Friday May 4, 2018
If you are considering buying your own home then our blog is a must read – both this week and next. We outline the process for you, starting this week with a home buying check list to ensure you are fully prepared.
Buying a home usually takes approximately two to three months and rarely less – make sure your time scales are realistic and don’t expect to move in the week after you find your dream home! You need to decide where you want to live, whether you are looking for a flat, a house, a semi or a detached property or terraced and of course the size of your chosen property. How many rooms do you need? Is a garden a priority? Most importantly at this stage think about how much you can actually afford to spend.
As well as getting the best possible mortgage advice, you will need to make sure you have enough money for conveyancing costs (the legal process to transfer the home into your ownership) a deposit and any Stamp Duty charges where relevant. As well as these one-off costs, ensure that you have budgeted accurately for ongoing costs – mortgage payments, utility bills, rates and food etc; This is the ideal time to give us a call at The Finance Roome on 01242 226353 or email us so that we can help to find the best mortgage for you. It isn’t just about the interest rates, there are many factors to take into account and independent advice – such as that given by an independent mortgage adviser who has access to the whole of the mortgage market – is vital. Most mortgage lenders will tell you how much you can afford to borrow and confirm via an Agreement in Principle so that you are fully equipped to start to looking for your dream home – now the fun begins!
Most people will use an Estate Agent to help them to find a house – approach all Agents in your chosen area equipped with your confirmation that you have a mortgage agreed in principle and start to look at properties. You can buy direct from the owner or via an Auction but the vast majority of buyers today will use the services of a local Estate Agent, whether online or in a High Street branch. Once you find the house you want it is time to make an offer to the seller, via the Agent. A good Estate Agent will be really helpful during this process which often involves some negotiation. When you have agreed a price it is time to choose a Solicitor to carry out the legal process on your behalf and start the ball rolling. We can help you by recommending a choice of local Solicitors who we know through experience will do an excellent job. Time now to give us a call so that we can make the mortgage application on your behalf – now the fun really begins! Read next week’s blog to discover what happens next………..!