Guide to Buying a New Home
There is little doubt that for the majority of people in the UK their home is the most expensive thing they will ever buy.
For this reason much consideration should be made before making a purchase.
Buying a home can be a long process but with some patience it needn't be too stressful.
A person buying a new home has many things to consider.
Setting a Budget When setting a budget it is important that people are realistic with what they can afford.
Every year thousands of people have their home repossessed having been unable to keep up with their mortgage repayments.
It is not just the price of the house to be considered.
Other costs should as stamp duty, solicitors fees, essential maintenance and council tax should be taken into account.
Mortgages After setting a budget home buyers should shop around before choosing a lender with which to agree a mortgage.
Mortgage lenders will offer different rates so people should look around for the best deal.
Home buyers have a choice between fixed and variable rate mortgages as well as interest only agreements and so people need to consider which is these is most suitable for their circumstances.
It is beneficial at this stage for people to have saved up as much as possible for a deposit.
The higher the amount a person can spare for the deposit the less they will have to borrow and the lower their mortgage repayments will be.
Finding a Home Home buyers have arguably never had more choice of where to look for a new home.
Traditionally most home purchases are made via estate agents and so most people searching for a new home will register with local estate agencies.
Advertisements for homes for sale can be found in newspapers and magazines and increasingly on the internet.
In recent years a number of popular websites have emerged dedicated to advertising property online.
Wherever people are looking for a new home the most important thing is to not rush into a purchase.
It is unlikely that anyone will find their dream home straight away and so it is much better to take time and arrange plenty of viewings.
Making an Offer Once a person has found the home they want an offer needs to be made.
This offer is usually made through the estate agent.
If accepted a formal offer should then be made in writing.
Property buyers should be prepared to negotiate on price.
By looking at the sale price of similar homes in the same area buyers can gain an idea on what will be a reasonable offer.
For first time buyers a strong negotiation point is that since there is no chain the sale is likely to go through much more smoothly and quickly and so sellers may be prepared to accept a lower offer.
Completion Once the offer has been accepted the buyer needs to find a solicitor.
The solicitor will then do all the work needed for the sale to be completed.
Work done by the solicitor includes carrying out searches e.
g.
water and environmental and drawing up contracts.
Finally a date for exchange of contracts will be set with completion of the sale usually following 2-4 weeks later.
The buyer is then free to move into their new home.
For this reason much consideration should be made before making a purchase.
Buying a home can be a long process but with some patience it needn't be too stressful.
A person buying a new home has many things to consider.
Setting a Budget When setting a budget it is important that people are realistic with what they can afford.
Every year thousands of people have their home repossessed having been unable to keep up with their mortgage repayments.
It is not just the price of the house to be considered.
Other costs should as stamp duty, solicitors fees, essential maintenance and council tax should be taken into account.
Mortgages After setting a budget home buyers should shop around before choosing a lender with which to agree a mortgage.
Mortgage lenders will offer different rates so people should look around for the best deal.
Home buyers have a choice between fixed and variable rate mortgages as well as interest only agreements and so people need to consider which is these is most suitable for their circumstances.
It is beneficial at this stage for people to have saved up as much as possible for a deposit.
The higher the amount a person can spare for the deposit the less they will have to borrow and the lower their mortgage repayments will be.
Finding a Home Home buyers have arguably never had more choice of where to look for a new home.
Traditionally most home purchases are made via estate agents and so most people searching for a new home will register with local estate agencies.
Advertisements for homes for sale can be found in newspapers and magazines and increasingly on the internet.
In recent years a number of popular websites have emerged dedicated to advertising property online.
Wherever people are looking for a new home the most important thing is to not rush into a purchase.
It is unlikely that anyone will find their dream home straight away and so it is much better to take time and arrange plenty of viewings.
Making an Offer Once a person has found the home they want an offer needs to be made.
This offer is usually made through the estate agent.
If accepted a formal offer should then be made in writing.
Property buyers should be prepared to negotiate on price.
By looking at the sale price of similar homes in the same area buyers can gain an idea on what will be a reasonable offer.
For first time buyers a strong negotiation point is that since there is no chain the sale is likely to go through much more smoothly and quickly and so sellers may be prepared to accept a lower offer.
Completion Once the offer has been accepted the buyer needs to find a solicitor.
The solicitor will then do all the work needed for the sale to be completed.
Work done by the solicitor includes carrying out searches e.
g.
water and environmental and drawing up contracts.
Finally a date for exchange of contracts will be set with completion of the sale usually following 2-4 weeks later.
The buyer is then free to move into their new home.
