| So, you're about
to take that first step up the property ladder and buy your
first home. It's an exciting time - but probably a little
confusing, too. There's so much to think about, and when you're
a first-timer on the property scene, it can be difficult to know
what to tackle first.
Follow our guide for an easy entry into the property market.
1. First home financing
Before you even think about
starting the search for your ideal home, get your finance in
place. Very few of us these days can afford to buy a home
outright, so unless you happen to have inherited a fortune, or
won the lottery, you're going to need a mortgage. There are
various different types of mortgages available: fixed interest,
variable rate, 25 year duration, 35 year duration... If you're
unsure which is best for you, speak to an independent financial
adviser, who will be able to guide you through the maze.
The amount your mortgage lender
is willing to lend you will depend on your income, debts, and
savings, so it's important to find out just how much you have to
spend before you set your heart on a home that turns out to be
out of your league. Remember, too, that not all lenders will
loan you the full amount of your property - some will give you
only a percentage of the price, so you may also need to save up
for a deposit.
2. Finding your first home
You don't need us to tell you
where to go looking for your first home. Real estate agents,
local newspapers and the internet all provide happy hunting
grounds for prospective home buyers - or you can do it the old
fashioned way and just go for a drive in the area you're looking
to buy in, keeping an eye out for 'For Sale' boards. An
increasingly large number of home owners are also now choosing
to sell their homes themselves, rather than relying on estate
agents, so don't forget to check out 'for sale by owner' sites.
3. Surveys
Once you've found the home of
your dreams it can be tempting to place an offer on it right
away, so that you can get on with the fun part of moving -
buying furniture, choosing decor etc. Before you do any of this,
however, you'll need to have the house surveyed, to make sure
that it meets building standards, and that there aren't any
nasty (and expensive) surprises hidden in the brickwork. You
should, by now, have appointed a solicitor to oversee the
legalities of your sake, and they will normally be able to
arrange a survey for you.
4. Making an offer
Once your survey is complete
and satisfactory, its time to make an offer. Your solicitor will
be able to do this for you, or, if you're buying a house that's
for sale by owner, you can make an informal offer verbally to
your seller. However your offer is made and accepted, however,
the next step is to get the details down on paper, in the form
of an official deed of sale, which clearly states how much you
will pay, what is included in the sale (i.e. white goods, items
of furniture, outbuildings etc.), and when you can move in.
Happy house-hunting!
Privateseller.co.uk offers
UK
properties for sale by owner. Find a new home, sell your old
one or just get expert advice on the property market. Home based
business opportunities also available. Visit
http://www.privateseller.co.uk for more information.
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