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3 Things You Need to Know About Buying Your First Property

Published: 4th January 2018 15:38

After renting for so long, buying your first property can be the perfect big leap to make in 2018. The property market is filled with great properties at reasonable prices, plus there are some interesting financing options that will help you make that leap rather easily.

Before you rush into the UK property market, however, it is important that you know exactly what you’re doing. To help you cover the basics, here are the top three things you need to know about buying your first property.

Know the Costs

Whether you choose to use a mortgage loan or other forms of financing to buy the property, it is necessary to understand the total costs of ownership before making any purchase decision. The deposit and mortgage you pay aren’t the only costs to worry about when buying a property.

There are administrative fees that you will have to cover along the way. Fees for performing surveys and a valuation are just the beginning. You also have to pay stamp duty and solicitor’s fees. On top of these fees, there are insurance premiums and the actual costs of furnishing and moving to the new property too.

A great approach to take is to consult a financial advisor. Most banks now offer the services of independent financial advisors (IFAs) as part of their service line-ups. You can visit any bank and get an estimate of the total costs of ownership. You can even get a mortgage loan pre-approved.

Understand the Legal Steps

The process of transferring the ownership of a house is also relatively complicated. You need the services of a good conveyancing solicitor to make sure no mistakes are made. Keep in mind that even the smallest mistake can turn into a lot of wasted money and time; it is always best to get it right from the start.

Fortunately, there is no shortage of top conveyancing solicitors to choose from. You can start your search early and compare solicitors even before you start searching for potential properties to buy. This gives you a bit more time to get to know the solicitors that can help you and choose one that you’re comfortable with the most.

When you do make a purchase, you don’t have to settle for the solicitor recommended by your bank or estate agent. You have the option to use the services of an advocate you know and like for the process.

Go the Extra Mile

Last but not least, you need to understand that there are things you can do to make the process of buying a property more manageable and affordable. Getting your credit history in order, for instance, can help reduce the interest rate on your mortgage loan by a substantial margin. You only need to take a few extra steps before making the purchase to enjoy additional benefits.

Cover these basics and your first property purchase will be as exciting and as seamless as you want it to be. You can search for your dream property and make an offer with a mortgage loan already pre-approved.

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