With this in mind, it makes sense that you are going to have plenty of questions floating around your mind as to the process as a whole.
To help you to understand more about the buying process, we have put together some of the biggest questions that you may have when you are buying a property.
Is it the right time to buy?
One of the first questions that you are likely to ask yourself is whether or not it is the right time to buy. The trouble is, it is never going to be the right time to buy, but it will always be the right time to buy. That said, you should always take your time with any house purchase, you should think about it carefully and you should make sure that it is the right choice for you.
How much can I borrow?
When it comes to buying a property, you need to always think about how much of a mortgage you can get. How much you can borrow depends on how much you earn and there are plenty of calculators out there that will help you to work out how much you can borrow. You also need to think about how much of a deposit you have in order to put down on your property too.
Is there any help for me?
If you are a first-time buyer and you are aged between 18 and 39, then you may be able to receive help from the government in order to buy a property. This is as much as £32k, requires you to save money each month or as a lump sum if you can and it is available through a Lifetime ISA. This process was launched in April 2017 and has already helped lots of people to be able to buy a property.
How much will it cost long-term?
Of course it can seem as simple as getting a mortgage and buying a property, but the thing to remember is that there is going to be initial costs and long-term costs too. You may have to pay mortgage arrangement fees, valuation fees, legal fees and of course stamp duty and surveys too. All of these costs mount up and the costs don’t end there. You need to also think about furniture in the new house, any work that you want to carry out and of course the cost of actually moving home too.
As you can see buying a property is not the easiest thing in the world and you will want to have all the information clear in your mind before you agree to make the purchase. Once you do have it all clear though you will be sure that you are making the right choice and that you are ready to make this giant leap.
Neil Newstead, FARLA MNAEA MIRPM
Chief Executive Officer, Oakfield Estate Agents