Purchasing your first property is quite an intimidating prospect as it causes you to consider long-term responsibilities, commitment and financial planning so that you can live comfortably in your own home. Aside from these factors, the purchasing process is extremely complicated and can be discouraging for first-time buyers. While it is possible to hire estate agents and solicitors to guide you through the process, it is sensible to do some research yourself to find out what should be happening, when. This article is aimed at explaining the first initial process of finding and investing in your first property.
Before you go out looking for properties you need to decide what you are looking for. Write down a list of necessities and desires; necessities being factors such as the proximity of a property to public transport links, workplaces and schools, plus the number of bedrooms and other things. Your desires are things that can be compromised on, in case you are unable to find a property to meet your every requirement.
After you think you have found the right place, you need to go away and think about it for a few days, then schedule another viewing. With this second viewing you need to take a more critical view of the property and do a bit more research in terms of the local area and also the repair and renovation history of the property. You should speak with the previous owner as well as neighbors to find out as much as you can to better understand the property and its local environment.
So you have checked, and double checked, and this is the right property for you, or at least it looks like it. You now need to check whether there are any faults with the structural condition of the property by commissioning a structural survey to be carried out. While a structural survey may not point out certain faults, it can flag up potential issues with the property that will need to be further researched by specialists. At this point you can choose a homebuyer’s survey or a full structural survey depending on budget and preference.
Now that you have found the house of your dreams, the hard work begins. In most countries the length of time between offer acceptance and completion of sale is around 6 weeks, though in the UK this process is drawn out to around 12 weeks. You will probably need the help of a solicitor for the conveyancing process, as although it is possible to do it yourself, it is a time consuming and confusing procedure. For more information on the order of events have a search on the internet.
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