When it comes to buying a home, there’s lots to look out for and it’s important to get things right. For those buying a house for the first time it can be a daunting prospect, trying to discover all the things to look for in your first home and all the legalities of carrying out the transaction.
Find detailed advice on buying a home here and make sure you understand the requirements: https://www.gov.uk/government/publications/how-to-buy-a-home
Here are 10 tips to look out for when buying your first home:
Negotiate
First time buyers are an attractive option as the process should go smoothly. Haggle on the price if you think the house needs work doing to it.
Make a list
You’ll need to be organised to arrange the house sale and consider your budgets. Make a list of all the things that need to be done and add them to your diary.
Get a deposit
You’ll need to put a mortgage deposit down on your house. Start saving early and work out the best ways to save for a mortgage deposit (usually 10%-20% of the value of the house).
Get your documents ready
You’ll be asked to provide proof of ID as well as details of bank statements, pension plans, savings and payslips. Get these documents ready.
Work out your budget
Work out the costs of arranging the deposit, getting the mortgage, arranging the survey, arranging the conveyancing and also the costs of any renovations that need to be done.
Find out your survey options
Your mortgage lender will arrange a valuation survey to work out the value of the new home. You can also arrange your own surveys to work out if there are any major problems that may need to be put right that could prove to be expensive outgoings. Getting a detailed survey done can be money well spent if it identifies problems that mean you can haggle the price down. If you’re looking to arrange a home buyers survey Oxford local RCIS surveyors at Sam Conveyancing will be happy to help.
Be patient
Many of these processes take time. Be patient while all the background checks are being carried out.
Arrange building insurance
Most mortgage providers will insist on it in order to proceed with the contract. Shop around to find the best insurance deal.
Work out what needs to be done for renovations
Make a list of any renovations that need to be done so you can plan this into your budget and haggle on the asking price.
Read the small print
There’s going to be lots of paperwork for you to check through and make sure everything is in order. Ask on anything you don’t understand.