Buying your first home is an exciting adventure, and with a clear plan, it can be a straightforward process. Here’s how to make it happen.
Set Your Budget: Begin by assessing your financial situation. Consider your deposit savings and remember to include additional expenses such as surveys, legal fees, and moving costs. Establishing a budget helps you focus your search.
Obtain a Mortgage Agreement in Principle: This preliminary agreement from a lender outlines the amount they’re willing to lend you. It’s a helpful tool that clarifies your borrowing capacity and enables you to act promptly when you find a suitable property.
Begin Your Property Hunt: Investigate various neighbourhoods and view different properties. Keep a list of must-have features to ensure the home meets your needs and lifestyle. Take your time; it’s an important decision!
Submit an Offer: Once you’ve found a property you love, it’s time to put forward an offer. Be ready to negotiate, but ensure your offer is fair and aligns with current market conditions.
Organise a Survey and Valuation: After your offer is accepted, arrange a property survey to identify any potential issues. A valuation will confirm the property’s worth, providing peace of mind.
Hire a Conveyancer: A conveyancer will handle the legal details, ensuring the property’s title is clear and managing the transfer of ownership to you.
Finalise Your Mortgage: Submit your formal mortgage application. Once approved, review the terms carefully before agreeing.
Exchange and Complete Contracts: At this point, you’ll pay the deposit, making the sale legally binding. A completion date is set, bringing you closer to owning your home.
Collect Your Keys: Congratulations! On the completion date, you’ll receive the keys and officially become a homeowner.
With thoughtful planning and perhaps a bit of guidance from us at Bond Residential, your journey to homeownership can be smooth and rewarding. Enjoy the process!
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