The purchase of a house will be the biggest financial investment and commitment that most of us will ever make. The process is often expensive, time consuming, confusing and difficult to organize, but with a little but of research the whole process will be much easier and run more smoothly.
Before you even go to view that dream home you should sit down with a mortgage advisor, or visit an online mortgage advice website. They will be able to go through your financial situation and work out how much you will be able to afford each month and how much you will be able to expect to receive from a mortgage company.
Once you have a budget finalised its time to hit the estate agents, though it is also worth keeping in mind that there are alternative ways for people to sell there house so check private ads in papers as well as the internet. Word of mouth is a valuable ally, so let people know you are looking to buy as you may be able to snap up that dream home before anyone else even knows it’s for sale.
When you have found that ideal home don’t jump in with both feet just yet, return a couple of times to the property on different days and at different times. By doing this you can check that your house is not next to a rat run for rush hour traffic or is used as a gathering point by the local larger louts at night.
Once you have finally made your choice its time to start negotiations. Set yourself a limit and not to go over it as this may leave you with potential problems in the future. If the offer is accepted make sure the seller takes the property off the market straight away to avoid being guzumped.
From now on the Solicitors and mortgage company are responsible for sorting out all the legal and financial aspects of the deal. This is a vital process so scout around and ask for recommendations for good solicitors so you can be safe in the knowledge that your new home is in safe hands.
Once the solicitor is happy your deposit will be paid to the solicitor and contracts can be exchanged. The seller and buyer will be legally committed and from this date if you pull out, you will lose your deposit. When the contracts are exchanged a date will be set for completion and on that date transfer of ownership will happen. You then pick up your keys and you will own your property.