Buying your very own home can be a very exciting time, but it can also be very stressful. There are many things which you will need to consider when you when looking at purchasing your first house. Even though it can be very complicated process, you can make it as simple as possible by being prepared. You should do as much research and preparation when you want to buy your first home.
Research
The first thing which you are going to want to do is do some research into the homes which you are interested in buying. You should look at houses in the area which you are hoping to buy in and look at the different houses for sale in this area. This will give you an idea of the average price which you are going to have to buy for the house which you are after. If you are a bit put back at the price of the houses for sale, you may want to look at houses in different areas or smaller houses to see if the price is any lower. The lower the price of the house, the easier it will be for you to buy.
Mortgage & Deposit
Your deposit is likely to be 10% of what the total price of the house is, and it is essential that you have this deposit saved when you want to buy your home. You should contact a mortgage broker who will discuss your current financial details with you to get an idea of how much you will be able to borrow towards your mortgage. This will give you a much clearer idea to how much you are able to buy a house for. However, debt management advice companies will warn you to make sure that you will be able to afford your monthly instalments and not to go over your budget as you may find it difficult to keep up with your monthly payments.
You will also want to consider other prices which you will have to pay out when buying a house; this will include stamp duty tax, survey fees and solicitor fees.
Offers
If you do find an affordable property which are you interested in putting an offer in on, you should go to your estate agent to find out as much information on the property as possible. The initial thing which you will want to find out is how long it’s been on the market for; this will give you an idea to how much you should offer the seller. It may be worth offering a low price as the seller is likely going to negotiate with you, so the lower you start the better price you will get the house for.
Surveys
Once you have made an offer and the offer is accepted, it is essential that you get a survey doing on the building. This should be done once your mortgage has been accepted. The survey is well worth getting done as it will let you know if you there are any major problems with the house, this will include any structural problems or any problems such as damp, leaking roofs or rodent problems.
Contracts
If you are happy with the survey and want to go ahead and purchase the house, you will have to get all the necessary paperwork lined up. You will then be asked to sign a contract which will be legally committing you to buying the house. At this point you will have to pay your agreed deposit on the property.
Louise is a new home owner and understands the importance of planning ahead and budgeting her money. For more information go to http://www.debtmanagementplanned.co.uk/
