Buying your first ever home can be both exciting and daunting. There is a lot of things that need to be done, and it can take a very long time to get the home that you want, and then longer to get it to how you would like it to be. But despite all of the hard work, it is a great feeling when you finally get the keys to your new home.
When it comes to planning your home buying journey, it is important to have a plan and get the right advice. Here are some tips.
Work Out How Much You Can Borrow
Before you start planning which house you would like to buy, you should first find out how much you can borrow. The mortgage that you are offered will be dependant on your income, or, if you are buying the home with your partner, it will take into account both of your incomes.
Typically, a mortgage will use a multiple of your income in order to find the amount that you will be able to borrow. It will also take into account other factors such as your credit history and what you do for a living.
Make an appointment with a professional brokers to find out what type of mortgage you will be eligible for.
You will generally need to put down a deposit on your property in cash. This will need to be money that you have saved up prior to getting your mortgage and may account for anything from around 5%, or more, of the value of the home that you are buying. You will also need to pay all of the legal fees, surveys, and taxes involved in the sale going through.
House Hunting
Once you have found out how much you can borrow, you will have an in-principle mortgage which you can use as a basis to start hunting for a home. This will allow you to identify a price bracket to house hunt within.
When looking at houses, don’t forget to take into account any home improvements that may be required if you were to move in. You will no doubt want to get these addressed as soon as you can after buying the property, and you need to be able to factor this into the budget.
Where there are serious issues with a property, you may need to be aware that the mortgage may not be accepted against the house. Lenders can often refuse a mortgage if the house is of non-standard construction, or there are major problems that affect the integrity of the building.
Buying The Home
Once you have found the home that you want, you will place an offer with the agent, and, if the buyer agrees, you can start the process of buying the home. There are quite a lot of legal hoops that need to be jumped through, however, once the process of buying the home has begun, your lawyers will get all of this sorted for you in the run-up to you getting the keys.
