Someone has to say it – there’s a lot of faff being taught in schools! Sure, there’s loads of stuff that we needed to learn, but we never learnt any useful skills, like, buying a house? Throughout school, no-one ever explained how to buy yourself a house! But sure, I’m confident calculating that circumference of a circle is reallllly useful… There’s some basic life lessons we wish we’d been taught. Buying a house can be stressful, especially if you don’t know what’s going on. First-time buyers need not be overwhelmed.
So, in the spirit of teaching – it’s back to school time! In this post we’re going to explain to you everything you need to know about buying yourself a house. As a mortgage specialist, we know exactly how to land a mortgage and buy your first home. It’s our specialty, so we’ll tell you all you need to know.
Welcome to your guide to buying a house!
Ideally, before you dive in to the housing market, it’s important that you should do your homework first. You need to search and research everything, from the local area and location, right down to the price of the house you want. Properties in good location may go for more but can be sold for more – if you’re near a good school or public transport, it’s win. However, area crime rate can plummet a house’s price, so make sure you research.
Obviously, affordability is key. Houses up north are usually cheaper than the south, and London is infamous for its high house prices. Properties closer to the centre of a city are usually more expensive – as it goes. You’ll need an idea of what size house you can afford, with the budget you have. There’s ways to save yourself overpaying for a house, and that’s looking for properties in less desirable areas. Buying a house is a lot of work, so make sure you look into all properties in detail.
Once you’ve found the property of your dreams, it’s time to make your move, and put your offer down. Whilst you may not be able to afford the price of the property, have a go at bartering… Your estate agent will have some insider knowledge of what price the owners would be willing to accept. If your offer is accepted, you’ll be half way to your new home… Yes, only half way – it’s not easy to buy a house! Now comes the time to put a deposit down, to secure the sale of the home. This shows the estate agent and the seller that you’re serious about purchasing. Dependent on the houses’ price, this will usually be between £500-£1000.
When you’ve made your offer, and it’s been accepted, now is the time to secure a mortgage. Because, you’ll need some money to actually be able to pay for the house… Finding a mortgage is fairly easy, but you need to find the best one for you. There’s mortgage comparison sites and more, but you should visit an independent mortgage provider to see what kind of deal is best for you. At Zing, we’re a mortgage broker, with years of experience in mortgages – so, if you’re looking for a quote, give us a call!
Once you’ve put an offer down, found a house and got your mortgage, now it’s time for all the legal stuff. And we say legal stuff because it gets very complicated… It’s when you have to make sure everything is legal and ‘okay’ with your house when you purchase. It involves enlisting the help of a solicitor, conveyancer and surveyor too. There’s things that need to be checked throughout the sale of a property. One, to make sure that the investment in the property is sound – meaning, the house isn’t about to crumble and fall down…
Your solicitor will help you finalise the sale of the property, with the exchange of contracts and more. You’ll need a survey done on the house, to make sure everything is safe and secure. Once all of this is completed, your mortgage will be granted to you for the next step!
Once all of the checks, legal stuff and mortgage is approved, now is the time to negotiate a completion date. This will be when you’re free to move into your new home – it needs to be a date both you and the seller agree on. You’ll hand your deposit to your solicitor, and this is when you can’t back out! The solicitors of both parties will go through the contracts and details, to finalise everything, then you’ll fill out the paperwork.
After some final checks and signing the transfer deed, your solicitor will ask your mortgage provider for the rest of the cash, to then hand over to the seller. Once all of this is done, the house sale is complete! Now it’s time to move in on the agreed date – because the house is yours! Enjoy your time moving in and get ready to start your life in your new home.
And that’s pretty much it! Thanks for reading our blog, and hopefully you learned something your teachers never taught… Buying a house doesn’t have to be stressful, especially now you know what you’re doing. If you’re looking for a mortgage, look no further, browse our website to see what Zing can offer you!