Buying your first home Tips

Buying your first home Tips

Thinking of buying a HOUSE?
That’s fantastic!
But for some of you this may seem like a very daunting process. But it doesn’t need to be.

There are now a few steps you need to ensure you do to have a smooth enough PROCESS as possible.We say smooth enough, because in OUR 7 YEARS of property dealings a smooth transaction is still something we are waiting for.

So the offers been accepted what next?

Step 1: Get your FINANCE in place. Whether its:- the bank of mom and dad- savings- inheritance monies- joint venture finance- loans- mortgage. Make sure this is ready. An agreement in principle if you are requiring some form of lending is usually required, often shortened to an AIP. We have also used MIP, Mortgage in principle. To do this a mortgage broker is usually your best bet to obtain the best results for your situation.[Sometimes this STEP can be done prior to house hunting to give yourself peace of mind that you can spend a certain amount, especially if it’s a mortgage your after]

Step 2: Arrange the Mortgage (if that’s your chosen option from Step 1. This requires more paperwork – and a broker will update you more on this.

Step 3:Get your solicitor/conveyancer ready, if you haven’t already. They will deal with the legal stuff around purchasing a property and offer to do searches which is usually recommended – UNLESS you 100% know what you’re getting.

Step 4:Prepare your deposit.Yes now is where you start parting with monies.

Step 5: Exchange contracts. You are now legally committed to buying the property, and can sometimes forfeit your deposit if you pull out last minute.

Step 5.5: Get building insurance on the property ready for your agreed completion date.

Step 6:Negotiate any ad hoc things like, furniture purchases that already exist should you wish too, make arrangements to change over utilities.

Step 7: Complete the sale. Transfer all the remaining monies and receive the deeds of the property.

Step 8: We have to now usually pay the solicitor their final costs, stamp duty and settling any other expenses.

Step 9: Grab the keys and enjoy!

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