have a number of fees to consider, including:
- Lender?s Valuation Fee
- Mortgage Arrangement Fee
- Stamp Duty Land Tax
- Building and Contents Insurance
And lots more.