Buying your first home: what to expect
Dom Beer and Chris Beer
So you’ve saved for as long as you can remember, searched Rightmove for endless hours and it all starts to feel real: it’s time to finally buy your first home!
In this article we will outline the processes of purchasing a home as well as a few tips to keep costs down.
The Buying Process
So this will be the most confusing part of the whole move as well as the most expensive, but also the most important to understand fully. We can break this process down further into 5 stages: Budget, Search, Offer, Acceptance, Completion.
Budget
You should –before moving any further –ensure you know exactly what your maximum buying capacity is. To do this you will need to talk to a mortgage adviser to find out your maximum borrowing along with discussing other important factors such as stamp duty and any unexpected fees.
Search
Now onto the exciting, yet stressful, part of the process, the property search. Use sites such as Rightmove, Zoopla, Primelocation, but make sure to visit Agent’s sites directly, too, as not all listings are always on Rightmove(especially if it is a new listing). I also highly recommend talking to all the local estate agents and get your name on their list in case anything pops up that is just right for you. Do not rush this stage, as I am sure the viewings and listings will make you want to move there and then, but if it is not the perfect property –wait. The right one will pop up eventually.
Offer
So by now you have found out exactly what your maximum purchase price is and a property has ticked all the right boxes within your budget. It is time to make an offer. To do this, make sure to receive a Decision In Principle (DIP) from your mortgage adviser outlining confirmation from the lender that you are able to borrow the appropriate amount of money (subject to underwriting). The estate agents like to see this to ensure you are making a serious offer. All you can do now is sit back and wait to see the vendor’s answer.
Acceptance
The vendor has accepted your offer! Now it is time to fully arrange the mortgage. Inform your mortgage adviser that your offer has been accepted. He/she will then complete a full mortgage application. You will also at this stage need to appoint a solicitor for the final processes. If you are unsure as to who to appoint then talk to your mortgage adviser; most have very good knowledge of local solicitors if that is important to you or access to a panel of more budget-friendly options.
Completion
The final stage of the buying process. This will include exchanging of contracts, transferring of funds, legal fees, etc, but most importantly… the keys will be yours! Past receiving the mortgage offer, your solicitor should see out the last parts of the buying process.
Your home may be repossessed if you do not keep up repayments on your mortgage
Following the purchase
Furniture
So now it’s time to furnish the house, but money is most likely pretty low after the buying process. Instead of racking up credit cards/loans, think of how you can work to keep the costs low while still having the stylish house you dreamed of. Instead of buying brand new, think how you can sand down and re-varnish a pre-loved dining table or get creative when it comes to choosing a bed: have you seen some people chuck down a couple of pallets and a mattress? I’m not saying to compromise on your own personal style, but just have a think outside the box in how you can help to keep the costs down when it comes to buying your furniture.
Moving
If you are moving from previously rented accommodation or had stored your already purchased furniture away, you will need to think about moving costs and methods. The costs of moving can rack up massively so make sure to get all your friends busy lifting and look into whether you will need to rent a van yourself instead of having to use a moving company.
The first night
You have finally moved everything into your new house and it’s time to spend your first night there. At first, it may feel strange and slightly alien to you, but that is all part of the realisation process. This night you will realise that it has all finally happened. All of the talking, searching and fantasising about buying your own home has finally become a reality.
Moving in party
It’s now time to show off that glorious house and reveal it to the world. Throw a moving in party and let your friends see the hard work you put into decorating it and making it your own. But most importantly, this night is the night to finally relax and enjoy your new home.
About Beerstone
Beerstone Financial Services was established in 1996 by Chris Beer, our Founding Director, who still plays a key role in the company and ensures we maintain the best service.
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Beerstone Financial Services was established in 1996 by Chris Beer, our Director, who still oversees the company and ensures we maintain the best service.
In total we have over 30 years of experience in financial services working in a range of environments so you can be sure that your situation is in experienced hands.
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Visit our offices: 2 Southernhay West, Exeter, EX1 1JG
Beerstone Financial Services Ltd (542704) is an Appointed Representative of BrokerSync Ltd, which is authorised and regulated by the Financial Conduct Authority (1031981).
There may be a fee for Mortgage Advice. The precise amount will depend upon your circumstances and will be agreed upon following your initial meeting.
Investments, Pensions, Wills, Trusts, PMI and Estate Planning will be referred to our authorised third-party providers. Beerstone Financial Services Ltd and BrokerSync Ltd are not responsible for any advice received from the third-party providers.
Investments, Pensions, Wills, Trusts, PMI and Estate Planning will be referred to our authorised third-party providers. ABC Ltd and BrokerSync Ltd are not responsible for any advice received from the third-party providers.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Conveyancing, Wills, and some forms of Buy-to-let Mortgages and Commercial Mortgages are not regulated by the Financial Conduct Authority.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured against it.'