Buying your home is probably the most important decision you will ever make. Here is our quick guide to helping you on your way to owning your first home.

Figure Out What You Want

Ask yourself all the important questions. Do you want a single home or a bachelor’s abode? Will you need a backyard for the (potential) kids or you think it will be too much work? How many bedrooms do you want in your home? Does each bedroom need to have a bathroom of its own?

You know all that day dreaming that you have been doing about having your own house? Well, now it’s time to put your dreams to work and figure out what it will be like! Also think about its location, nearby amenities, adjoined parking, flat or cottage etc.

Accept That You Will Need To Borrow Money

If you aren’t filthy rich, chances are that you will need to find a suitable lender to pay for a part of the purchase amount. Get in touch with a mortgage broker to figure out how much you will need to borrow. They will also help you find lenders willing to lend you money. Through this all, you need to remember that this money will have to be paid back as well. You will also need money to sign the deal, for example, to meet stamp duties and other fees. And of course you will also need to have enough left over from your monthly take home pay to decorate and furnish your home. So always factor in the monthly installments of the loan before signing up on it.

Start Looking For Your New Home

Once you find a mortgage broker you like working with, it’s time to go looking for a house. Scout the internet for local registries, look in local newspapers and make friends with real estate agents in your area of preference.

Once you have spotted a property that strikes your fancy, ask the agent to arrange a viewing. But don’t settle for the first one, visit a few of them before deciding on what you want. Don’t let the house tempt you to go over your budget, it may lead to financial ruin and not to mention you may lose your house if you fail to meet payments for some reason. So make your budget your number one priority. And don’t worry; the right place with the right price isn’t far away!

Making an Offer on the Property

But before you do this, get as much information about the property as possible. This information may make it easier to negotiate a lower price from the seller. Ask the estate agent how long this particular property has been on the market? Why does the seller want a quick sale? And other similar burning questions. When negotiating the purchase price, there is no shame in starting low and getting up to a price that is good enough for both parties.

Once your offer is accepted, the property will be taken off the market and it will be time to find a solicitor. It’s best to ask family, friends and neighbors for personal recommendations.

Getting Things Finalized
Call your broker and lender to finalize the mortgage application. You may need to provide proof of your income and expenses at this stage. Let your solicitor know too that they need start working on the contract. In the meantime your job is to find out about the surveys.

Attend A Survey Of The Property

This survey is usually arranged by your lender to assess the real value of the property. Ask the surveyor to create a home buyer’s report for you. Read the report and find out any potential problems with the property that may compel you to stop the purchase.

Exchange of Contracts

If everything seems good, it’s time to pay the down payment of at least 5% of the purchase price. Also finalize the move-in date and get ready to be a home owner!