What To Do When Buying A House
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What to do when buying a house – this is quite a common question for many first time buyers. Normally, it goes like this:
For starters, you will have to carefully consider your budget. Perhaps, you have already made some initial research on than one. Yet, you should note that your savings should be enough for the first deposit, and possibly – mortgage fees. Sometimes there are none, but in most cases there are, and they may reach up to £2000.
Also, you shouldn’t hurry into spending all of your savings at once. You cannot take off the count the simple fact that a house you buy might need repairing, or some new furniture – so stay reasonable.
If you feel that you have enough money to cover all of it, you should still consult your bank – the representative will tell you if you can be pre-approved for a loan. If you have a positive credit history and your income is predictable, you will most likely be pre-approved. After the visit to a bank, you will know exactly how much you can afford to borrow, and you will be able to move on to a next stage – that is, looking for your dream house.
What to pay attention to while looking for a new home is something that you should figure out for yourself. After all, everyone has different likes and expectations. What you should definitely do when buying a house, though, is to ask about the utilities cost. Sometimes, monthly bills can be quite high, and you will be the one paying them. So, make sure there are no unpleasant surprises after closing the deal.
If you find the house you like, you make an offer to the seller. The offer does not have anything to do with the value – you just ask the seller for permission to hire a solicitor who would do the evaluation and prepare all paperwork for you. If the seller agrees, the only thing left to do is to find a solicitor.
If the solicitor finds the initial price worth it, he / she starts working on the contract. If not, the negotiations go on.
As soon as you and the owner come to terms, you should go back to your bank to obtain the loan.
Closing the deal
After you get the money from your bank, you and the seller exchange contracts (normally via seller’s estate agent and your solicitor) to review and sign. After that, you just have to transfer the money you borrowed from the bank. As a rule, the money is transferred via your solicitor’s account. Then, you pay his / her fees and get ready to move.
Getting the house ready for your move
And here’s where not spending all of your savings comes in handy. Even if the house you just bought is in perfect condition, you might still want to renovate a little, or buy a new living room set , or any other missing items before you move in