5 Steps To Buying Your First Home

Buying your first home is a huge financial commitment and probably the largest loan you will ever take on. It’s really important to take the decision seriously and think carefully before signing on any dotted lines. Owning your own home is fulfilling, it’s great to know that you have taken your first step onto the housing ladder, however it’s not without its pitfalls.

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Firstly it’s important to determine whether buying a home is right for you. As well as being a huge financial commitment there are also additional costs involved. The legal fees soon mount up which are necessary to the moving process and you need to consider the ongoing maintenance costs such as repairs.

Often people are not at the right stage in their career to make the decision of “staying put” in one area. It may be that travel is a requirement of your role, or that you are planning to change areas in the near future to progress in your career.

You need to check that your credit score is good enough to allow you to be accepted for a large loan such as a mortgage. There are companies that can advise on credit scores and  credit repair reviews will assist you in your decision.

Loan/mortgage providers

There are so many financial products on the market that finding the right one for you can be a daunting prospect. You need to look at whether you can afford the repayments before making any commitment. Most banks will be loyal to their own products, so you would be better off getting unbiased advice from an independent financial advisor.

Search for your new home

This is the exciting part, although you need to keep your wits about you when buying property. Ensure the property seller is transparent about the costs involved in buying a house and ensure you visit the property several times before making a decision. Often buyers spend more time buying a pair of jeans than a new house!

Survey

Before parting with any money it’s important to get a thorough survey done on the property, this may also be essential as a loan requirement. A survey will reveal any underlying problems with the house condition and construction. A surveyor will be able to reveal potentially expensive issues such as subsidence and damp.

Sign on the dotted line

If everything is in place, you’re good to go. You will need to hire a legal representative such as a solicitor to sort through all the legal jargon and red tape associated with house buying. Be patient as this could take what seems a ridiculously length of time!

Moving day!

Eventually the day will arrive when everything is in place to move into your new property. Ensure you let everyone know your change of address and  let the utilities connected to your old home and new one your moving date, so that they can be connected/disconnected as necessary and final readings can be taken.

Now for the unpacking! Enjoy your new home.