Guide to Buying a Home

Couple get keys to new home

If it’s your first time, this guide to buying a home will help you with what will probably be the biggest purchase you have ever made. Even if you’re not a first time buyer, due to the infrequency of buying a home, the property buying process will not be easy and can often be pretty stressful. We advise you however, that if you split the process down into it’s basic steps, buying a home will become a lot easier to manage. Also hiring a good property lawyer to carry out the legal paperwork should have you feeling more relaxed throughout each stage of the property purchase.

Here are the steps involved with buying a home…

  1. Calculate Your Budget :
    The first step toward buying a home is to work out what would be the most expensive property you can afford. This should be based upon how much cash you have saved, your income and how much you spend.
  2. Get a Mortgage Offer :
    Shop around for a good mortgage deal to finance the purchase of your home. Mortgage providers offer hundreds of different offers to enable you to buy your home, so it’s important to be able to identify a good deal from a rip-off.
  3. Hire a Property Lawyer :
    A good property lawyer can mean the difference between you buying your dream home or ending up living a nightmare. Choose a property lawyer who has good credentials and specialises in the property buying process law or conveyancing.
  4. Get Your Money Ready :
    Make sure you have enough cash available to pay for the deposit for the property, legal fees, stamp duty tax and any other costs. If you don’t have enough cash to pay out on time at any point during the purchase, the whole process might fall through which can lose you a lot of money.
  5. Define Your Property Buying Criteria :
    There will be thousands of properties on the market so before you get swamped by huge numbers of potential homes to buy, you need to narrow down your choices. Make a check list of the things you want in your property and prioritise each one.
  6. Start Your Property Search :
    Use the many on-line property search tools available on the web to find the home you want to buy. Most property websites will allow you to enter the criteria you define to list properties narrowed down to suit your needs. Property search sites will usually refer you to an estate agent who will take you to view properties you like the look of.
  7. Make an Offer for Your Desired Property :
    When you’ve found and have had a good look at your desired property, you will then make an offer for it. What you offer can be the price the seller has advertised it for or you can offer a lower price for the property depending on the circumstances.
  8. Exchange Contracts for Your Property Purchase :
    After your offer has been accepted the property lawyers acting for you (the buyer) and the seller carry out a lot of paperwork and investigation relating to the sale of the property. Once this paperwork is done, contracts are drawn up by both sides and then exchanged, agreed and signed to legally bind the two parties to the sale and set the date that the sale will complete. You will also have to prove your commitment to the sale by paying a deposit for a percentage of the value of the property.
  9. Complete Your Property Purchase :
    The completion of the sale is when the seller gets paid, vacates the property and leaves the keys with the estate agent. The transfer of money between banks and all other paperwork is handled by the property lawyers. All you’ll have to do is collect the keys and pop open a bottle of champagne.
  10. Move Your Belongings and Yourselves in :
    You are now the proud owner of a property and will no doubt have a lot of stuff to move from your old home to your new one. You can get help from friends and family to help with the move or you can hire a home removal company.
  11. Pay Stamp Duty Tax :
    The final stage of the property buying process in the UK, if your property costs more than a certain amount, normally is to pay stamp duty tax for your new property. This final step of buying a home and registering the property in your name is organised for you by your property lawyer.

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