The Process of Buying A Property

The process of buying a property is not complicated, but it definitely requires some time. The time-scale on every stage will differ depending on the circumstances, but normally, the most time consuming one is searching for a perfect house / apartment. Others are mostly red tape, and they go as follows:

 

The Process of Buying A Property

Researching price range on property and figuring out your budget

For starters, you should carefully evaluate your budget. Remember that your current savings should be enough not only to cover the first deposit but also the mortgage fees. You have probably already completed some research on the price range of the property you might be interested in. Still, make sure you consider all the upfront payments in your calculations.

Contacting the bank for loan pre-approval

Next, you should make sure that the bank will pre-approve you for a loan. For that, you will have to go there and talk to your bank representative directly. He / she will evaluate your credit history, your income and its stability. If you can be pre-approved, the representative will also give some general advice on the mortgage plans most suitable for you.

Actual house hunting

Once you have established your budget, you can actually start house hunting. Determine what you are looking for, how much you can spend, and stick to the plan no matter what.

Making an offer

The process of buying property presupposes that the owner defines the initial price on the house / apartment. Sometimes, it can be changed – based on the objective property evaluation reports and the negotiations between the parties.

In any case, if you are interested in the property and are ok with the price listed, you make the owner an offer to submit his / her property for an evaluation.

Hiring a solicitor to make property survey

If the owner accepts, you start looking for a solicitor and he/ she takes care of the rest. The solicitor will research all the relevant data on the architectural condition of the property and offer you an objective evaluation of its true cost. If you are satisfied with the result, the solicitor will proceed to preparing the contract.

Finalizing the mortgage

At this point, you can start finalizing your mortgage. Normally, the process does not take long, and by the time your get your loan you can proceed to signing the contract.

Closing the deal

After you and the seller exchange the contracts and find the terms agreeable, you sign the deal. Normally, the money is not transferred to the seller’s account directly – the transfer happens via your solicitor. Then you pay his / her fees and consider yourself done!

Getting ready for a move

Well, almost done – you still have to get ready for the big move. Perhaps, your new property needs some renovation? Or you need a new living room furniture  set? Whatever it may be, take care of this as soon as possible. Even local furniture stores  deliver bulky furniture items within 10 business days, so if you do not have a bed to sleep in, moving in will take you some time.