5 Steps to buying a property
Whether you're a first time buyer or an old hand, buying property can be a daunting experience. That's why we've compiled this simple step-by-step explanation of the process. We hope you find it useful.
1. Finance it
The first thing to do is organise your finance. Decide which bank or financial institution you want to borrow from and talk to them about your options. The amount will depend on the lender's conditions and your ability to repay the loan - don't let repayments adversely affect your ability to pay bills or enjoy a normal life.
You'll also need to determine how you'll pay the deposit. Generally 10% will be required on the day of sale. A cheque is usually fine, although it's always a good idea to confirm this with your agent. Finally, don't forget to factor in costs such as legal fees, stamp duty, insurance and loan application fees.