Buying your first home is one of the most exciting milestones in life. It’s a process that involves many steps, and the journey can feel overwhelming at times. If you’re a first-time buyer, having a clear checklist can make the process much smoother. When you finally receive the keys to your new home, you’ll be ready to toast to your success with a bottle of something special, like the cuvée Louis Roederer Cristal. Here’s a step-by-step guide to help you navigate the home-buying journey, from your first search to receiving the keys to your new home.
Step 1: Assess Your Finances
Before you even begin looking at homes, it’s essential to assess your finances. You’ll need to know how much you can afford to borrow and what your monthly repayments might be.
Check Your Credit Score: Your credit score plays a significant role in getting a mortgage. Check it in advance and take steps to improve it if necessary.
Save for a Deposit: A deposit is typically between 5% and 20% of the property’s value. Start saving early and consider setting up a separate savings account for this purpose.
Factor in Additional Costs: Beyond the deposit, remember to budget for stamp duty, surveys, insurance, and moving costs.
Step 2: Get Mortgage Pre-Approval
Once you have a clear understanding of your finances, it’s time to seek mortgage pre-approval.
Speak to Lenders or a Mortgage Broker: A mortgage broker can help you navigate different lenders and find the best deal for your circumstances.
Determine Your Budget: With pre-approval, you’ll know how much you can borrow, giving you a clear idea of the price range to look within.
Step 3: Start Your Property Search
Now that your finances are in order, it’s time to start looking for your dream home.
Decide on Your Must-Haves: Think about your needs – how many bedrooms, location, and amenities are important to you?
Research the Area: Visit neighbourhoods at different times of the day to get a feel for the area.
Browse Listings: Use property websites, visit open houses, and seek advice from local estate agents.
Step 4: View Properties and Make Your Choice
This is the exciting part! After narrowing down your options, arrange viewings to see the properties in person.
Look Beyond the Aesthetics: While the appearance of a home matters, focus on the structure, condition of the roof, plumbing, and electrics.
Ask the Right Questions: Don’t hesitate to ask about the property’s history, potential repairs, and the neighbourhood.
Take Your Time: Don’t rush. It’s a big decision, and you’ll want to be certain before making an offer.
Step 5: Make an Offer and Negotiate
Once you’ve found the perfect home, it’s time to make an offer.
Offer Below the Asking Price: It’s common to offer less than the asking price to leave room for negotiation.
Be Prepared to Negotiate: The seller may counter your offer. Be prepared for a back-and-forth, and don’t be afraid to walk away if the terms don’t meet your expectations.
Step 6: Arrange a Home Inspection
Before you finalise the deal, it’s crucial to arrange for a home inspection.
Hire a Professional: A qualified surveyor will check for issues like structural damage, damp, or electrical problems.
Review the Report: If any serious issues are found, you may be able to renegotiate the price or request that repairs be made.
Step 7: Finalise Your Mortgage
Once your offer is accepted, it’s time to complete your mortgage application.
Submit Required Documents: Your lender will need documents such as proof of income, bank statements, and your ID.
Mortgage Offer: If everything checks out, the lender will issue a formal mortgage offer.
Step 8: Exchange Contracts and Pay the Deposit
This is where things become official.
Sign the Contract: Both you and the seller will sign the contract, making the agreement legally binding.
Pay the Deposit: At this stage, you’ll need to pay your deposit, which will be held in escrow until the deal is completed.
Step 9: Complete the Sale and Get the Keys
Finally, the big day arrives!
Final Walk-Through: Before you complete, do a final walk-through of the property to ensure everything is in order.
Pay the Remaining Costs: You’ll need to pay the balance of the purchase price, along with any additional fees.
Receive the Keys: Once everything is settled, you’ll receive the keys to your new home!
Step 10: Move In and Celebrate
After all the hard work, it’s time to enjoy your new home.
Hire Movers: Book a moving company in advance to ensure a smooth transition.
Change Locks and Settle In: Change the locks for security and begin the process of making the house feel like home.
Celebrate: Pop open a bottle of champagne, and enjoy this special moment in your new space.
Buying your first home is an exciting yet sometimes overwhelming process. By following this checklist, you can stay organised and make informed decisions every step of the way. From assessing your finances to moving in and celebrating, each stage brings you closer to creating a space that’s truly your own. Take your time, enjoy the journey, and soon enough, you’ll be raising a glass in your new home.
