Buying your first home is a major milestone in your life. Many people save for years to be able to afford to put down a deposit on their first home. People are buying their first property later than they might have done in the past, due to the expense and the difficulty of finding a mortgage. When it comes to buying your first house, it can seem like a complicated process. There’s the process of securing a mortgage and searching for a property. And then when you find a house and put in an offer you have to consider the costs of taxes, solicitors and surveyors.
Finding a Mortgage
You first need to find a mortgage, unless you have a lot of money. You can look for a mortgage yourself by researching online or visiting individual banks, or you can use a mortgage broker. A mortgage broker will use their expert knowledge to advise you and help you find the best deal on a mortgage. But this will come at an extra cost. Searching online is a good way of viewing lots of different mortgages at once. When you have found a mortgage, you will know how much money you have to spend on a house.
Find a Property and Make an Offer
You can use an estate agent to find a property, or you can look around on your own. When you’ve found a property that you like, the next step is to put in an offer. Usually, this happens through the estate agent. It’s best to have an agreement in principle from a mortgage lender before putting in an offer as the seller is more likely to accept your offer. The seller must then agree to your offer so the buying process can begin.
Do the Paperwork
You’ll need to hire someone to do your paperwork for you. They will take care of the legal aspects of the sale, making sure there are no costly mistakes made. The solicitor or licensed conveyancer, such as Abacus Law Conveyancing Warrington, usually takes care of the paperwork. They can also check for local or planning issues that could affect the property’s value.
Arrange a Survey
Having a survey performed with highlight any issues there might be with the property. In order to buy a property with your mortgage, the lender will require you to have the property surveyed. If the survey shows any issues with the property that will need fixing, you can go back to the seller and renegotiate the price or pull out of the deal.
Once everything is to the satisfaction of you and your solicitor or conveyancer, you can sign a contract. This is when you pay a deposit, and both you and the seller are committed to the sale. Once you have the keys and deeds, the remaining cost of the property will be transferred from your mortgage lender and you’ll pay any other costs and fees. You now own your first home, but it’s time to start paying back your mortgage.