Buying a house is a big financial investment in anyone’s life. It is very important for any individual to do this right. Buying a property or house is a long term investment and takes a lot of planning. If you are buying a house for the first time, then there are plenty of things you should know and take care about.
In this article, we will discuss the home buying process step by step. All the important and major steps and mentioned and explained below:-
- Finding an affordable property –
The first step in buying a house is to decide your budget and fix an amount that you are able to handle and manage. If you are planning to buy your house in mortgage, then it is better to fix an amount of monthly installment that you can afford. Based on your calculated amount, find a property.
Choosing a mortgage option is as important as choosing a property to buy. Find a mortgage broker, lender or an independent financial advisor to get the best mortgage option suitable for your income.
- Make an offer –
Once you find a property you like and deal with your mortgage plans, the next step is to make an offer for the property. An estate agent can help you with this. Make sure that you only pay 0.5 – 3% (+VAT) of the selling price to your broker as fees.
- Find a solicitor or conveyancer –
It is always a difficult decision on how to choose the right conveyancer for your property deal. A conveyancer will help you with the legal formalities of buying a house. Conveyancer surveys a property to find out any legal issues and to make sure that the amount you are paying for the property is worth it.
- Finalizing the mortgage and the offer –
Once your conveyancer surveys the property and the legal proceedings, the next step is to finalize the deal. In this step, you might usually like to renegotiate the deal. This happens if the conveyancer finds any legal problems or if the survey reveals that the property is either over priced or underpriced.
This process is stressful and usually takes time to clear up. Communication is the only key to get through this process. Make sure you clear everything up with your seller and your conveyancer checks all the legal matters at once.
Following this process step by step can make home buying process easy and less stressful.
Frank Spark has written many informative blog posts explaining about how to choose the right conveyancer, in order to ensure that all the documentation and paperwork are in order when you buy homes. Please visit their website for more information.