Buying a house; it’s both extremely exciting and terribly nerve-wracking, but you can make sure things run as smoothly as possible by following these 10 steps.
- Set a budget
Start by finding out how much you want to spend. The average price of a house in the UK is now £290,000, and you’ll want to have a deposit of between 10% and 20% of the asking price.
It might not be the most exciting step, but make sure you save as much as you can towards a deposit. You’ll be able to secure a mortgage with much more advantageous terms.
- Look at Several Locations
You probably have a dream location in mind. That’s fine, but try setting your search terms around 10 miles from there; you might be surprised by how much more you’ll get for your money.
- Get a Mortgage Pre-Approval
Nearly all first-time buyers need to finance their home purchase. Make sure you start early to get preapproved; you’ll then know your precise budget.
- Get Some Professional Help
You should now have a good idea of your budget, as well as your ideal location and property size. It’s time to seek out some professional help so you stay ahead of the game and develop a strong understanding of the local property market.
- Look at Homes
You can now start to look around the homes you picked out. Visit a few before making any decisions.
- Make Your Choice
After you’ve slept on things, taken a second look. When you find the perfect model, let the owners know you’re ready.
- Make an Offer
Time to negotiate. There’s no need to go in at the asking price; try checking the competition and compared against sold house prices in the area.
- Have a Survey Done
The offer has been made, but you still need to have a survey done to show the condition of the property and whether it needs rethinking.
- Find a Solicitor
A solicitor will get your purchase through and provide a legal record of the transaction. They’ll also handle the transfer of fund between banks and help you with stamp duty fees.
- Exchange Contracts
You’re done! The solicitor will liaise with the seller to put the property transfer into writing, then you can get the keys.
If you need any help along the way, remember to contact one of the team at Redbrick Property Services.