Advice before buying your first home
Buying a home for the first time can be a time-consuming, nerve-wrecking experience. Large amounts of paperwork, procedures, taxes and other await those who are willing to buy a place of their own. If you engage in this process without some basic knowledge about the steps you will have to follow, it will be an overwhelming experience.
‘Buying a house is fun but stressful at times. Be prepared to chase people to get things done,’ says Jessica Davies, first time buyer.
So, to shed some light on what buying a home for the first time is like, here are some tip to take into consideration.
A house is an investment, a massive one. Any mistakes made here may cost you a lot later on. The most probable and efficient solution to raising the money needed is to get a mortgage. That is a loan for buying a house which is secured against the property. In case you fail to meet the payments, the lender can repossess the property and sell it to cover the financial deficit.
Personal finances are very important here as you will have to pay not only the mortgage but also any other monthly costs necessary to sustain yourself.
‘You need to factor in all of your other monthly outgoings and be sure that you could still meet your payments if interest rates rise or your circumstances change,’ says Jane Symonds from the Money Advice Service.
The next step is to find a mortgage. You can choose from mortgage brokers, individual banks or searching online. The best way to approach this is to research all three options, beginning with an Internet search, and chose from the best one available. After you’ve made a choice, you have to put in an offer and wait for feedback.
Hiring someone with professional expertise to handle the paperwork and guide you through the process is highly advisable.
After eyeing a property, you will have to arrange for a survey which will determine any potential problems. If such is the case, the price may be renegotiated.
The final steps are exchanging contracts and getting into possession of the actual property. Word of notice: you will have to pay a deposit in advance, usually 10% of the total value.
