property finding tips – If you're ready to become a home-owner for the first time, there's a list of about two-dozen things you need to do, but first things first: how much money do you have? (you'll need this for your deposit) How much money will the bank loan you? And what are the terms of the loan? These are some of the first things you'll need to figure out before you begin your property search. To answer some of these initial questions, your first meeting should be with a good mortgage broker.
property finding tips – A broker will ask you all the pertinent financial questions, and also help you fill out an application so that you can receive what's called a ‘decision in principle' on how much money you will be authorized to borrow in order to buy a house or a flat.
Armed with this information, you can now begin looking for properties that will fit your budget by scouring the Internet, perusing the windows of estate agents, and registering with estate agents in the area in which you want to buy, remembering always to keep in mind your budget. While it is good to be flexible in terms of neighbourhood and property preferences – this will open up a wider range of properties, and you might be surprised by a property you wouldn't normally consider – a first-time buyer should also think carefully about those things she or he is unwilling to compromise on. Click here to view properties for sale in Epsom and other communities in the UK.
Soon after you begin looking, however, you'll need to contact a property solicitor to act on your behalf when it comes time to make an offer. A property solicitor will also help you work through the complexities of purchasing a home with someone else if you are buying the property with a friend, partner or other second party.
While the process is far from over at this stage – here is one '23 point checklist' for property buyers, compiled by a mortgage comparison site (http://www.firstrungnow.com/how-to-buy-a-house/). These initial steps will hopefully go some distance in helping make the process less opaque and more transparent, and will give you the confidence to take those first steps towards home ownership.
Despite the dire news, mortgage rates in early 2012 were still low, which for many home-owners meant it was cheaper to own than it was to rent. Nevertheless, it's difficult for many young people to get on the property ladder because of the deposits required, but this shouldn't stop you from meeting with a mortgage broker to explore the possibilities.
Posted by My First Home Blog