If you have finally decided to take a step on the property ladder, you need to be guided properly. As it is, buying a house for the first time is no joking matter – the responsibility is massive and such could define your financial status and living condition in the long run.
So, to help you further, here are some golden rules that you might want to factor in when planning.
Make a List
Write down the things that is absolutely necessary in the house – built, features and content that you are certain you cannot compromise on. And then list the things that you feel would be nice to have.
Find a Conveyancer to Instruct Early On
It’s ideal to know you’ve got someone to give you proper advice on your decisions ahead of time – from finding the right property in the right area, to negotiating an offer and taking you through the entire process. Look for conveyancing quotes online so you can compare and choose. Just be sure that your chosen one is an accredited member of the Law Society so you can be guaranteed of a compliant process.
If by any chance the transaction falls through, you may lose a lot of money. So, to prevent that from happening, you might want to consider taking out a Residential Abortive Transaction Insurance (or After The Event Insurance) that would cover your conveyancing fees if your purchase does not complete successfully.
Get Your Mortgage Sorted
Before you even look for a house to buy or attend viewings, make sure you have at least made a verbal agreement with a mortgage lender. Try and get in touch with a financial adviser or a reputable mortgage broker like BB&T to see if you can have an agreement in principle and find out how much (though not guaranteed) you may be able to borrow. This will also put your seller or estate agent under the impression that you’re serious about buying as you got this bit sorted early on.”
Never Forgo Surveys
They’re your leverage for price negotiation, especially structural surveys, as they determine the building and maintenance issues surrounding the property. If you feel that there might be some major repair work needed in the house, you can send out a professional surveyor to check it out and send you a report. And then you can either renegotiate your offer or back out if you can’t reach an agreement with the seller.
You Shouldn’t Buy the First Property You See
Generally you should at least consider the area where it’s built and how close the price is to the rest of the properties in the market (particularly within the location). Compare the difference and see if you can look at other options. Look at as much properties as you can and always think like a seller when buying – how much would you be able to sell it if you need or want to in the future.