While buying a house is never easy for anyone, it is especially daunting for first-time buyers. From years of financial planning to house hunting for months on end till you find the perfect place, there is so much that needs to be done during the process of buying your new home. From estate agents in Telford to estate agents in Leeds, here is the buying process checklist that all the experts are recommending!
The first thing you need to do is understand exactly how much money you can spend on your new home. What’s your budget? How much money can you comfortably pay as the down payment? How much money can you afford to pay on a monthly basis to pay off the mortgage? And, don’t forget about the hidden costs and expenses that are a big part and parcel of buying a new property.
Nowadays, without a pre-approval for a mortgage, most real estate agents and sellers won't take you seriously. Also, by getting pre-approved, you will have a fair idea of how much money the bank is willing to lend you in order to buy your new home. Based on the pre-approved amount, you can start looking at properties that are within your budget.
If this is your first time buying property, it is highly recommended that you find an excellent real estate agent who can help you buy the home of your dream. There is a lot of paperwork, documentation and legal formalities that are required in the process of buying a home. Also, a real estate agent knows the local market as well as the taxes and laws prevalent in the area which help in the long run.
What kind of house do you want to buy? How many rooms should it have? Do you want to buy a house with a garden? Is a garage a necessity? You first need to figure out what you’re looking for and understand what type of home you want to buy. This must be based on your needs and requirements, both short term and long term. By knowing what kind of house you want to buy, you will be less likely to fall in love with a lovely home with a modular kitchen during an open house.
First, you need to make sure that you are looking at houses that are within your budget. Always make it a point to stick to your budget or look at properties under your budget, but never go over your budget. That is a very slippery slope! If you’ve hired an area estate agent, be very specific about your budget and your requirements for your new home – ensure that your real estate agent understands your needs and shows available properties accordingly.
Once you’ve seen the available properties, shortlist a few that are to your liking. Then, revisit each property, and this time, look around with an eye for detail. You can also hire a home inspector or an evaluator. The home inspector will inspect the home and let you know if there is any major damage or faults in the property while an evaluator will let you know exactly how much this property is worth.
Once you’ve finalised the property that you want to buy, it is time to make an offer. While negotiating is always recommended, ensure that you go into this negotiation with an open mind. If you hired an evaluator, then you will have a fair idea of what price you should offer for the property. If not, you can always ask your real estate agent to help you negotiate a price that is fair for both parties.
And just like that you are the brand new owner of your dream home, right after you close the deal and sign the papers!