Buy your house in six steps

Are you a first-time buyer and need guidance navigating the mortgage and home purchasing process? Here’s a step-by-step guide to buying your first home

The journey to buying your first home can be an exciting yet nerve-wracking experience. It is an important milestone, which comes with a great deal of concern, writes Darren Polson.

However, with careful planning and the right guidance, you can make this experience a smooth and enjoyable process.

Here’s a beginner’s guide that will give you an overview of the process and what to expect.

1. Talk to a mortgage advisor

One of the first steps when buying your first home is speaking to a mortgage advisor. They provide insight into the mortgage market and guide you through the entire process.

By assessing your financial situation, including income, credit history and existing obligations, a mortgage broker can determine the most suitable mortgage options for you.

Obtaining an Agreement in Principle (AIP) from a lender is extremely useful as it demonstrates to sellers that you are a serious and qualified buyer.

In addition, your broker will help you collect the necessary documentation, such as proof of identity, address, income and proof of your deposit.

2. Think about what you need and then start looking

Before you start viewing homes, take some time to put together a “must have versus nice to have” list. This will help you prioritize your essentials and refine your search criteria.

Start your search online and focus on properties that meet your needs and budget. Schedule personal viewings to get a feel for the properties and surrounding areas.

During the day viewingsConsider factors such as maintenance requirements and the age of the property to ensure they suit your skills and lifestyle.

3. Assess the full costs involved

Buying a home involves more than just saving for a down payment. You should also consider the additional costs associated with the purchasing process.

This includes the costs of mortgage brokers, valuation and research costs, stamp duty, legal costs and any moving costs. It’s also wise to have an “emergency fund” for any unexpected expenses that may pop up along the way.

4. Be consistent

Always take your mortgage Agreement in Principle into account during the house hunting process. It can take some time to find the right property and when you do, the last thing you want is for any problems to arise with your mortgage applications.

To avoid problems with your application, avoid taking extra credit, ensure your payments are up to date, addresses maintained and there are no significant changes to your circumstances.

5. Appoint a lawyer

Once your offer on a home has been accepted, it’s time to make a conveyancing lawyer handling the legal aspects of the purchase.

Your mortgage broker may be able to recommend a qualified solicitor or conveyancing company. They conduct searches, review legal documents, and ensure that the property meets all necessary requirements to satisfy the mortgage lender.

6. To celebrate

Completion marks the final stage of the homebuying process, where all paperwork is completed and you receive the keys to your new home. Take a moment to celebrate this important milestone and reflect on the journey you have been on.

Becoming a homeowner is an achievement worth celebrating, and it marks the beginning of a new chapter in your life.

Copyright David Johnstone Photography.

Buying your first home may seem difficult, but with careful planning, diligence and professional guidance it can be a rewarding and satisfying experience. Don’t forget to seek advice from a mortgage advisor, who can provide expert support throughout the process. With the right approach, you’ll soon be settling into your own home and embracing the joys of homeownership.

Darren Polson is head of mortgage operations at Aberdein Considine