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Buying a First Home -
This can be an exciting but also difficult time for first time buyers and much advice and help is often needed.
First of all it is necessary to work out how much can be afforded. When working out a budget try to be realistic and include all that will have to be paid for as even small amounts soon add up.
Now is also a good time to sort out a mortgage and get an offer in principle, this will allow the buyer to concentrate on property they know will be affordable.
Looking for a property needs careful thought and the location is as important as the price. Check out the area chosen, preferable in daylight and evening, noting if transport or parking is readily available. Look at what properties are on offer, speak to estate agents and use the internet to find properties in the chosen area that are for sale.
When the property has been chosen make an offer and when this has been accepted the vendor’s and buyer’s solicitors will start to liase with each other and searches on the property will be made.
The mortgage lenders will do a basic valuation but a more detailed survey can be arranged if necessary.
On exchange, a deposit will have to be paid and after this the contract means all parties concerned are legally bound to proceed with the buying of the property and if the buyer were to pull out the seller can keep the deposit.
It is at this point insurance should be obtained. A buildings insurance will be compulsory and contents cover is advisable. It maybe worth considering cover for critical illness, redundancy and accident so that mortgage payments will be covered should any of these occur.
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