The House-Buying Process – Part 1

There are many steps to be taken when completing the house-buying process, some of which we have already touched upon with our previous blog posts such as:

The whole house-buying process can be quite daunting, especially if you are a first time buyer. To all buyers going through this process, provided below and in the next two blog posts is a handy step-by-step guide that can be referred to when buying a new home. Some of these steps will be further elaborated on in later blog posts.

The House-Buying Process – A Step-by-Step Guide

House-buying Process

1. Get your finances in order

This is an essential first step. If you do not have a clear idea of your financial situation, you will not have a clear idea of the mortgage and finances that you will need to raise to purchase your next home.

You will need to:

  • Save for a deposit
  • Arrange a mortgage
  • Pay for additional house-buying costs e.g. survey, solicitor’s fees, etc.

Start saving money as early as you can. It goes without the saying that the longer you can save the better it will be for you in the long-run. Arrange a meeting with a mortgage advisor who can advise you of the types of mortgage that you will be eligible to have.

Once you are aware of the state of your finances and are armed with current mortgage information, you are now ready to start searching for your next home.

2. Find the right house

We all want to purchase our dream home – whether it be a penthouse apartment in Cardiff Bay or a Victorian Terrace near to Cardiff city centre – but we can only buy what we can afford. Be realistic with what your needs are – do you really need that football-pitch size lawn or is a maintenance free garden more appropriate? Write a House Needs Checklist – one for necessities (e.g. kitchen, bathroom, parking) and one for ‘nice-to-haves’ (e.g. spare bedroom, office, garage).

Make sure that you look at lots of properties in your chosen area that are within your budget when you start your house-hunting. This helps you to compare properties and can help you to refine your needs and / or ideas. Visit the estate agents and see what properties they have available for you to view. They will arrange viewings and by discussing your requirements with them, they are able to keep you informed of any developments in the local market.

 

The next part of our step-by-step guide to the house-buying process will be released next week.