If you’re a first-time home buyer, the process of buying a home can seem daunting. There are so many things to think about! How much money do you need for a down payment? What kind of mortgage should you get? What inspections should you order? Don’t worry – we’re here to help! In this blog post, we will walk you through 10 steps that will help make the home buying process easier and less stressful. Let’s get started!
Saving for a deposit
The first step is to figure out how much money you need for a deposit. A deposit is money that you pay upfront to purchase a home in order to get a mortgage. It will depend on the type of mortgage that you get. It will usually need to be at least 5% of the value of the property you’re hoping to buy. Remember that the more that you put down, the less your monthly mortgage payments will be so it’s good to start saving well in advance of your house purchase
Applying for a mortgage
The second step is to get pre-approved for a mortgage. Getting pre-approved means that a lender has looked at your financial information and situation and they have determined how much money they are willing to lend you. This is important because it will help you know how much house you can afford.
Finding the right property
Once you have a mortgage approved in principle and you know the price of property you can afford, it’s time to start the existing bit… house hunting! You will want to take your time and look at a lot of different homes before you make an offer on one.
Making an offer
Once you’ve found a home that you want to purchase, you can submit an offer. This is the price that you are willing to pay for the home as well as any other terms and conditions.
Finding a solicitor
A solicitor is a lawyer who will represent you in the buying process and help to protect your interests. They will carry out all of the legal work involved in transferring the ownership of the property from the seller to you.
Your mortgage company will carry out a survey to check the value of the home is right for the amount you are borrowing. You may also want to get a structural survey to help you identify any potential problems with the home and give you peace of mind.
You will need to pay stamp duty on your new home. This is a tax that is charged by the government and it is based on the value of your property.
Factor in removals costs
When budgeting for your home purchase, remember to budget for other costs such as conveyancing, removals and stamp duty. It’s easy to forget these in the excitement of buying a new home.
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Before you move in, don’t forget to get contents and buildings insurance to protect your home in case of fire, theft, or damage.
Change of address
Last but not least, don’t forget to notify all of the relevant organisations of your change of address! This includes your bank, doctor, DVLA and employer.
If you are a first time buyer, Mistoria Estate Agents in Manchester can guide you through the whole process from start to finish. They have a team of experts who will be able to answer any questions that you may have. Give us a call today on 0161 747 1177 or email firstname.lastname@example.org.