The total independence, the responsibility, buying your first home is both terrifying and exciting.
Whether you have previously been renting or this is your first foray outside of your parent’s home, there are a few things to consider, as this latest blog post will explain.
One of the most important steps to carry out, before you even begin your search for your dream home, is a mortgage agreement in principle.
Accessible online through most mortgage lender sites, this tool allows you to put forward your monthly income and then informs you realistically of the maximum amount they would be willing to lend you.
At this point you will also get a view in to the monthly payments you can expect to make to pay off the loan, traditionally split over a 10 – 25 year period.
It is at this stage you need to consider what is affordable to you and also what you will be required to have in advance for a deposit.
First time buyers can take advantage of governments schemes to assist with this.
Once financial matters are all finalised it is then best to find a solicitor to deal with conveyancing.
You will require them to submit a note of interest to the seller’s estate agent for any property you are interested in to be considered for an offer, so it’s best to have this organised in advance to avoid delaying proceedings.
Thereafter, if successful with your offer, they will organise things such as your completion date and exchange of contracts with the seller’s solicitor – as well as handling transfer of funds from your mortgage loan.
However once legal and finances are organised, it’s then time for the fun part, beginning your property search with us!
At this point you’re fully in control and you can advise your estate agent of your perfect locations and absolute musts for your property. Not only will this save time in your house search but also allows us to seek out properties that you may be interested in, before they hit the market.
Once you have found somewhere you could imagine yourself living it’s then time to make an offer. It is up to you whether you go in at the asking price or significantly higher/ lower.
In some cases the seller’s estate agent may advise on the popularity of a property. However a closing date would be a good indicator of this and may be your sign to increase your offer if you are able to do so.
With a closing date you will only have one chance to submit an offer, so if you find it is your dream property, it may be worthwhile going higher.
Then, once your offer is accepted you can then breathe a little, only once you exchange contracts with the seller and set a completion date is the property officially yours. Your name will then be placed on the title deeds.
At this point you’ll be given your keys, you can move in and begin to decorate.
So there you have it, a quick house buying guide for first time buyer.
Our team are on hand to answer any queries you may have as a first time buyer and can also put forward some suggestions regarding properties we currently have available which suit your requirements.
Our offices are open Monday to Saturday, please phone 0141 616 3960 or email [email protected] to discuss with one of our experts.