Although buying your first home is an exciting experience, it can also become quite overwhelming. Buying a home is more than just taking your pick and paying for it. It involves a lot more steps. But to help make things less overwhelming, we’ve simplified the home buying process in this brief guide.
Explore Your Mortgage Options with a Licensed Mortgage Broker
To explore your different mortgage options, you’ll need to find a licensed, certified mortgage broker in your area. This professional will work with you to find the right loan for you based on your own unique situation, preferences, financial situation and more. It’s important that you find a lender you feel comfortable with, someone who will go through the different mortgage options with you and point out the pros and cons of each one to help you make the best choice.
Find Your Ideal Home and Put an Offer on It
Once you’ve selected the home you want to buy, you’ll need to put an offer on it. An offer is a document that you and the seller will both sign. This document will outline what the seller is willing to sell the home for and what you’re willing to pay for it. Make sure to take the time to consider all of the factors, such as the property’s location, condition, size, amenities and more. Think about how much you’ll need to pay in deposits and other fees, too. Also, discuss whether or not the seller will be providing any financial assistance in the form of a down payment or a credit. Even if you’re getting financial assistance, it’s best to be prepared with the amount you’ll need to pay the seller in order to avoid any surprises. When you feel confident in your offer, you can submit it to the seller.
Get a Home Inspection and Appraisal
Once you’ve put an offer on a home, you’ll have to take care of a few more things before your purchase is finalised. This includes getting a home inspection and appraisal. Since these are inspections performed by independent professionals, you’ll have to hire these professionals on your own.
During your home inspection, the inspector will evaluate everything from the home’s structure to safety features and more. They will create a list of the issues they encounter and the cost of repairing them. The appraiser will assess the value of the home by evaluating the current market. You can also hire a professional pest inspector to ensure there aren’t any pests in the home.
Hire a Licensed Conveyancer
Once you’ve found a home you want to buy and you’ve got a home inspection and appraisal, you can move on to the final part of the home buying process, which is hiring a licensed conveyancer. This professional will ensure that the seller is free to sell their property, make sure the property is transferred from their ownership to yours, make sure the transfer tax is paid, and review the paperwork to ensure everything has been done correctly.
Final Thoughts
Buying a home is exciting, but it’s also a big step. Make sure you’re informed about all the ins and outs of this process before you take the leap. Our guide is designed to give you a bird’s-eye view of the home buying process but you should still do some additional research to make sure you’re further informed.
Purchase your dream first home with the help of A Move Brokers. We are mortgage brokers that provide first time home buyer programs in Chester. We offer a wide range of mortgage products and can help you get the best deal to suit your individual needs. Book a free consultation today!
The purpose of this blog is to provide technical and generic guidance and should not be interpreted as a personal recommendation or advice.
As a mortgage is secured against property, it could be repossessed if you do not keep up the mortgage repayments.