Buying your first house can be one of the most exciting and stressful moments of your life. When you have the right information, you can shop for a home, apply for a mortgage, and close the deal with confidence. Here is a checklist of what to do to give you the best shot at landing a good deal.
Know your budget
Before you start researching real estate listings, talk to a lender to get a sense of what you may be able to afford. The lender can give you a prequalification letter, which has information that can help you know what price range you should target and what neighbourhoods you can buy-in. You can also decide what you want in a home and what you can do without it.
Make an offer
Once finances are in place, you can put in an offer on a property, which can be done verbally or in writing through an estate agent or directly with a private seller. After the offer has been accepted, the seller draws up the contract to transfer legal ownership. While making a bid, take into consideration how long the property has been on the market. You can consider speaking with the estate agent or another property adviser.
Hire a solicitor
You will need a solicitor to carry out the legal work around the sale. You can find registered solicitors and legal advisers through the law society. The solicitor represents you through the process of buying your house.
Get a survey
Your mortgage lender arranges a valuation survey of your property. You will have to pay for the survey, but they can save money in the long run if they can identify issues that allow you to reduce your initial offer.
Finalize the offer and mortgage
If you apply for a mortgage, you may need to renegotiate if the survey values the property at a lower price. Your mortgage provider will probably reduce the amount they are willing to lend. After you finalize the offer and accept it, you will need to pay the deposit and complete your mortgage.
Exchanging the contract
If there are no problems, you will receive the contract from the seller’s solicitor to sign and complete the sale. You can check the contract details with your solicitor and ask for the necessary changes and amendments. Once you are okay with the contract, you can sign it. The deal includes all essential details such as price as well as any conditions for sale.
Complete the sale
After signing the contract, you will have to transfer the money from your solicitor’s account and mortgage provider’s account to the seller solicitor’s account. Then you will get the keys to your new home. After that, you should pay any outstanding mortgage fees and solicitor’s fees.
As you move to your new house, you should take note of the following:
If you take out a mortgage or buy a property, you will have to purchase building insurance that … Read More