Buying A House Process Explained

Buying a house requires not only money, but also time, patience, and a bit of effort. The whole process can be a bit confusing for the first time buyers; however, once you wrap you head around it, you will see that it is not a brain surgery. So, to help you a bit with your property search, here is buying a house process – explained in detail.

Pre-approval for the loan

You probably already have some savings in your bank account. However, before you start searching for a perfect house, you should determine how much more money you can borrow. This will mostly depend on your family income – both on the amount and on its stability. So, you have to talk to your bank representative to make sure that you can be pre-approved for the loan. He / she will also give you more detailed information about the mortgage plans you can be eligible for.  As soon as you figure out your budget, you can start looking for houses that meet your budget expectations.

Making an offer

Of course, it is the seller, not the buyer who determines the price on a particular property. So, making an offer means that you find a house you like and let the owner know that you are interested in buying. If the owner is interested in you as a potential buyer, he accepts you offer, and the whole new dance begins.

Ordering a third party evaluation

You hire a solicitor to evaluate the property and prepare the contract. Evaluating the property is not always necessary, but it would be wiser to order at least a building (architectural) report. The cost starts at £600. The solicitor will also check if there are any municipal renovations planned – sometimes they can affect current property value.

Getting the loan

If your solicitor proves that the property you are interested in is worth it, you can go the bank and sign your mortgage plan. The money you need to buy a house will be transferred to your account after signing the contract.

Closing the deal

After that, the buyer and the seller exchange contracts via their representatives. In your case, it is the solicitor; in seller’s case – a real estate agent. If both parties agree with the terms, you sign the contract and transfer money to the seller’s account. The transaction is normally made via your solicitor.

Getting ready to move!

That is all – the deal is closed, so you can start getting ready to move. How soon you can do that will depend on your budget, the condition of your new house, as well as on some other circumstances. A house might need minor or major renovations that normally require some time. Plus, you might want to order some new furniture  before you move in. Of course, if you already have the essentials, you can move in quickly. Yet, if you lack the most crucial items, like bedroom furniture , you might have to take care of that first.