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A Simple Guide to Buying Your Home

Purchasing a home can prove to be a long and tricky process, but it can be broken down into just a handful of steps that will simplify the whole thing.
The first step is to discover precisely how much money you will be able to borrow, and this can be done through a mortgage broker. The broker will do a thorough search for the best deal available and you will be given an upper limit on your borrowing potential. Bear in mind that the more you borrow the higher the monthly repayments will be, so don’t overstretch yourself by borrowing the maximum amount available. Whether to go for a variable or fixed-rate deal is just one of the other factors to take into account, but the broker will be happy to explain it all to you.
Decide next on what sort of a property you will be looking for, taking into account such factors as whether you want a garden and drive, the number of bedrooms required, freehold or leasehold in the case of a flat, and the location in terms of access to schools, transport and shopping.
Once you have decided on your criteria you can start looking for a suitable property, using the internet as well as newspapers and estate agents. When you eventually decide on a likely property, simply contact the agent and arrange to have a viewing.
In all likelihood it will take some time to find your ideal property, so don’t be put off by this or be tempted to go over your budget. As there is such an investment at stake it is well worth taking your time to find the perfect place.
Once you have found a place you are interested in and have inspected it, you can then make an offer. Base your offer amount on a comprehensive knowledge of the property and its background. Find out exactly how long it has been on the market; for example, if the seller is desperate to offload it, you could get a bargain. Be prepared to haggle, and start off with a lower figure than you are really prepared to pay. On the other hand, if you are delighted with it you could simply pay the asking price without any negotiation to keep another buyer from intruding whilst you are dallying.
Once the offer has been accepted, get the property withdrawn from the market and engage a firm of conveyancing solicitors. The lender or broker can then be instructed to get on with the details of sorting out the mortgage; you will have to give them details of your income and expenditures at this point. A solicitor, such as Duncan Lewis, can also begin working on the details of the contract.
A survey will then be carried out on the property to expose any hidden issues, and although the lender will carry out a basic survey, it is worth getting a more detailed one done yourself.
After the exchange of contracts and payment of a deposit, you will fix a date for completion, at which point the property will finally become yours. Arrange buildings and contents insurance, and move in!