Find out how much you can borrow.
The first thing to do when looking to purchase a house is to call a mortgage broker and get an understanding of how much money you can borrow. The mortgage broker will be able to help you maximise your borrowing and find the best possible deal for you.
All lenders will require you to put down a deposit for the house. You may want to also save some of the savings aside for stamp duties fees and a little more for the furniture for your new home.
Define your criteria
At this stage you will need to know what you are looking for from your next house. This will be significant, as features such as a drive for your car or a big garden for your kids will be an important choice to make for your future in the house.
Other things to consider would be what school catchment area your house falls under, grocery shops or if you use public transport, where they are in-relation to your house.
Once you decide on what you are looking for, you can get searching for your next house. Find an estate agency and let them know your requirements. If a property with your specifications arises, they can then contact you to book a viewing.
You probably won’t find the house you are looking for right away. It is important to wait until something comes and truly meets your needs as it is a massive decision, so you don’t want to rush it.
Making an offer
Once you have found a house you like, make an offer. Before you do so, get as much information about the property from the estate agent as possible.
Many buyers initially make an offer below the asking price and more often than not this is accepted. If both parties do not agree on a price straight away, the agent will work closely with buyer and seller and come to an agreement. If however you really like the house, you may want to accept the asking price to secure the house for yourself.
Mortgage and Paperwork
Once a deal has been made, you need to contact your broker and arrange for him to sort out a mortgage for you. You will also need to instruct your solicitor who will start working on a contract for you.
The mortgage lender will arrange a surveyor to value the property for you. He or she may also produce a survey, giving you information regarding the property and if there are any issues with it.
If there are issues and you don’t wish to purchase the house you must let everyone know. According to the survey you may want to renegotiate another price.
Exchange of contracts
Your solicitor will complete all the necessary checks and you’ll be asked to sign a contract legally committing you to the purchase. You will also need to pay a deposit for the property usually between 5%-10%.
Once you know the date you can move in, you can start organising how to get all your belongings into your new home. You can either do this yourself or get a professional removal company to assist you with this process.
Your mortgage lender will expect you to have building insurance in place. It will quote a rebuild cost of the house which you will be asked to cover in case of any accidents.
Once all paper work has gone through, you can pick the keys up to your new home from the estate agent. The journey of moving into a house probably will be stressful on many, but having the comfort of owning your own home will make it all worth it.