Whether you are a first time buyer and have decided it’s time to get onto the property ladder or you already own a home and fancy a change, the guidelines for buying a new home are very similar. Here, we’ve put together some straightforward tips on buying a new home.
The first thing to decide is if you are ready to buy a house. Purchasing a new home is not only a very tough financial decision, it’s also a very personal and emotional one. You need to decide if buying a house is right for you at this time. If you are buying a house on your own then you just have yourself to consider, but if you are buying with a partner or friend or family member, you need to consider them too and ensure what you are doing is right for everyone involved.
Once you have decided to purchase a new home it’s time to talk to your bank or financial institution and get approved for a mortgage. Find a budget that is realistic to you and apply for approval for a mortgage. This can take some time and work but is worth it in the long run so put in the effort and get your finances in order. You want to be realistic in what you can afford in mortgage repayments and look at how long the mortgage is for, e.g. 25 years, 30 years, etc. You will also need to ensure you can save enough money for the initial deposit as it is unlikely that you will get a 100% mortgage so you need to have some personal savings first.
While you can go alone in purchasing a home, we do recommend that you get an estate agent to work with. A professional that knows how to deal with the maze of forms, financing, inspecting, pricing and negotiating on your behalf can make all the difference to buying the right home for you, and getting the best price for it. Look around and find the right estate agent for you, someone who you can trust and work well with as you will be looking for their help with one of the biggest financial decisions of your life.
Look around. Find an area that you like, research not only the homes in this area but also the amenities. Do you need to consider the local schools available for your children? Are parks and outdoor areas important to you and, if so, are they readily available? Do you want to be close to shops, restaurants and sports centres or are you looking for a more remote area? Is it close to where you work or will you have a commute to consider, if so, are you near public transport? Knowing what you want and doing the research to find it is very important.
Once you have found a house and put in an offer which has been accepted, the closing of the sale can take some time and involves many parties from solicitors to mortgage lenders. It should be helped along and made easier for you by your estate agent, and having this can ease a lot of the stress for you. Be sure to protect yourself and your home with insurance from the very beginning – this is very important and will cover you in the event that something goes wrong. You have invested so much in buying a new home, protecting it is so important.
Next step? Move in! You’ve put in the hard work and you now own your new home. You’ve done your research, saved the money, completed your negotiations and now purchased your home, so all you need to do now is move in and enjoy your own personal space.