So you ask yourself “Where to Start When Buying a House?”
When you were a child, you might have also thought that getting your dream home would be as easy as choosing a house from a catalogue, contacting the owner, paying for it, and moving in. Now that you’re older, you know it’s a lot harder than that. There are a lot of steps involved when you are in the process and it can be difficult to know where to start when buying a house.
However, even if the process can be confusing and tedious, it can all be worth it once you move into a home that you can finally call yours. And with the right assistance and preparation, you can go through the property buying process with more efficiency and confidence. Use this guide “Where to Start When Buying a House: An Essential Guide” to get you started on the right foot and not waste anytime.
- Sort out your finances.
You need to know how much you can afford. How much money do you have now and how much will you be able to borrow? Where are you going to apply for a mortgage? Aside from a home loan, you also need to consider other expenses. These can include fees for valuations, surveys, land registry, and a solicitor’s and mortgage lender or broker’s services. There is also Stamp Duty Land Tax, VAT, local authority searches, removal expenses, and any outstanding bills you might receive when you leave your current house. Aside from that, you need to consider the expenses you will be paying once you acquire your new property. You have insurance, council tax, utilities, ground rent for leasehold properties, service charges for leasehold flats, and mortgage payments, not to mention your living expenses. Once you figure out all of that, you can determine how ready your funds really are.
- Look for the perfect home.
This can be one of the most fun parts so make sure you enjoy it. Search the internet, ask the help of an estate agent, look at the local ads and property page in the paper, or go around the city. Don’t limit yourself to just one method because some sellers might be using a variety of or only a limited number of advertising mediums. Aside from ‘looking’ at the prices and the features, you also need to figure out what other things are important for you to have in your future home. Is it a safe neighbourhood? Is the cost of living within your price range? Do you want it to be near the central business district? Must it have nearby parks for running and biking? Should it be in a neighbourhood of mostly young professionals? Is it located in an area that is ideal for raising a family? In other words, is it a place that you feel will fit the kind of life you want to have as a homeowner?
- Find reliable specialists needed for the buying process.
If you feel that the doing all the steps of real estate investment by yourself is just too much, you can get expert help from several specialists.
- Estate Agents – will act as a liaison between the buyer and seller. They have access to available properties in the market (some of which won’t be accessible to other people) so they can help you find a house that fits your criteria. They can also help you in making negotiations and processing purchase contracts. You can if needed contact a Property Finder Agent. Zevizo Properties can help you in this area simply contact us or take a look at our range of properties. If you have a property to sell and are looking for an estate agent to help you we also can help you sell your property with our unique package options.
- Mortgage Advisers – will help you find the best home loan suitable to your needs. They can offer valuable advice on your financing and payment options, and they also have access to lenders and loan products that other people might not be able to get their hands on. Plus, they can deal with all the technicalities that could add to your stress. Of course, you have to make sure you work with a licensed and reliable mortgage broker. Zevizo Properties can help you find the right mortgage for you simply contact us and our trusted advisers will be on hand to help.
- Conveyancers – will provide advice and information about the sale of a property, prepare the required documentation, and oversee the settlement process. They are usually solicitors and they must be licensed. Their other specific roles include researching the certificate of the property, putting your deposit money in a trust account, calculating the adjustment of taxes and rates, and clarifying any legal documents. Looking for a solicitor to help you sell your house? Contact us for a FREE no obligation quote.
When looking for your team of experts, you can ask people you know for recommendations, or you can search online. Make sure to research their background and credibility, and meet with them for an interview so you can assess how comfortable you are with them.
- Inspect the property.
And this doesn’t mean just standing inside the house and imagining if it feels like the right home. You need to check if the structure, furnishings, and utilities are all in good quality. Don’t feel embarrassed to be thorough and to take your time. Turn the taps and lights on and off. Move furniture around to check if they are hiding any problems, like cracks or dampness. Be sensitive to certain smells, like mould or foul sewer leakages. And don’t just inspect the indoors. View the garden or lawn, the driveway, and other outdoor amenities and ask if they are included with the property and remember to put that into writing. Go around the neighbourhood and try to get a feel of the area. Experts advise to visit the property several instances, at different times of the day so you can observe the traffic flow, surrounding noise, and activities. The area may have smooth flowing traffic and a quiet environment in the morning, but may actually be a busy spot late in the afternoon. There are actually a lot of factors you have to check when inspecting real estate prospects, so you can do additional readings on this particular phase of the house buying process.
- Make an offer.
If you are interested in a particular piece of property, consider everything you’ve seen during the inspection when you try to make a deal with the seller. For example, if there are quite a number of repairs needed, negotiate for a lesser price because the fixes are going to cost you. If you’re working with an estate agent, let your agent know what you are willing to offer and the agent will present this to the owner.
Buying a house is a major decision to make and a big step to take, so go through the process with the right information and preparation to avoid potential heartaches. We hope you enjoyed our blog “Where to Start When Buying a House” if you have any ideas you’d like to share please leave a comment below.
For more information on buying a property and where to start take a look at our blog pages.