Guide To Buying Your First Home
Buying your first home is a hugely exciting experience and a major life decision. As with any new experience, there’s always a feeling of entering the unknown – we hope this guide helps to allay some of your fears and makes the process of buying your first home as smooth as possible.
If you’re reading this, it’s likely you’ve been saving for an initial deposit on a property and feel like you are in a position to buy. You’ll need to secure a mortgage in principle before you can make an offer on a property. If there are two of you applying, you’ll be eligible to borrow more. Banks will typically offer a mortgage of around 90%, meaning you must pay, at the very minimum, 10%.
It’s important to consider, at this stage, how much you think you can afford for both the initial deposit and monthly mortgage repayments. A few things to consider here:
- You’ll have monthly bills such as gas/electricity, TV and WIFI to pay on top of your monthly home repayments
- There’s also the cost of living. This can often come as a shock to someone who has just left the family home for the first time
- Then there’s your social life
Finding the perfect property
You now have a budget and a mortgage in place, it’s time for the fun bit. Finding your dream home. Once you’ve found some properties you like the look of, arrange a viewing. It’s definitely worth asking lots of questions at your viewings, don’t be scared to get down to the nitty gritty. It’s a big investment, so you need to make sure it’s right for you. Work out what you’re willing to compromise on too – ok, so maybe the garden is a bit small, but the property might be worth it for the beautiful kitchen and fantastic views! On the flip side, we would recommend finding those non-negotiable elements too. Don’t say yes to a property just because you love one part of it, it has to be the right fit.
Making an offer
You’ve checked the home report and you’re ready to make an offer; it can often be a bit nerve-wracking, but this is an exciting time! Instruct your solicitor who’ll keep you right on the next steps here, and will keep you informed along the way.
My offer’s been accepted, now what?
It’s time to formalise the arrangement and complete the legal process to becoming a homeowner. Your solicitor and mortgage advisor will guide you through the final stages, but congratulations; it’s countdown to moving day!
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