You’ve found a house you love and you’re off to the bank.
You’re fantasising about the walk-in wardrobe, the cute little office with the view of the garden, the soundproof rumpus room for the kids, oh – and it’s in the perfect zone for schooling…
Wait. Just back that truck right up. You’ve made the classic first home buyer’s mistake. You’ve fallen in love without doing your background checks and your heart could be soon broken.
If you want to make the move into home ownership, there are several things you need to do first.
- You’ll need to have a deposit to be able to get a mortgage. For most lenders, that could be as much as 20% of your home’s value. You might be able to buy with less than this, but remember, the more you borrow, the more interest you’ll pay in the long run.
- To get a deal that fits your financial situation it’s in your best interest to get a mortgage adviser you can trust. They have access to different banks and lenders, and can get you the best possible deal and loan structure. They’re also able to advise how to customise your mortgage to your personal situation. A good mortgage adviser will take the time to explain all the jargon in easy to understand terms and will offer you on-going support if you need it.
- As well as having a great mortgage adviser like Rosie Glasgow Home Loans, you’ll also need to assemble a dream team of professionals who can help you negotiate the trickier aspects of buying real estate. These are the some of the team members to consider and their role in the process:
A lawyer or solicitor will review the sale & purchase agreement, as this is a legal contract it is advisable you have sought their assistance on this prior to making your offer. They will then manage the process of possession and settlement, inform you of legal obligations and let the council know about the change of property ownership. They will also advise you on any legal issues that may arise.
An accountant will help you manage any tax concerns. If you’re buying your home as an investment property, it’s imperative you get this professional advice early on in the process.
An independent building inspector will look at the house and make sure that it is structurally sound. They’ll check for weather-tightness, visual defects in the building materials, and the overall condition of the property.
A licensed real estate agent has access to properties in your price range and target area. They can show you homes you may not have seen advertised and can give you information on the home you’re interested in. Although the real estate agent can provide this service for you, remember that they ultimately work on behalf of the seller and it’s in their best interest to make a sale. By law they cannot withhold information about the property and must tell you if they think there’s a problem that needs investigating.
Once you’ve done the background work, secured funding and assembled your team of professionals, you’re ready to start looking for a house … and hopefully, fall in love.