A Quick Guide To Home Buying For First Time Buyers
Buying your first home can feel simultaneously exciting and overwhelming. We also understand that it is an expensive endeavour and one of the most significant transactions of our lives for most of us. In the hope of assisting during this stressful period, we’ve compiled a quick guide on home buying for first-time buyers and the steps you should consider taking.
Prepare To Get Your Hands Messy
Purchasing a property for the first time can have multiple risks, and by accepting those risks, first-time buyers need to be prepared to get their hands messy with any renovating and DIY work the property may require. Especially if you’re purchasing an older property, this could involve anything from menial tasks such as redecorating to more heavy work like plastering and dealing with conditions such as wood rot. We recommend using good quality products such as wood sealers to prevent further damage and save you additional expenses if this applies to you.
When viewing properties, we recommend always asking the estate agent for a copy of the Home Report before viewing. Meaning a property surveyor can investigate any possible concerns and outline them at the viewing. With their help, you should be able to get all of these checks carried out before you move in and anything else worth worrying about brought to your attention. This is worth doing, especially with old properties, as you never know what could already be dilapidated or what could deteriorate in the future.
If the viewing is successful, you can then make a note of interest, meaning if another party puts an offer in, you will be informed. If you wish, you can make an offer in competition to this, and a “Closing Date” will be fixed where all interested parties will have an opportunity to make a final offer.
Making an Offer
When you have picked the property for you, it’s time to make an offer. There will be no other interest in the property in the best-case scenario, so you get an opportunity to negotiate with the seller on price. You could also make an offer directly to the seller at the time of viewing if they’re the person showing you around the property; however, it’s worth knowing that verbal offers aren’t legally binding.
After Your Offer Has Been Accepted
Once your offer is accepted, you should make an appointment with your mortgage advisor so you can provide them with the details of the agreed price. Your application will be placed in the hands of an underwriter who will decide whether to upgrade your “mortgage in principle” or “mortgage promise” to a formal mortgage offer. This process can take several weeks, and your mortgage offer should arrive through the post in due course.
You also must ensure that you provide your solicitor with the closing statement for any ISA’s you may have no less than three weeks before your move-in date. You will also have a declaration to sign and a Standard Security document, which connects with your mortgage.