The House Buying Process for First Time Buyers
Last updated: March 2008
It's not difficult to buy a house but there are many steps involved, here they are:
- Find out how much you can afford and start saving for a deposit.
Sit down and work out what you would like from your first house. Do this by making a list in order of priority - you may have to compromise. You may find that your priorities change as you start to view properties.- 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.
- 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.
Hire a solicitor to do the legal paperwork. For more information read our article on Conveyancing.- 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.
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.- The only remaining step is to exchange contracts then move in. The solicitors (for buyer and seller) will sort out the deeds etc.
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Article by Tim Ballard.
February 2008 (updated: March 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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Website founded by Tim Ballard. First House Page.com trades under the name of Tim Ballard.
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