Buying a home is a big commitment, but it doesn’t have to be overwhelming. With a bit of planning and a step-by-step approach, the process can be smooth and even enjoyable. Here’s a guide to help you through each stage:
Step 1: Work Out Your Budget Before you start browsing listings, it’s crucial to figure out what you can afford. This includes not only the deposit and monthly mortgage payments, but also stamp duty, legal fees, and moving costs. Online calculators can help, or speak to a mortgage advisor.
Step 2: Get a Mortgage in Principle A mortgage agreement in principle (AIP) shows sellers you’re serious and gives you a realistic view of your budget. It’s not a full offer, but it’s a great place to start before you begin viewings.
Step 3: Start Viewing Properties Now the fun begins! Make a list of what you’re looking for – location, size, garden, parking, etc. View several properties, and take notes and photos to compare. Don’t be afraid to ask questions while you’re there.
Step 4: Make an Offer Once you’ve found ‘the one,’ it’s time to put in an offer. Your estate agent will guide you through this. There may be some negotiation involved, so be clear on your limit.
Step 5: Hire a Solicitor You’ll need a solicitor or conveyancer to manage the legal paperwork. They’ll handle searches, draft contracts, and liaise with the seller’s solicitor. It’s best to instruct someone as soon as your offer is accepted.
Step 6: Arrange a Survey A survey can reveal hidden issues with the property. There are different levels of surveys, from basic valuations to full structural reports. Your mortgage lender may require a specific type.
Step 7: Finalise the Mortgage Once your offer is accepted and the survey is complete, your mortgage lender will process your application. This includes a formal valuation of the property and final checks on your finances.
Step 8: Exchange Contracts This is the point of no return. Once contracts are exchanged, the sale is legally binding. You’ll also pay the deposit (usually 10% of the purchase price) at this stage.
Step 9: Complete the Sale On completion day, the rest of the funds are transferred and you’ll receive the keys. Congratulations – you’re now a homeowner!
Step 10: Move In Book your removals early, pack smartly, and enjoy your new home. Make sure to update your address with banks, utilities, and the council.
We know the process can feel complex, but that’s why we’re here. From your first viewing to handing over the keys, we’ll guide you every step of the way.
