An Introductory Guide to Buying Your First Home
Whether you’re feeling excited or terrified about the prospect of buying your first home, it’s prudent to get enlightened on the ins and outs of the buying process.
Doing so will make the whole experience a lot less stressful!
To help get you started, we’ve written this short guide to explain the steps you’ll go through as a first-time buyer. Plus, you’ll read some easy tips on how to get the best deal (and property) for your budget.
Research First-Time Buyer Support Packages
Buying a house might seem daunting. But there is good news. As a first-time house buyer, you may have access to government support packages to help you get your foot on the property ladder.
That will help if you are worried about what type of property you can afford. Check out the government’s list of current support packages here.
Get Your Finances in Order
You might feel tempted to start your search for your dream house, but there are a few essential steps to complete before you purchase a home.
First, create a budget. Look at all your monthly outgoings and establish what monthly mortgage you can afford.
If you want to stretch the budget, be honest about whether there are other spending areas you can cut back.
Set Priorities (And Be Realistic)
Now it’s time to set your priorities in your house hunt. None of us finds our dream property within our budget (famous Billionaires a notable exception!).
Start by writing a list of priorities to clarify the essential factors in your new home.
Do you need your new home to be close to public transport? Do you need a spare room? Is a backyard vital for you?
Secure a Mortgage
Now it’s time for you to apply for a mortgage. Search online for a competitive mortgage deal and if you feel you need help, seek out a reputable mortgage broker who can help guide you to the best option.
Start Your Search
Now it’s time to start your house search. Cast the net wide. You might find a property that you’d rule out on paper but sweeps you off your feet in person.
Unless you are buying in a hot market, aim to view as many properties as possible before deciding. You don’t want buyer’s remorse from making a premature choice!
Make a Bold Offer
When you’ve found the right property, an excellent real estate agent will be able to advise you on the type of offer that’s likely to be accepted.
Don’t be afraid to be bold and offer below the asking price. It’s worth trying, even if the seller turns you down.
Arrange an Inspection
Now it’s time to close the deal and finalize the legal paperwork to purchase a house.
But before you close on the deal, don’t forget to arrange for a complete building inspection on the property. You don’t want any nasty (or unexpected) repairs on a house after you’ve signed on the dotted line.
Don’t Be Daunted About Buying Your First Home!
Buying your first home doesn’t have to be a scary prospect. With this simple home buyers guide, a realistic outlook, and a sensible budget, you are sure to find a house to call home.
Did you enjoy this article? If so, visit our real estate category for more top tips on house buying.
June Potter wrote this article on behalf of FreeUp. FreeUp is the fastest-growing freelance marketplace in the US. FreeUp only accepts the top 1% of freelance applicants. Click here to get access to the top freelancers in the world.
HTV Native Ad Solutions and Hearst partners may earn revenue when readers click affiliate links in this article.