Are you going to be purchasing your first home? That’s so exciting! We know that there are a lot of big feelings going on inside you at the moment, but you’ve got to try and stay calm and keep your head about you. We say this because it’s easy to let emotion take over and to miss things that you need to know for later down the line. Just as an extra layer of support, we’re going to be talking about some of the things that we think you need to know down below, so keep reading if you want to know more.
There Are Other Fees
First, there are other fees other than the actual purchase of the property itself. You need to pay for a survey, you need to pay for the insurance, you need to pay for house buying solicitors so that they can handle all of the paperwork for you, and stamp duty if this applies to you. We’re sure that there are some other fees that you need to pay that we haven’t mentioned by name, but you need to research thoroughly.
Understanding everything that you are going to have to pay should help you when it comes to setting your budget. You have to ensure that there is enough to pay all of the different fees, rather than just the house itself.
It Takes A Long Time
Some people seem to be under the impression that the house-buying process is a fast one, and let us tell you now, it’s not. The shortest amount of time that you will be looking at is eight weeks, and that’s assuming that there are no problems, nothing is getting delayed, and everything is rushing right the way through. However, this happens barely any of the time, and it can take months to get through this process. Of course, you have to start by getting your mortgage in principle, and then you’ve got quite a long way to go before you can get to completion.
You Can Back Out At Any Time
The last thing we want to say to you is that you need to be aware that you can back out anytime. There is nothing to say that you must purchase this property until all of the paperwork has been signed. So, you have right up until the last second to change your mind. We’re not advising that you do this, and if you do want to pull out do it as early as possible, but you can do so if needed.
We hope you have found this article helpful, and now see some of the things you need to know if you are buying your first home. We understand that this is a super exciting time, but you still need to slow down and ensure that you are thinking everything through before you make a decision. Also, understanding that you can back out at any time is important, you are never stuck!
