Buying a Home

What to Do to be Happy About Buying a Home for the First Time

Buying a HomeThis is a massive decision, a financial venture so big you need to be very careful and considerate of crucial factors. Otherwise, you could end up broke and homeless. Like you, there are a lot of people out there looking to own homes at present or in the near future. To make this less stressful for you, here are some of the most helpful tips that you might want to consider and take note of.

Knowledge is power. As a first time buyer, you need to know as much about the market. Find out about the area you’re looking to buy a house in and what the facilities and transport links are like. This will help you determine if it’s going to be safe and convenient for you (and your family, too).

Budget is crucial. While mortgage lenders traditionally offer up to 3 times your own salary or 2½ times of joint income, this is not the only factor that says you can afford mortgage repayments. Get advice from reputable brokers and financial advisers to be sure you can afford not just your future recurring expenses but also the upfront costs of buying a home.

Get advice and help. Your parents should be the very first you should consult about this. You can decide to buy a house regardless of their opinion, but they can actually help so much especially in pointing out issues that you tend to overlook. Besides they can also help you financially if you believe you haven’t got enough.

Your money can only go so far so don’t push it. Remember that besides mortgage repayments, you have other things to pay and spend for regularly – electricity, phone, mobiles, internet, water, TV licence, etc. You may often take this for granted if you’ve been living with your parents before deciding to buy your own house, so it will be best to list these things down and see if you can really afford it.

Choices are very important. You can’t just decide to make an offer on the first property you see. As much as possible, look at a number of properties and list the pros and cons of the ones you see. You might also want to carefully look at the structural condition of the house, especially if you’re buying a previously owned one. You can use this to negotiate a fair price with the seller.

Make an offer. If you believe you’ve looked carefully enough at the property and your questions are answered satisfactorily, prepare to make an offer and negotiate reasonably. You cannot just offer an amount just because you want to save a hefty sum. Your offer should be based on a few factors: the property’s current market value, your budget, and what issues you’ve seen in the house. The state agent will then relay your offer to the owner/seller and report back to you if accepted or not.

If the seller does not accept your offer, the decision is your to increase it or just back out of the transaction and look for something else. When accepted, though, you will then move along to completing your purchase through the conveyancing process. At this point, you should already have made up your mind which conveyancer to instruct and will act on your behalf all through to completion and moving day.

The conveyancing process can take weeks to even months, so it’s important that you hire someone diligent and that you stay in touch with each other to make sure that everything is in place and all issues will be addressed. Consider using a comparison site like www.conveyancing24-7.com to save on the costs of solicitors fees.