Without proper guidance and enough preparation buying a property can be a tough challenge for everyone. The hunt itself for an ideal home can take even months while getting the funds ready can take you years. The planning and the legal aspect can also be stressful. It takes a lot of processes and a number of documents to sort - involving different experts.
To ensure the success of your property purchase, here are seven of the likely critical things that you should consider.
1. Do your homework.
Beginning with finding the right property and getting sound advice on home loans, to looking for the right people to work for you,getting enough information through research and enquiries will help you a lot. You can look for credible sources online and make phone calls to organisations and companies that you think could help you fulfil your target of buying the perfect property.
If you think your savings are not enough to fund your property purchase, you can get a mortgage from any of the financial institutions around. Banks can loan you the money based on the value of the property you're looking to buy and secure the property against your loan. If you want to find out your best bet on mortgages, you can shop around on the Internet or check with your current bank for the best possible deal.
3. Make an offer and negotiate reasonably.
If you think you now have enough money to fund your purchase and you found the ideal property, you can make an offer to the seller or their authorised estate agent. You can also negotiate if you found issues about the property that reduces its original value compared to the seller's asking price.
Buying a property requires legal work to make sure that the ownership is transferred from the seller to you. This process may be too much for you to understand and go through, that's why conveyancing solicitors will be your right hand to work on a number of tasks and get the paperwork sorted. If you don't know where to look for you can ask for quotes from different conveyancing firms, compare them, and choose the ideal one to instruct.
5. See the property and see if it's really ideal.
Have a thorough inspection on a scheduled viewing to find out defects that you could use to negotiate the price. If needed, you can consider getting a professional surveyor to check the property.
6. When your offer is accepted, you can sign and exchange the contract.
As soon as your seller agrees to the offer you make, your conveyancing solicitor can print the final draft of the sale-purchase contract for you to sign and exchange with the seller. This is also the time when you pay the required deposit, generally set at 10% of the agreed price.
Once contracts are exchanged, both you and the seller are in a legal binding agreement. It will be expensive and troublesome if anyone of you tries to back out of the transaction.
7. Settle the rest of your obligations and get ready to move in.
As soon as the exchange of contracts happened, you and your conveyancer can arrange for the rest of the payment to be transferred to the seller. Before making the trip to your newly-bought house though and move in, remember to settle all other fees that you have to. Your conveyancer will send you a final invoice, containing the details of the charges you need to pay for (minus the upfront payment upon instructing them).