So we put in an offer for our dream first home and it has been accepted we are currently going through the legal aspect and if everything comes back sound we are hoping to move into our house come the summer/ Beginning of autumn. Which is crazy and exciting.
I understand mortgages and the idea of a mortgage is not everyone’s cup of tea. I guess for me its idealistic the over all pride of owning my own house, being on the property ladder and having a huge asset and security come later in our life is certainly more my style. I think the initial step we assume that once we pay our deposit of £10,000 we then put in an offer, sign some stuff and then we own a house is totally incorrect. This whole process has been a curve ball of new experiences and realisations and its all the hidden costs that you are not always talked about which as shook me up the most. Things like a solicitor, surveyor, credit checks and mortgage approvals that really up the stress factor and cost factor of being a home owner. Here are somethings i have learned so far throughout our process
1- Do your homework and make sure you check mortgages, rates, interest and solicitor fees these sure rack up very quickly.
2- Make sure you have your solicitor in place and already instructed plus this is a legal requirement when purchasing a house (something i never knew…)
3- Have lots of savings for additional costs and home alterations/ furnishings.. we have a bit of furniture and appliance shopping to do..
4-Prepare to wait a long time with not a lot really happening but that’s okay.
5- Try not to focus too much on the property until the deeds are passed over and you have legally signed for the house as you can be guzumped or the property can fall through.
6- Nothing is guaranteed and you might find you might not get the property as it is in the owners discretion how and if they sell you the property.
7- you feel the most stress and anxiety you have ever felt, the feelings you get from buying your first home is indescribable, you feel excitement, fear and happiness.
8- Its okay to not feel okay during this process and i have had sleepless nights thinking about the what ifs..
9- Make sure you have a mortgage that leaves you enough money to still have your comforts and occasional holiday. People find it hard when they cant enjoy their life due to their mortgage payments, none wants to just be working to pay off their mortgage, make sure its affordable.
10- You got this, buying a house is no simple feat it is a huge commitment and legal dedication, it can be scary but amazing at the same time, becoming a home owner isn’t easy but with some courage and positvity things work out in the end and the hard work is always going to be worth it.
I hope this helps anyone who is looking to buy a house or who is currently in the process looking for some reassurance or guidance. Not everyone is lucky enough to be guided and without the information and advice i received from my mortgage adviser, parents and friends i don’t know where or how i would have started this process, so i hope this has helped someone, somewhere. Good luck
x x x