LIFESTYLE: What every first time buyer should know about getting on the property ladder
Getting onto the property ladder can be exciting and
daunting in equal measure. If you’re about to take the plunge and purchase your
first home, it’s important that you know what you’re doing. After all,
investing in a property is a huge financial commitment, so you won’t want to
make any mistakes. To help you understand the process that little bit better,
here are a few things that all first time buyers should know.

You should set a realistic spending limit
Especially for your dream property, it can be tempting to
stretch your budget to the very limit. However, it’s important to be realistic
when you’re setting your spending limit. Bear in mind it’s not just the cost of
the home itself that you’ll need to consider. You also have to factor in
expenses including survey fees, stamp duty, mortgage fees, legal costs, removal
expenses and more. Also, once you’re in your new home, you’ll have more than
your monthly mortgage bills to pay. You’ll have insurance costs, utility bills,
council tax and a range of other expenses to contend with too. In addition, you
might need to set aside some money for improvements and ongoing maintenance.

The conveyancing process can be complex
The legal process that transfers the ownership of a home
from seller to buyer is known as conveyancing and it can be highly complex. It
is possible to do this yourself, but unless you’re an expert in this field,
it’s advisable to get a specialist to do the work on your behalf. After all, if
anything goes wrong, you could end up facing a plethora of legal problems. Most
solicitors offer conveyancing services. However, when you’re looking for a
firm, it’s important to make sure you find one that has expertise in dealing
with property law. You should be able to tell this by taking a look at their
websites. For example, The Law House
has a section on its site dedicated to residential property law. Choosing a
suitable firm will help ensure the process runs smoothly, and it could keep
your stress levels in check.

It may take up to 11 weeks to complete the buying process
Once you’ve found the property you want to buy and had your
offer accepted, you’ll no doubt want to get the keys and move in as soon as
possible. However, a little patience is required at this point. It can take up
to seven weeks to exchange contracts and, after this, you may have to wait a
further four weeks to complete. Meanwhile, if there are any problems, your
move-in date may be delayed even further. This is something to bear in mind if
you need to give notice on a rental property.
These are just a few of the issues to bear in mind when
you’re buying your first home. To help you avoid the pitfalls associated with
purchasing a property, it’s important to do plenty of research before you put
in an offer.
No comments
Post a Comment