Doing anything for the first time would seem nerve-wracking especially when it costs a fortune. Buying a property is one such scary step for a novice investor or a buyer. There are a jaw-dropping number of people involved in the property buying business daily. And the majority of them are first time buyers in England. Despite the mixed emotions, one can experience throughout the process; people are ready to risk everything to live in their dream home of their own. People can notice the properties for sale in St Albans regularly which gives them a push to begin somewhere. Unlike the olden times, new buyers are equipped with enough information on the internet and expert help to make their move in buying a property. It might seem challenging to keep track of every step, but with this checklist, they can tick off all the boxes every step of their way.
SAVE UP IN ADVANCE
When a person becomes a property buyer for the very first time, an awful lot of money is required till the end of the buying process, which might last for several years. Even before applying for a mortgage loan, to get qualified, one must save up enough money for paying the initial deposits. With a higher upfront deposit, buyers can easily score the best mortgage deal.
DECIDE ON A CLEAR BUDGET
The foremost step in buying a property is to analyse whether the buyer can afford the property and all the costs bound to it in the long term. By estimating the annual income, upfront costs, and monthly expenses, they can easily determine in what budget could they afford a home. Once the budget line is narrowed down, it becomes easier for a property hunt.
SORT THE BEST MORTGAGE PLANS
Buying the first property in the UK comes with more benefits than for other buyers, especially when applying for a mortgage. A wide range of mortgage plans and government schemes are readily available for this category of buyers. However, when selecting a plan, newbie buyers must be very careful and filter out the best mortgage loan, that comes with the lowest interest rates before availing it.
CHOOSE THE RIGHT NEIGHBOURHOOD
When going on a property hunt, buyers are easily hit by a tidal wave of options for neighbourhoods and property types in the UK. It would be pretty daunting to pick the best community among the hundreds of boroughs scattered across the cities and the country. Looking for a locality near the buyer’s workplace and surrounded by a generous sprinkle of amenities will narrow down options.
MAKE AN OFFER
One of the trickiest parts of buying a house is quoting the right price that fits the buyer’s wallet. After taking a quick scan of the households and comparing them with current market trends, buyers can deduce up to 10% from the asking price while making an offer. If the buyers are lucky enough, their enthusiasm and interest in buying the property might fetch them serious discounts.
GET FINANCE READY
Paying for the initial deposit amount and securing a mortgage loan is just the beginning of many other expenses that are queued up for the coming years. Applying for building insurance is absolutely necessary, and many buyers do that even before the contracts are signed. A lump sum is required to pay off the stamp duty, agent’s fees, design the interiors, revamp the place and more.
WORK WITH AN ESTATE AGENT
Buying a home is complicated enough for anybody in the UK, let alone first time buyers. The processes are scattered all over the place, and it would leave the buyers baffled. They might also miss out on an even better deal amongst the many others out there. From helping pick the perfect home to manage the paperwork, St Albans estate agents will be of great help and guidance.
TRANSFER THE CONTRACT
Once the mortgage application is processed by the lender, the buyer will organise several documents to legally transfer the property to their name. During this phase, the buyer shall bear the land registry, stamp duty, money transfer, and other essential duties. If they work with a conveyancer or an estate agent, they will operate all these jobs on the buyer’s behalf till the deal is closed.
THE MOVE-IN DAY
After the solicitor, mortgage lender, and the buyer sign and close the contract, a date is fixed for moving into the property. This is a one-time hassle where the buyer brings in the new furniture, fix their utilities and change the features and interiors of the property according to their taste. Not every day would someone buy their dream home in the UK. It is necessary to enjoy every step of the way leaving behind the stress of purchasing a property, even as a first-time buyer.
