A Step by Step Guide to Buying Your First Home

A step-by-step Guide To The Home Buying Process And What To Expect Along The Way

Buying a home is an exciting journey, but it can also be overwhelming, especially for first-time buyers. With so many steps involved in the process, it's essential to understand each stage and what to expect along the way. In this guide, we'll take you through the home buying process, step-by-step, and provide top tips to make it as stress-free as possible. This is not an exhaustive list, there is more to know, but for now it's great to understand the basics and get a better understanding of what you can expect.

Step 1: Know your budget

Before starting your home search, it's important to know your budget. Determine how much you can afford to spend on your new home and work out your monthly mortgage payments. Don't forget to factor in additional costs such as stamp duty, legal fees, and moving costs.

Tip: Get a mortgage agreement in principle (AIP) from a lender to give you an idea of how much you can borrow and what your mortgage payments will be.

Step 2: Find a property

The exciting part! Start your property search by looking online or through estate agents' windows. Be sure to view properties in person to get a feel for the home and the neighbourhood.

Tip: Register with local estate agents to receive alerts when new properties become available that match your criteria.

Step 3: Make an offer

Once you've found your dream home, it's time to make an offer. You'll need to negotiate the price with the seller or their estate agent.

Tip: Offer slightly less than the asking price to leave room for negotiation.

Step 4: Hire a solicitor

You'll need a solicitor or conveyancer to handle the legal aspects of buying a home. They'll carry out searches, check the contracts, and transfer the funds.

Tip: Choose a solicitor who specialises in conveyancing and has good reviews.

Step 5: Arrange a survey

Before exchanging contracts, you'll need to arrange for a survey to check the condition of the property.

Tip: Consider getting a full building survey if the property is old or has been renovated. The Mortgage Lender will carry out checks but this may not be as comprehensive as you need it to be.

Step 6: Exchange contracts

Once you're happy with the survey results, the sellers solicitor has answered your enquiries and your mortgage offer is in, it's time to exchange contracts. This legally binds you and the seller to the sale.

Tip: Arrange home insurance to start from the date of exchange.

Step 7: Completion

Completion is when you become the legal owner of the property. Your solicitor will transfer the funds to the seller, and you'll receive the keys to your new home.

Tip: Check the property thoroughly before moving in and take meter readings.

By following these steps and our top tips, you'll be on your way to owning your dream home in no time!

At onthemoov, we understand that the home buying process can be daunting. That's why we offer a range of services to help make it easier, including finding you a solicitor or conveyancer to handle the legal aspects of buying a home. We also have carefully selected partners to help with building insurance, surveys and even mortgages! Contact us today to see how we can help you with your home buying journey.