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Buying your first home: a guide
So, you're about to take that first step up the property ladder
and buy your first home. It's an exciting time - but probably a
little confusing, too. There's so much to think about, and when
you're a first-timer on the property scene, it can be difficult
to know what to tackle first.
Follow our guide for an easy entry into the property market.
1. First home financing
Before you even think about starting the search for your ideal
home, get your finance in place. Very few of us these days can
afford to buy a home outright, so unless you happen to have
inherited a fortune, or won the lottery, you're going to need a
mortgage. There are various different types of mortgages
available: fixed interest, variable rate, 25 year duration, 35
year duration... If you're unsure which is best for you, speak
to an independent financial adviser, who will be able to guide
you through the maze.
The amount your mortgage lender is willing to lend you will
depend on your income, debts, and savings, so it's important to
find out just how much you have to spend before you set your
heart on a home that turns out to be out of your league.
Remember, too, that not all lenders will loan you the full
amount of your property - some will give you only a percentage
of the price, so you may also need to save up for a deposit.
2. Finding your first home
You don't need us to tell you where to go looking for your first
home. Real estate agents, local newspapers and the internet all
provide happy hunting grounds for prospective home buyers - or
you can do it the old fashioned way and just go for a drive in
the area you're looking to buy in, keeping an eye out for 'For
Sale' boards. An increasingly large number of home owners are
also now choosing to sell their homes themselves, rather than
relying on estate agents, so don't forget to check out 'for
sale
by owner' sites, such as http://www.privateseller.co.uk
3. Surveys
Once you've found the home of your dreams it can be tempting to
place an offer on it right away, so that you can get on with the
fun part of moving - buying furniture, choosing decor etc.
Before you do any of this, however, you'll need to have the
house surveyed, to make sure that it meets building standards,
and that there aren't any nasty (and expensive) surprises hidden
in the brickwork. You should, by now, have appointed a solicitor
to oversee the legalities of your sake, and they will normally
be able to arrange a survey for you.
4. Making an offer
Once your survey is complete and satisfactory, its time to make
an offer. Your solicitor will be able to do this for you, or, if
you're buying a house that's for sale by owner, you can make an
informal offer verbally to your seller. However your offer is
made and accepted, however, the next step is to get the details
down on paper, in the form of an official deed of sale, which
clearly states how much you will pay, what is included in the
sale (i.e. white goods, items of furniture, outbuildings etc.),
and when you can move in.
Happy house-hunting!
Privateseller.co.uk offers UK properties for sale by owner. Find
a new home, sell your old one or just get expert advice on the
property market. Home based business opportunities also
available. Visit www.privateseller.co.uk for more information.
About the author:
Privateseller.co.uk offers UK properties for sale by
owner. Find a new home, sell your old one or just get expert
advice on the property market. Home based business opportunities
also available. Visit www.privateseller.co.uk for more
information.
Article written and distributed by http://www.writingworld.org
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