Buying your first home is one of the most exciting things you will ever do. If you have spent years living in rented accommodation, there is nothing more satisfying than owning your own property. The process can be a little lengthy and you might hit a few bumps in the road to home ownership. The following tips will help the first time homeowner avoid some of the hiccups.
The first thing you should do is to get your finances in order before you apply for a mortgage. You need to be able to find the right loan and lender most suitable for your needs. Familiarise yourself with industry terms like debt to income ratio and variable rate mortgage. Learn the difference between pre-approval and pre-qualified. It will all seem foreign at first, but taking the time to learn the business will spare you from headaches in the future.
Talk to a solicitor about the home buying process. It should not be a sales meeting and you should be able to find an solicitor that will agree to meet with you about the basics.
Also, you need to figure out what your wants and needs are. What kinds of amenities are you looking for? How many bedrooms? Bungalow or two storey home? You also need to consider the size of the deposit and figure out what you need to do to come up with the money for it.
If you are looking at a house on beagelsold, the agent will require some things before enabling your ability to bid. This will include:
1. confirmation that you have sufficient funds in place to purchase the house
2. A refundable booking deposit.
Before you even think about making an offer, you need to consider the resale value. You might plan on being there for a long time, but you just never know. You might opt for a different climate to alleviate your allergies or you could simply be transferred by your company. You want to pick a good location that will be attractive to others as well.
Another issue that cannot be ignored are the planning restrictions, which govern what you can and cannot do with the property.
One of the benefits of buying on beagelsold is that you get access to all legal documents and your solicitor gets to ask questions, before you make an offer.
Surveys are an important part of the equation. Talk to the agent to find out what surveyor they recommend. Sometimes the survey will be right before the contract is signed and other times, they are performed right after an offer is made.
Finally, make sure you stay on top of things. Any number of problems can crop up at the last minute and delay the purchase of your home. If you aren’t sure about something with the paperwork, don’t be afraid to ask questions. You might think of something that everyone else has overlooked. Purchasing a home is a time consuming task, but it is worth it when you have your barbeques.
Times Have Changed, So Have Property Sales