Simple Step By Step Guide To Buying A House

The process of buying your own property can be quite confusing. First time buyers tend to get especially frustrated, since there seems so many things that need to be done, and it is not exactly clear where to start. So, this simple step by step guide to buying a house may help you wrap your head about the whole thing.

Talking to a bank to define your budget

First of all, you have to figure out exactly how much money you have and how much you can borrow. Your current savings should cover the first deposit and the mortgage fees (sometimes there are none, but sometimes they can reach £2000). Plus, you have to consider your income – the more stable it is, the more you can borrow from the bank. You should negotiate these details with your bank. The representative will also give you relevant information on the potential mortgage plans and will advice you on the best options to choose from – provided, of course, your income presupposes loan pre-approval.

House hunting

The step is quite simple – start looking for houses and do not rush into any conclusions. Define what you what and stick to the plan while looking.

Making an offer

If you find the house you like, the price on it will already be set by the owner. Sometimes it is negotiable, sometimes – it is not. In any case, if you are interested in buying, you let the owner know. Then, a whole new stage begins.

Hiring a solicitor for property evaluation

You hire a solicitor (you will be paying his /her fees later) to evaluate the property. Solicitor comes up with an objective evaluation of whether the price is worth it and provides building and homeowners’ reports to prove that.

Finalizing the mortgage

If everything is in order, you go back to the bank to sign your mortgage plan.

Finalizing the deal

At this point, the buyer and the seller exchange contracts that are reviewed by their representatives.

Closing the deal

If everything is in order, you sign all the documentations, and the money you borrowed from the bank are transferred to the seller via your solicitor.

Moving in

After that you can start packing your bags. Though, of course, there can be other things to take care first. Perhaps, your new house will need some renovation or you will simply have to furnish it before you can move in – the details will vary significantly on the particular deal. While you can technically move into a relatively empty house and take care of the interior arrangements later, you will still have to furnish at least a couple of rooms, before the house becomes livable.  A bedroom, a bathroom , and a kitchen are the primary facilities to start from. Plus, not that if you order bulky items, the delivery may take months. So, to speed the things up, you should better shop at UK stores  that have warehouses in the country and can tangle even the bulkiest orders within 10 business days.