We’ve all been there—you’re ready to take the plunge and buy your first home. But if you’ve never done it before, the process can be overwhelming. There are so many things to consider: how much house should I buy? What kind of mortgage am I eligible for? What kind of insurance do I need? What kind of renovations should I make before closing on my new place? How much should my down payment be? And so on!
But we’re here to help. We’ve put together this guide to help you figure out what steps you need to take as a first-time homeowner.
1- Get your finances in order
Know your budget and figure out how much you can borrow from a mortgage. Then get lawyer estimates, determine how much it’ll cost to move, and plan how much money you’ll need to get things rolling.
You can’t negotiate with a seller if you don’t know how much you can afford! So go ahead and get preapproved for a mortgage so that when you start looking for houses, you’ll know what your budget is.
2- Shop around for a property
There are many places to look for houses, so don’t limit yourself—check out real estate agents, online listings, and even sites like Craigslist. And if you’re looking at properties that are already on the market, be sure to check out their history: Were they recently renovated? Do they have any environmental issues? How many times have they been sold in recent years?
3- Find a good solicitor.
A good solicitor such as AVRillo will help you find the perfect home and negotiate with the seller so that they accept your offer on it. You don’t have to do this alone—find someone who has experience in real estate law and let them guide you through this process. For instance, AVRillo conveyancing solicitors in York has an award winning team to make your move hassle-free. They are also rated as the top conveyancing solicitors in Southampton.
4- Make an offer on the home.
Once you’ve found the right home and negotiated with the owner, it’s time to submit an offer. This is where your solicitor will come in handy again; they’ll help draw up all of the paperwork so that everything is legally binding and enforceable by law. They’ll also help make sure everything goes smoothly when it comes time for closing.
5- Complete the mortgage application
It’s time to get serious about this whole home buying thing. You’ll need to talk to your mortgage advisor and apply for a mortgage.
Once your application is complete, the lender will send an appraiser out to visit your proposed property and inspect it. The appraiser will make sure that everything is in good condition to give an accurate valuation of what it’s worth.
6- Your solicitor takes over
Suppose you’ve made it this far; congratulations! We’re so proud of you. You’ve got a home in your sights and a deal. Now it’s time to get the house moving.
Your solicitor will take over from here. They’ll run through the terms of the deal, check that everything is legal and above-board, and make sure that they’re happy with any changes or amendments that might be needed before they sign off on it. Once they do, you’ll officially be a homeowner—and nothing can stop you from living in your new dream home.
Conclusion
If you’re looking to buy your first home, you might feel like it’s an intimidating process. But we’ve got good news: You don’t need to go alone! A solicitor will help you buy a home, and they’re invaluable in keeping things running smoothly and making sure that everything goes according to plan.
