7 Tips To Ensure a Successful First Time Home Buying Process
The lack of preparation and property guidance when buying a property for the first time can pose a lot of risks for you, as a homebuyer. Looking for a house to buy alone can take up so much of your time, while making sure you can afford it can also take a while.
When it comes to the legal aspect though, stress and frustration is often anticipated as there are a number of processes involved to make sure that the ownership of the property is legally transferred.
To make sure you'll go through minimal stress when buying a property for the first time, here are seven things you can consider and take note of.
1. Research Matters
Do your homework and find as much information on propertly listing, mortgage deals, conveyancing services, surveyors, and other things you will need throughout the process. Make enquiries to government offices and private organisations to gather as much details about the process. You can also search for information online.
2. If You Can't Afford a Cash Purchase, Consider a Mortgage
It is rare that first time buyers always afford a cash purchase. That's why the mortgage deals from different financial institutions can come in very handy. If you're certain you don't have enough savings to cover the purchase, banks can lend you a hefty some and secure the property you're buying against it.
3. The Seller's Asking Price is Negotiable
Sellers generally put their houses on the market at a price they ideally want to sell it for, but can always be lowered down to something fair and reasonable for them and their potential buyers. When making an offer, consider your reasons for a lower offer. It's best to inspect the property for issues you can leverage on when negotiating.
4. Hire a Diligent Conveyancer
While you can go through the conveyancing process on your own, it's always better to just instruct an accredited conveyancing solicitor. The legal work can be quite complicated and licensed conveyancers are just the right person to work on this on your behalf.
There are credible channels on the Internet where you can look for conveyancers to instruct. There's the Law Society and the Council for Licensed Conveyancers where you can search for their accredited members to help you.
5. Don't Miss Viewings
Viewings are your opportunity to inspect the house for issues you can leverage on to negotiate a lower price. Afterwards, you can also considering getting a structural survey done on the property to make sure you're not going to have a lot of problems with it.
6. See That Your Offer is Accepted and Exchange Contracts
Once an offer is agreed on, your solicitor can proceed with having you and the seller sign and exchange the sale-purchase contract. This is when you're also required to pay the deposit and move along to completion. Once contracts are signed and exchanged, you and your seller cannot freely pull out of the transaction without legal problems.
7. Pay the Rest of Your Obligations
After the exchange of contracts, you're off to settling the other obligations through your conveyancer. Arrange for the rest of the purchase money to be forwarded to the seller, pay the Stamp Duty and Land Resgitry fees, and settle whatever final invoices you may owe your solicitor. As soon as everything is sorted, you're ready to collect the keys and begin the removal process.