It can be a rather scary experience when it is your first time buying a home, even if you have found the home of your dreams. Finding the right mortgage and ensuring that the legal paperwork is done correctly and arranging for a surveyor’s report are only a few of the things you need to consider.
Types of First Time Homeowner Mortgages
The main types of mortgage are variable, tracker and fixed rate, and it comes down to whether or not you want your bond repayments to be tied to the current interest rate. Consulting a mortgage provider is a great way to find out more information on the subject. Do you want to pay the same amount each month, or pay a lower rate, but then a rise may come without warning?
Other Costs for the First Time Homeowner
Being a first time homeowner comes with a variety of one-off costs, most of which cannot be avoided! Estate agents’ fees, land registry fees, surveyors’ fees, solicitors’ fees and legal fees and Stamp Duty all have to be paid. Then you need to still pay for moving costs as well. Your agent will normally try to make all these things as simple and painless as possible, but do not be shy to ask questions if some of the costs seem a bit excessive.
The survey is a very important part of the home-buying process. This is designed to show you any flaws the house may have and how much they will cost to fix. This can sometimes reveal some distressing issues, but you can use it to your advantage as a way to negotiate the price with the seller provided that you have not signed the contract.
Once you have signed all the legal documents and the deal has gone through, it is time for you to plan how you are going to decorate your new home. This can be one of the most exciting times in a new home owner’s life.