Buying a Property is an expensive and exhaustive endeavour. Owning a home of our own is one of the biggest security a person can have. However, before looking out to buy one, we should analyse whether we are ready to be homeowners, as it is a big financial commitment.

We have curated a step-by-step guide to assist you in understanding the process and resolving any issues which might arise. Estate agents in Bolton can be of great help when it comes to expertise and offering premium services to property investors.

How to Buy a Property in Bolton?

Step 1:  Deposit

If you have decided to go ahead with your plan to buy a property, the foremost thing to do is arrange your finances. Save for your deposit, the bigger the amount of your deposit, the lower the interest rates on your mortgage. The deposit sum can be anything from 5%-20% of the total cost of the house. The size of your deposit is directly co-related to the total cost of the home you might buy. Based on the estimates of your income and outgoings, you can calculate how much you will be able to borrow.

Step 2: Extra Costs

Always be prepared for the hidden and extra costs that might appear. Though you will have it incur these expenses –

• Lawyers fees
• Survey charges
• Land registry payments
• Stamp duties(first-time buyers are exempted on properties under GBP 300,000)
• Removal charges
• Any improvements or renovation charges in the house

Step 3: Secure a Mortgage in Principle

There are innumerable mortgage packages offered in the market and it can be quite a daunting task to choose the right one. However, having a mortgage in Principle makes you a serious buyer and while viewing properties it will help in making your position stronger as opposed to other potential buyers of your ideal property.

Step 4: Search for the Right Property

Chalk out your priorities in a house, and ascertain the market conditions. To get the full value for your money you have to start with an objective and flexible mind. After determining the aspects which are indispensable or non-negotiable to you, go ahead with an open mind for the rest, like the size of the garden or the garage, or the location,  and you will get quite a good value for your money.

Start your search online or through local newspapers. You can even get estate agents to respond to your queries.

Step 5: Location

The foremost concern while buying a property is the location. Research areas with good local amenities, easily accessible transport links, and good schools. Enquire about the crime statistics and population of that area.

Step 6: Viewings for ideal Property

Start by viewing a variety of homes even those which do not fit your criteria, this will give you an idea of what you want and definitely don’t want. Get the HIPs (Home Information Packs) of the houses you would like to go for viewing, it contains all the relevant information about that property.

Make a checklist of all the questions you would ask during the viewing. Something similar to,

• Plumbing, Electrical wirings, insulation and boilers
• Dampness, leakings or cracks in the structure
• Renovations

After you have shortlisted a few properties, take someone trusted with you for another viewing, they can be another pair of eyes and can help you figure out whether it is worth buying.

Step 7: Put an offer

When you have found your ideal property, make an offer as soon as possible. You can put in the offer through your Estate agent, and determine whether you want to negotiate or not. Once your offer is accepted the mortgage lender will arrange for a survey of the property

Step 8: Get a Conveyancer

After the mortgage is provided by the lender, hire a conveyancer to look into the legal matter of transfer of property under your name. The conveyancer finds out whether the fundamentals of the property are solid and whether no problems exist, related to the holding. Get a full survey done of the property.

Step 9: Exchange of contracts

After the survey, you can negotiate the remaining details, like the completion date. The land Registry will be informed by your lawyers of the transfer of property. Make the deposit payment before the contracts are exchanged.

Step 10: Keys to your New Home

After the deeds and mortgage is transferred in your name, the property finally becomes yours. Pick up your keys for your home, get the removals out of the way, and move in!