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The home buying process explainedMortgages, Moving In October 20, 2014 - 1:06 pm 1 Comment
If you’re looking to purchase your first home, it’s a daunting time. The home buying process can be complicated, so heading into it with no prior knowledge is scary. In order to relieve the worry, we’re here to provide a definite guide to the process, perfect for those taking the plunge for the first time.
Buying your first home is a huge life decision, so it’s important that you don’t head into the process without having done plenty of research for yourself. Getting yourself that background knowledge will really help, and make the process of home buying much more straight forward. As with most things, having a greater understanding will allow you to make a more informed decision further down the line.
Get the right mortgage
One of the most important factors when buying a home is to ensure you get a mortgage that suits your financial and living situation. Again, this will involve copious amounts of research and homework. If you’re unsure what types of mortgage are out there, it’s worth looking into, and getting the facts straight in your head before going out into the market.
Make your offer
Once you’ve got your mortgage lined up, viewed homes and are now ready to proceed, it’s time to put in an offer on what you want to be your new home. If you’re a first time buyer, you’ll have less constraints, as you won’t have an existing home up for sale slowing you down. Usually, you’ll put your offer in through your estate agent, as they will help your deal go through as smoothly as possible
Sort your paperwork
Next up, you’ll need to get your solicitor to handle the paperwork surrounding your impending move. It’s important that the finer details of your move are scrutinised ahead of signing your papers, so having a trusted solicitor on your side is an important addition.
Carry out a survey
Another crucial step is to ensure that you arrange for a survey of your new property to be carried out, to make sure that your new home has been thoroughly checked over and is valued at the price you’re paying. There are a number of different surveys and reports which can be carried out, from the cheaper condition report to the most comprehensive option of a structural survey.
Once your solicitor and surveyor are happy, it’s time to sign the contract and move ahead with the purchase. It’s at this point you’ll have to start the expenditure, as you’ll usually have to lay down 10% of the total price as a deposit. It’s important to know that once you put down the deposit, you’re committed to the sale, meaning that if circumstances change any you need to pull out of the deal, you’ll likely lose your deposit.
Complete the deal
Upon completion, the property finally becomes yours. It’s time for you to get your keys and the deed to your first home. The completion of your purchase means you’ll now have bills to pay; the 90% of your home which you’re yet to pay for is transferred from your mortgage lender to your legal representative, and then on to the seller’s representative.
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