While making the decision that you want to buy a home can be an exciting one, there are also many things to think about in terms of your finances. One slight mistake could have you paying thousands of pounds, so it’s important to understand exactly what goes into buying a property.
Decide on your budget
How much are you looking to spend on your future home? When you have an idea, start looking at how much you can actually afford, and how much extra you will need to put a deposit down.
If you don’t plan on buying a property immediately, then you can allow yourself some time to budget and cut down on things you down need – only focusing on the priorities. This will give you the chance to save a little extra before taking any further steps.
Get your finances sorted
Do you have savings that have been put away specifically for your deposit? Or maybe your parents (or their parents) said they would help put money together.
It would be wise to look at various mortgage options now too, even though you can’t yet apply for one, it always helps to know a little about them beforehand.
Decide where you want to live
Now it’s time to get looking at properties (this is the fun bit.) You get the opportunity to visualise what life would be like in an array of different houses. You can walk around neighbourhoods on the lookout for properties for sale, and browse online at endless adverts until you see some that you like the look of.
Make an offer
Once you’ve decided on where you want to live, it’s time to make an offer, and hope that it gets accepted. If there are repairs that need to be made, think about whether you are willing to have them done, and if so, should you offer less because of this. Or are you willing to pay the full price as long as the original owner takes care of everything? Look on www.mirror.co.uk for more tips when making an offer.
Arrange a mortgage plan
If your offer was accepted, you now need to create your mortgage plan of action. If you haven’t already got the finances sorted, you will need to do so rather quickly before people start to lose their patience.
If you need additional help when paying, you can get help at www.1stukmortgages.co.uk. Websites like this aim to find and offer you the best of options when looking at your mortgage, all suited to your own personal circumstances.
Hire a solicitor or conveyancer
You will need to do this so that all the legal work is dealt with appropriately, that can then be transferred to you, as you are now officially the legal owner of the property – congratulations.
Assuming everything has been agreed and both parties are happy – you can now move into your home and unpack. Now all you have to worry about is removing that hideous floral wallpaper!
Disclosure: This is a collaborative post.