4 Simple Steps to buying a Residential Property
Thursday, July 14, 2016, 6:00 AM | Leave Comment
Are you looking to get on the property ladder, or for perhaps looking to build up a property portfolio?
Buying a property is probably one of the biggest steps you’ll take in your life, so you need to make sure you do it properly!
Well there are certain steps you’ll need to take to choose the right residential property.
Luckily, we’ve got these four simple steps to help you choose the right residential property for you.
-
Sorted out your Financial Plan?
First things first, you’ll need to sort out a financial plan and budget that will help you understand what you can actually afford. It was a harsh reality to face, but you need to be hard on yourself and take absolutely everything into account, from conveyancing to the initial fees.
As you’ll know, deposits are required in order to secure the property, so you’ll need to gather as much money as possible for your deposit.
In order to secure a residential property, you’ll require a mortgage to pay for your home. You will not be able to get a mortgage before you buy, however you will be able to have regular meeting with mortgage advisers.
Many people are unaware of the hidden costs that can come with these meetings so keep that in mind. Also, it’s a good idea to have in mind what kind of budget you’ll have for making any changes to the home once you’ve moved in. This is will help in your search as well as helping you to budget and save correctly.
Last but not least, remember that stamp duty fees and conveyancing solicitors must also be taken in consideration.
Budgeting is the single most important thing when it comes to property buying.
-
Contacted the Experts?
It’s a good idea to use the services that are out there for you. Experts exist to help guide you through the processes. Making sure that you have the guidance from the experts can help reduce stress, reduce expenses and also inform you anything that may apply to you.
Mortgage advisers are also a good idea, are they will advise you about any finances need before you take on a mortgage application and will help you even before your house hunt has officially started.
A solicitor will help you with the legal matters and will officially register the property in your name, which will save you a lot of time and worry! Whether you are using conveyancing solicitors in Manchester, or Birmingham, you will need them – trust us.
-
Evaluated your Property properly?
Getting a property is becoming increasingly more competitive and tough, so evaluating your property is really important. Does the property have everything you want and need, and can you actually afford to take on this property?
You don’t want any nasty surprised after you’ve signed on the dotted in! It’s very important to take absolutely everything into consideration.
-
Make that offer!
After you’ve completed all of these steps, and your absolutely happy with the property, it’s time to make an offer! (This is the exciting time.)
Decide exactly how much money you want to pay for the property and make an official offer. Try to be optimistic and realistic with the offer you make.
It is important to remember that the property will only be taken off the market once the offer is accepted. Good luck!
