The Home-Buying Process Explained: From Viewing to Completion

Buying a home can feel like a complex process, but breaking it down step by step can make it easier to understand. Here’s a detailed explanation of the process, from your first viewing to completion.

Step 1: Research and Viewings
The process begins with research. Look at available properties online, attend open houses, and schedule viewings with your estate agent. Take your time during the viewings to assess the property’s condition and determine if it suits your needs.

Step 2: Make an Offer
Once you find a home you like, you can make an offer through your estate agent. You may negotiate with the seller to reach a mutually agreeable price. It’s important to consider the asking price, the home’s condition, and market trends when making your offer.

Step 3: Secure Your Mortgage
After your offer is accepted, the next step is securing your mortgage. If you haven’t already, you’ll need to get pre-approved by a lender. Provide the lender with necessary documents, such as income statements and credit history, to ensure you get the best rates.

Step 4: Arrange Property Surveys
Before committing to the purchase, it’s advisable to have a property survey done. A survey can reveal any hidden problems with the property, such as structural issues or damage that may need repairing. You can opt for a basic survey or a more comprehensive one, depending on the property’s age and condition.

Step 5: Exchange Contracts
Once everything is in order, the next step is to exchange contracts with the seller. This is when the sale becomes legally binding. Your solicitor will review the terms of the contract and handle the legal aspects of the transaction. At this point, you’ll also pay your deposit, typically 10% of the property’s value.

Step 6: Completion and Move-In
The final step is completion. This is when the funds are transferred from your lender to the seller, and you officially take ownership of the property. You’ll receive the keys, and you can move in!