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THE TIMELINE OF BUYING A HOUSE


Buying and moving into your own house can be a very time consuming and stressful period of your life but it is also one of the most exciting. It can be rather difficult to get onto the property ladder for the first time with the average person in the UK buying their first house at the age of 30. Most people like us struggle to get the deposit together and with the price of living increasing it's becoming harder to save. We are still currently renting and saving for a mortgage but have recently been looking into how the whole process works.

Here are some tips to guide you through the process of purchasing your own property and ways to help save for that dream house.

Saving tips

1. If living with parents you should be able to save up quiet a lot especially as your rent and bills will more than likely be far cheaper than if you were living on your own. Save any extra money you have left over each month. 

2. Get a lodger - If you are living on your own and have the extra space get a room mate and share the bills. This will leave you will half of the original amount of the bills to go in savings! The easiest way to do this is by speaking to friends and family or if your in a relationship perhaps having your partner move in and split the bills. 

3. Downsize - If you can manage living in a smaller home for a short period of time, perhaps moving to a smaller place in a cheaper area could bring you even closer to owning your own house. Downsizing also means you could save on council tax, heating and other household bills leaving you with more money for your deposit fund. Its definitely worth thinking about!

4. As a first time buyer you may be able to take advantage of one of the government housing schemes to get onto the property ladder. There are many different schemes such as the 'First Buy' and 'New Buy' which loan first time buyers up to 20% of the price of a new home, meaning you only need to find a 5% deposit before you can buy. The majority of these loans are only available on new properties so it does limit your choice, however you wont have to pay anything back until you sell your home. 

5. By reducing unnecessary spending and cutting back on non-essentials and luxuries you can save a lot of money. Why not take lunch into work instead of buying it there costing you around £5 a day, cut back on those morning coffees on the way to work and make one when you get there instead. Cutting back on the takeaways and nights out could also see you land your dream home much sooner than you thought. 

6. Check out helpful websites such as Money Saving Expect which has many tips for budgeting and saving around the house as well as advice for getting onto the property market.

7. Meal plan - This is probably one of the ways I've been able to save better, by meal planning each week and doing my shopping online I've been able to cut back on unnecessary buys and stick to a budget. 

Tips for buying a house

1. Plan - The first thing you will need to do is sit down and decide where you are moving to before you head to the bank, is it close to your current job or are you able to transfer, will you be moving to another city, what are the local schools like and is the house close to local amenities.

2. Get your finances in order - Work out how much money you have saved up and how much you are able to borrow from your bank. You will also need to consider additional fees such as survey fees, conveyancer, estate agent fee, removal costs and of course your monthly bills before you send your mortgage application. Mortgage calculators like this one from TSB can help you work out all of this without the added stress.

3. House Hunting - This can be the most exciting or the most stressful for some, depending on how you see it. It's always best to go in with an open mind before making any rash decisions and also weighing out the pros and cons of each property you look at. There are lots of things to consider such as whether the house will need a lot of work doing to it or is it good to move in to straight away. Make a list of all of your local estate agents if you are looking at moving locally or websites such as Zoopla and Rightmove if you are looking to move further afield. Make note of your favourite choices and get in touch with the estate agents to arrange viewings. If you're not sure on a house ask to view it a couple of times to get a feel of it before making any decisions you may regret.

4. Making an offer - Always go in lower than the asking price, house prices are not set in stone and if you don't think the house is worth what the owner is asking for then offer them a lower price. Although if other buyers are interested you may find yourself entering a bidding war and spending more than you had originally wanted. Once your offer has been accepted then you can get started.

5. Exchanging contracts - Once you exchange contracts the house is yours! Your solicitor will go through the whole process of sending contracts backwards and forwards, sending out surveyors and making sure the house is to your expectations.

6. Completion - Woohoo! You are now house owners and can pick up the keys and move into your new home. You will now need to organise your utility bills and arrange a removal van.

I hope these tips have helped you have a better understanding of buying and moving into a house. 

* This post is in collaboration with TSB

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5 comments

  1. Great saving tips ;) it's so hard getting on the property ladder these days.x

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  2. Agree with the budgeting tips. I'd also be wary of unnecessary outgoings like unused gym memberships etc showing up on bank statements, the last thing you want is the bank refusing a mortgage because of your outgoings. They are getting so strict these days and going through statements with a fine tooth comb! X

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  3. I love the rented house I live in at the moment but me and my partner have been talking about downsizing for a year or so, so that we can save up to buy a place.Its so hard to save when everything is so d*mn expensive these days!! x

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  4. Quite useful tips to work upon. It's always better to own a house rather than living in a rented one. Thanks for sharing.

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  5. Great post! Money is my 'thing' as I have worked in banking for 11 years and agree completely with this, great tips x

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