Being a first-time buyer can be a stressful experience for anyone in their 20s, 30s and beyond. But fear not, you are not alone. This article will provide a list of steps to help make that first foray into home ownership a little easier.
So, you’ve done it. A stable income, a stable relationship and you’ve escaped the clutches of your most recent landlord, who for some may even take the form of mum or dad. The world’s your oyster. And now you’re on the precipice of an exciting opportunity to buy your own home. Mortgage Advisors in Essex such as Zing Mortgages, have previously shown how mortgages can be a daunting and stressful experience for first time buyers. Though if you are feeling this way, don’t feel like you’re on your own. There’s universal recognition that home ownership can be a huge commitment not just financially, but also emotionally as for so many young couples it will not just be their first time taking out a mortgage but for some also their first time living under the same roof.
This stress can often take its toll on the individual, their relationship and may as a result leave homeownership as an unviable option for many young couples. While it is not a necessity to cement a relationship by buying a house, this article will provide a list of steps to make buying your first home that bit easier for young couples looking to delve slightly further into adulthood.
Preparation is key:
Like anything, preparation is key. Being a first-time homeowner is no different. It is often recommended to look through real-estate papers, papers and shop windows with a variety of different companies and firms so that you can begin to ascertain what locations you’d be open to buying in. Whether you have to look at any nearby schools if you are wanting to start a family and whether your desired property would need any renovation. To make things easier, the beauty of the online world means that the first steps towards your research can all be done in the comfort of your own home.
However, the main fork in the road when it comes to preparation usually presents itself in the form of budgeting. This can be a difficult issue, especially between couples due to varying income rates and different rates of expenditure. However, this can be easily overcome. It is advisable that you are realistic when setting your budget and to also look long term. This may mean taking into account your job security, whether you have a fixed income rate, if you are looking to start or extend your family and any other large, potential expenses that may lay on the horizon.
If you are uncertain about how to budget and where to look for a home, it may be worth seeking advice from a realtor. This is a popular option for a lot of first time buyers as they can draw on the realtor’s experience of the property market, as they can navigate you through the buying process and also provide professional assistance into where the best locations are for your price range.
Making an offer for your new home:
Once you have your budget set, and your eyes locked on the house you crave, the next (more exciting) step will be to make an offer!
If you get knocked back after making an offer don’t be disheartened. Bartering is commonplace in the property world so if you feel comfortable don’t feel afraid to get your negotiation cap on and try and liaise with the homeowner until you can strike a deal. Don’t feel like you’re on your own with this either. Your realtor or your estate agent can be a great asset when giving inside information on what price the homeowner would be likely to accept and with how to act and what to say sat the negotiation table.
Visit a mortgage lender:
Before you make a bid on the house it would be worth going to a mortgage lender to ensure that you are pre-approved for however much money you offer to the home-owner. When looking at what mortgage lender to go for there are a plethora of different mortgage comparison websites to look at so that you can compare different interest rates and what credit ratings they accept. As this is a very important part of the house buying process it would be advisable to take your time with this to ensure that you get a mortgage that is right for you.
Run over the contract, CAREFULLY:
So, you’ve had your offer for your house accepted and your mortgage secured. Great! Now here comes the tricky stuff. The rules, regulations, and wording in a housing contract can often be very difficult to understand so to make sure that there is nothing in the contract which leaves you at any sort of detriment that you are unaware of it may be advisable to enlist the help of a solicitor or to run through the contract with you to ensure that everything is as it should be.
Once the terms of the contract have ascertained and clarified by yourself, your solicitor and the solicitor of the homeowner you will then ask for the fee from the mortgage lender to be sent to the seller. Then congratulations! You’re a homeowner! Remember that once you and your seller have signed the required contractual documents and agreed on a fee you cannot backtrack, so make sure you sign with conviction!
August 23, 2018