September, 2015
Buying a home can be a daunting process, but the very first steps you take toward your goal can help set you up for a much more rewarding experience. Though there are many more steps after having identified a property you wish to purchase, there are just three you need to take to help you actually find your new home in the first place.
Step 1: What Kind of Mortgage Can You Afford?
This is a crucial step to take early on so you know exactly what kind of property you can consider. It may impact on the areas you search in, the amount of rooms in the house, garden size and all sorts of other permutations. You’ll need to arrange a meeting with a mortgage broker who will first and foremost inform you of how much you can borrow in order to buy according to your earnings and expenditure. The broker’s job is to scan the mortgage market and identify the best deal for your circumstances. Be aware that you will need to offer up all information regarding your earnings as well as what you spend your money on each month.
You will also need to do research into the differences between fixed and variable mortgages so you know which one will be better for you. Another issue you will need to figure out is how much you can afford to put down as a deposit, bearing in mind that you will need to keep some money back for certain fees such as stamp duty, as well keeping some cash back for furnishing your new home when you finally get it.
Step 2: Know What You Want
Once you know what you can afford, you can now figure out exactly what you want in a house according to your budget. If you have children than multiple rooms is a significant issue, as perhaps is a garden and how close the property is to a school. A single professional might not require multiple rooms but will need modern fittings and to be near a tube station. Consider all of the issues that might affect you or your family and work out what you want accordingly.
Step 3: The Hunt Begins
How to start searching can baffle more people than you realise. However, it’s never been easier than it is these days thanks to many properties being advertised online. There are plenty of resources out there to help you find UK property websites such as Rightmove, Zoopla and many, many more. With these websites, you can begin searching immediately on the internet, but don’t forget to check the local newspapers of areas you are interested in. Also sign up with either one or multiple estate agents (each option has different benefits) as some properties can be sold before being advertised to the general public.
As previously mentioned, there are many more steps to take after identifying a property you are interested in, but these first three will get you going well along the road to finding your perfect home.
