Are you ready to purchase your first home? We understand that purchasing your first property can be daunting. So, Boxall Brown & Jones have created a simple step-by-step guide to help you navigate the process. It’s not as bad as you think, we promise!
Begin saving for a down payment
The first step to your property hunt is saving for your down payment on the property. Usually, the down payment amount is 10% of the asking price for the property. It can be lower, depending on what type of mortgage you decide to go for.
Check your credit score
As well as the down payment, you will need to have a good credit score to purchase a property. The credit score goes off how well you have paid off your past loans. So yes, if you failed to pay back your student loan efficiently, this can affect it!
Get pre-approved for a mortgage
Before you begin looking at properties, you will need to be pre-approved for your mortgage. Mortgage lenders will assess your financial background, and inform you what monthly payments you can realistically afford. This will enable you to know your target price range for properties.
Go house hunting!
Next, it is time for the fun part! You can finally begin looking for properties. It can be overwhelming looking at all the properties on offer, so our top tip is to narrow down your search to include your key features. This way, you can find what you’re looking for easier.
Make an offer
Think you’ve found the one? The next thing to do is make an offer on the property.
Get a home survey
Home surveys check houses thoroughly in order to find any issues with the property which may cause issues later down the line. Most issues can be easily resolved, however, this is an important stage to highlight any issues sooner rather than later.
Get a home appraisal
At this stage, the property will be looked over by your lender to ensure that it is a good investment.
Closing of the deal
Almost there! All involved parties close the buying process. You will have to pay all the parties you owe, then you will receive the keys to your new home.
Moving in
Finally! After all the waiting, the only thing left to do is move into your new home and enjoy life as a proud, new, homeowner!
Fancy buying your own first property? Do not hesitate to contact us so we can give you a helping hand.