Whether you’ve been renting for years or are just moving out of your family home, the idea of buying your first house can be a daunting one. Ensuring that you’re sufficiently prepared for moving house can help to take some of the stress away.
To keep you as informed as possible, here are all the steps you should take:
Assess Your Finances
Financial stability is important when buying a house. Before moving forward, take a look at your savings, review your spending and check your credit to see if you’re in the right position to buy.
Most buyers use a mortgage to help pay off their house, so you should find the best mortgage lender for your home loan. Mortgage companies like The Home Loan Expert will get you the best possible mortgage rate for your home loan type, and are flexible with the type of loans available. Take a look at FHA loans for more information on what they have to offer.
Identify What You’re Looking For
List your housing wants and needs, including everything you’re not willing to compromise on. Keep your non-negotiable list as short as possible so that you still have plenty of options available. Keep an open mind when looking at properties, but don’t stray too far from your list.
Be Ready To Make The Move
Changing your address is the first thing you should do when moving house. For those with children, you should contact the local authority to find out about their in-year admission arrangements and register your child to a school in your new area before you move. Those moving from a rental property will need to inform their landlord when they will leave. Rentals with a contracted deal might put a hold on any moving dates.
Make Sure Your Offer Is Well-Calculated
Each property has an asking price but you might be able to negotiate. It’s then up to the seller whether they accept or reject your offer. Your estate agent will help you to agree on a price that works for the both of you.
Appoint A Solicitor
Once the offer is accepted and your mortgage is confirmed, appoint a conveyancer or solicitor to review the legal documents and conduct necessary searches like local authority, environmental, and water.
Secure A Survey
Surveys assess the condition of a property and will inform the buyer of any problems prior to the exchange of contracts.
The three types of survey to choose from include The Home Condition Report- the most basic survey that won’t go into much detail; The HomeBuyer Report- the mid-table survey which highlights bigger issues such things that don’t meet building regulations (e.g damp); and A Building Survey, which provides a comprehensive analysis of a property’s condition. A building survey is the most expensive however the most in-depth of the three, and is recommended for those buying old properties or those with specific geographical peculiarities.