If you're buying a home for the first time, you're likely to get overwhelmed with the entire process. You'll probably doubt yourself along the way whether you're doing it right or screwing it all over. It requires a lot of documents and going through so many processes and people to deal with. But to eliminate as much stress as possible, you need a clear understanding of the basics of first-tim home buying.


Doing Your Homework - Buying a property is a massive financial commitment and it could either make you or break you. This is why doing a lot of research before jumping in is crucial. It will help you make informed decisions regarding your ability afford the purchase and finding a property in the market that you can afford.


Find a Good Mortgage Deal - If you can't afford to pay for the property in cash, you'll have to get a mortgage and secure the property you're buying against the money you're borrowing. You can check with mortgage brokers and reputable banks to do this. You may also search through the Internet for the best mortgage deals around.


Viewing a Property - With a mortgage ready, you should be able to find an ideal house to buy. Engage in viewings arranged by sellers or their estate agents to see how a property appeals to you. Once you think you found the best one, make a reasonable offer and negotiate.


Choose a Diligent Conveyancer for the Legal Work - Although you can do conveyancing on your own, you might find yourself swamped with so many things to complete, so it's best you have a solicitor to act on your behalf. it can be a complicated legal process with so much people to deal with and paperwork to get sorted, so find a licensed conveyancer to help you with it. You can compare fees online through comparison sites or ask for recommendations if you prefer. Like everything else, you can shop around on the Internet or look for a reputable conveyancer thorugh the Law Society website.


Get a Survey Done - This is a common requirement set by mortgage lenders as they need to determine the value of the property against how muich they're lending you. Also, finding issues about the structure and the property itself can be used to renegotiate offers.


Exchange Contracts - If your offer is accepted and you see no problem going through, your conveyancer will draft the contract for you to review, sign, and exchange with the seller. This is the part where either you and the seller cannot pull out of the transaction, otherwise you'll be in a legal and financial compromise. You're also required to out in a deposit of at least 10% of the agreed selling price while you make arrangement for your mortgage funds to be transferred to the seller's account, with the help of your solicitor.


Complete - When the funds are in and the paperwork is sorted, you are ready to collect the keys from the seller. But before you do that, make sure you have all the necessary fees settled, too. Fees like Stamp Duty and Land Registry costs should not be overlooked at this point, and your conveyancer should help you get it settled. Once done, you're all set to call the property your own and start making a home out of it.