Homes are one of those things which when there aren’t any problems, everything is great, but when there are… well, it’s an especially painful kind of stressful. This is true of day-to-day living, or finding a new place to live, and for first time home buyers it can be especially stressful when you realise just how many factors there are you actually need to consider. So, with that in mind, here are some handy little tips to process if you are looking into buying a property for the first time.
The starting point for most as they are looking to take out a mortgage is the deposit. Usually a minimum of 10% here in the UK (there are exceptions), but this varies around the world. However, that’s not where the costs end!
There is usually some form of tax or other (stamp duty for example) and legal fees too, as well as the costs of moving (learn more), surveying, reports and so on. There are a lot actually, and they add up. This means that it’s very easy to mishandle the budgeting, especially for first time home buyers.
You may find it easier to get help with this. More so if buying abroad where there are more factors you may not be aware of.
No-one knows what will come to be in the future, good or bad, but it does help to have a grasp of potential gains and issues for yourself when it comes to your purchase (it is a significant investment after all).
There’s a lot to consider on this front; for example, it’s a good idea to consider if your new home could be adapted affordably and ethically in the event of a disability, or old age. Also, whether things like the weather cause any issues seasonally, or there is any planned developmental work nearby.
Don’t be afraid to ask your agent and legal representative questions.
Similarly, could you see this as your forever home? Does your gut feel good about it? What are your hopes around the home, and can you see them being met?
Be Prepared for a Lot of Legal Stuff and Jargon You May Be Unfamiliar with
Every region has its own considerations, and the housing market generally is full of seemingly impenetrable turns of phrases, wording and rules. Most will find this process overwhelming, again especially if first time home buyers, and those who are easily overwhelmed may find it all a bit too much. For this reason, you’ll should fall back on your solicitor’s experience as much as you can. It’s still a lot to take in, but it will take some of the load off of your shoulders.
Here in the UK, the solicitor’s role is to offer advice, to represent your interests in the sale (by making sure all is in order), facilitate documents and the Deeds from Land Registry transition, and make sure all contracts are in line. This varies around the world, so the process might be different with Kazmi Law in Alberta, to a high street solicitor in the UK, for example, so bear this in mind and do research locally.
What it all comes down to is that buying a home is a large amount of money, and a large commitment, and all parties need to be protected. It has to be done right; this can be intimidating and a lot to take in.
The thing to remember is no matter how daunting buying a home for the first time might be, there is a good (and happy) reason why you chose to enter this process.
*This is a collaborative post