Most of us have ambitions to buy a house, but we often enter into the process without really understanding what is involved. If you’re trying to get onto the ladder, or you’re considering leaving rented accommodation and searching for properties for sale, read on to find out more.
Working out your finances
It’s always beneficial to enter into a property search with a clear idea of how much you can afford to spend. Some people may be in a position to buy outright, but many take out a mortgage to fund acquisitions. If you’re buying with a mortgage, it’s wise to take time to research and compare products and lenders, figure out how much you can put down as a deposit and calculate affordable repayments.
Always read the terms and conditions before applying for a mortgage.
Seeking expert advice is a great way to get help, improve your understanding of how mortgages work and find the best products. Once you’ve found a suitable mortgage, you can complete the application process. Getting an offer in principle will put you in a good position once you start searching. It’s worth noting that you can maximise your chances of getting a mortgage by maintaining a high credit score and boosting your deposit savings. The more you can put down, the more favourable the interest rates.
Finding the right property
The next step is to search for your new home. You can do this online or by contacting local estate agents. Arranging viewings and going to open houses is a great way to see what properties are like and how they would fit with your requirements and preferences. If you find houses or flats you love, book a second viewing. Don’t be afraid to go back as many times as you need to make a decision. If you want to make an offer, you can do this via the estate agent. The vendor will decide whether or not to accept or reject it. It’s common for first offers to be turned down. You have the option to increase your offer, take time out to plan your next move or back off.
Starting legal proceedings
If you find a property you’d like to buy, you’ll need to hire a solicitor. Conveyancing solicitors oversee the legal processes of transferring ownership from one party to another. Click here to find out more about what conveyancing firms do. Once you’ve chosen a solicitor, they will carry out searches, communicate with the vendor’s legal representatives, prepare contracts and get clients ready to exchange.
Carrying out a survey
It’s not compulsory to have a survey, but it’s advisable, especially with old properties and houses that need work. Your home survey will flag major issues and give you detailed information about the condition of the property. If you’re unhappy with the findings, you may want to negotiate with the vendor, change your offer or even pull out.
Exchanging contracts
When you exchange contracts, they become legally binding, and the agreement between the seller and buyer is settled. Once you’ve reached this point, you become the legal owner and you can access the keys and move in at last!
