Buying a home? It can be an excitingand overwhelming!process, especially for first time buyers deluged by unfamiliar processes, big decisions, and what may often seem as too many choices. Here are 4 ways to make it easier.
1. Set a budget
As a general rule, your monthly mortgage payments shouldnt exceed 30% of your monthly gross income. However, other things have to be considered. Is your income stable? Do you expect your expenses to increase dramatically within the next few years (e.g., youre planning to have a bigger family)?
Dont forget the incidental costs of buying a home, often underestimated by first-time home buyers. This includes the conveyance fees, repairs, home owners insurance, council tax, even boiler maintenance. Also consider the various expenses from moving to, and settling into, your new neighborhood (transport, furnishings, connection of services, etc.).
Your budget should also include a savings reserve of 6 months worth of mortgage payments and household expensesbest to be prepared for any emergency.
2. Find a conveyancer.
A conveyancer is a solicitor who specializes in the paperwork, negotiations and other legal...