The Home Buying Process: 8 Essential Steps to Take
Some of the most essential steps in the process of buying your new home.
02 September 2021
The journey to becoming a homeowner can be lengthy and winding, but it is very well worth it. No matter where you are in the process, buyers can avoid barriers, minimise uncertainty, and enjoy the process by understanding what to expect throughout every step.
To help you on your own journey, we will break down the journey to home ownership into eight key steps. Keep reading to better understand the property buying process!
Step #1: Set a Budget
It's critical to know your budget and view houses that you can realistically afford. If not you are likely to be very disappointed.
Step #2: Get Pre-Approved
The next step is to apply for a mortgage and get pre-qualified. Pre-qualification for a mortgage gives you a great start as sellers and estate agents know that you’re a serious buyer and have the funds available when making an offer.
Step #3: Look for Potential Residential Properties
After you have a clear budget, it's time to start house hunting! Before you begin your search, be practical by separating your wants from your necessities.
Step #4: Make an Offer
When you’ve fallen in love with a home and want to make it your own you need to put in an offer to the estate agent who will then present it to the seller.
Step #5: Negotiate
Depending on your offer and what the seller wants to accept, you may need to negotiate on price and/or terms of your offer.
Step #6: Instruct a Conveyancer
In order to proceed to legally owning the property you will need to instruct a conveyancer to act on your behalf.
Step #7: Complete Documentation
As the buyer you will need to complete some legal forms as well as ID checks and searches on the property you want to purchase. Your conveyancer will organise all of this on your behalf and complete all the legal paperwork until exchange and completion takes place.
Step #8: Move Into Your New Home!
Your long-awaited home is now yours! It's time to begin packing all of your belongings and acclimating to your new neighbourhood. Preparation is essential for reducing the stress of moving.
Pro Tip: Hire a Professional House Buying Solicitor to Manage All Legal Requirements
When you make an offer on a property, you'll be asked for your solicitor’s or conveyancer’s name and contact information.
If you're buying or selling a home, conveyancing is the legal word for transferring ownership.
Contracts will be handled by a solicitor or conveyancer, who will provide legal advice, conduct local council searches, deal with the Land Registry, and transfer funds to pay and purchase your property. It's a crucial role, so choose wisely!
Purchasing your first house is a significant undertaking. It's one of the most essential financial investments many people will ever make. Homeownership also comes with many possible stumbling blocks and hidden expenditures. We hope that this post will help you navigate purchasing your first house and provide you with information and recommendations on how to choose your ideal home.
Are you considering the help of a residential property solicitor? Conveyancing Expert is your ally! We will handle all legal aspects of home buying, keep you informed, and assist you by answering questions regarding the process. Give us a call to request a quote!