The time that you start hunting for your dream house to the day you finally move in is a long drawn out process. It is time consuming, exhausting and involves a number of legal formalities. All this seems quite daunting but here is a comprehensive guide for you. All you need to do is follow every step and the entire exercise might become much easier.
Budget
This is the first and most important step. Take stock of your monthly income, expenses and savings. This can help you decide how much you can pay for the house upfront, and how much you need to borrow so that you can pay monthly installments of the loan comfortably. For this, you can contact a mortgage advisor who will guide you through loan terms and repayments.
Location
Location is very important and you might like to consider the distance you need to travel everyday to reach your workplace or your children might need to travel to reach school. Proximity to medical facilities, transport facilities, supermarkets, parks and theatres is something we all look out for.
A house which boasts of all this will come with a steeper price, though. You must be either prepared to pay that price or you can opt for upcoming localities which are not located far away but still provide better value for money.
Other considerations
You must consider other points like the number of rooms and bathrooms in the house, parking facility, lifts, gardens, security and traffic noise. Once you are sure of your preferences, you can contact a reliable estate agent who can start looking for properties which match your requirements and your budget as well.
Searching for properties
Your agent might be able to shortlist some suitable properties. He will also be able to tell you about the prevalent property rates. You need to survey the houses thoroughly and even visit second or third time of need be. When looking around, make sure that you check whether the property needs any repairs or alterations before you move in. Make an estimate of the expenses involved.
Arrange Mortgage
Once you find your ideal home, you need to make an offer and arrange mortgage to buy the house. Your mortgage lender will make a survey of the house and will transfer the mortgage amount to your solicitor. He, in turn will transfer it to the seller’s solicitor on the day agreed upon by you and the seller.
Legal Process
You will need the help of a solicitor to deposit money with the seller’s solicitor and get the title deed to the property. The legal process of handing over property is called conveyancing. Your solicitor will take care of that. You need to pay him fees that might be a fixed percentage of the sale price. The exchange of contracts, insurance of the property and land registration are all legal formalities which are your solicitor’s duties. You must discuss with him and clear all doubts you have about the documentation of the process.
After all this, you will get the keys to the property and then you can move in to your dream home.
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