The House Buying Process for First Time Buyers

Last updated: June 2008

It's not difficult to buy a house but there are many steps involved, here they are:

1. Find out how much you can afford and start saving for a deposit.
2. Sit down and work out what you would like from your first house - the number of bedrooms and location are two important factors. Do this by making a list in order of priority because you may have to compromise later on. You may find that your priorities change as you start to view properties.
3. Find and view properties either by going to estate agents, auctions or by seeking out privately sold properties. You can use our first viewing checklists to help you make up your mind.
4. Make an offer. Don't be afraid to offer below the asking price because you can always increase your offer later. When making an offer, try to get a commitment from the seller to take the property off the market - this prevents the seller from being attracted by other potential offers. Also, make your offer subject to contract and survey. The current housing market is known a buyer's market because prices are falling. This means that sellers are more willing to accept lower offers from buyers because their property is decreasing in value.
5. Hire a solicitor to do the legal paperwork. For more information read our article on Conveyancing.
6. Once your offer has been accepted, get a survey done. If there is anything that will cost a lot of money to fix, negotiate with the seller to get this done before you move in. Also negotiate what fixtures and fittings are being left behind - you might as well try to save yourself some money on new furniture.
7. At this point you need to get a solicitor and apply for a mortgage on the property. The mortgage company will need to value the property to make sure that it is worth the amount that you have applied for.
8. The only remaining step is to exchange contracts then move in. The solicitors for buyer and seller will sort out the deeds etc. Before you move, it is always a good idea to tell people that you are moving. Use our moving checklist to help you.

Article by Tim Ballard.
February 2008 (updated: June 2008)

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User Comments

Tim from Suffolk said...

Go on, be the first to add a comment!

Thursday, April 10th 2008 06:53 PM

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