Buying a new home can be a complicated process. It’s not easy choosing the perfect property but it’s a decision that you need to get right. Properties are expensive and the moving process can be stressful.
From settling the contracts to packing up your belongings and arranging a removal company, there are lots of important steps to take when you move. What makes things even more stressful is the fact that everything can get severely delayed if just one thing goes wrong at a single stage of the process.
Focusing on the most important steps will make things much simpler and less stressful for you. Forget about the finer details for now and focus on completing the first stages of the house buying process.
Here are the first important steps to take when you’re looking to buy a new home in the near future.
Determine Your Budget
The number one limited factor when it comes to buying a house is your budget. Therefore, the first step in the process should always be to determine how much money you have available to buy a new property.
Your budget will determine the size and type of the property you can buy, and may also affect the location that is most suitable for your financial situation.
Contact a Real Estate Agent
Real estate agents will also be able to show you around the properties that are available within your desired area. They know the ins and outs of each location, including the benefits, drawbacks, and general pricing. This information is essential when you’re making a decision on which property to buy.
Make an Offer
Once you’ve found the perfect property, don’t wait too long to put in an offer. The housing market is extremely competitive and you’re at risk of losing out if you don’t act fast.
Place your offer through the estate agent. Make sure that you place a bid that is realistic. Even if it’s the property of your dreams, be careful not to get drawn into a bidding war and end up going above your budget.
Hire a Solicitor and Conveyor
When your offer has been accepted, you’ll need to contact a solicitor and conveyor to organize the legal side of the purchase.
Your solicitor and the property owner’s solicitor will liaise to set up contracts for both parties to sign. Your conveyor will help with the negotiation and completion of the contracts.
This stage in the property buying process is the longest and can take several weeks. It’s also quite a costly process. Solicitor’s fees can cost up to a few thousand dollars, so make you set aside a small portion of your budget to pay for this and be patient!