Factsheet: Buying a home
Buying a home can be a long and complex process, but typically it involves going through these steps:
Find out how much you can borrow
Call a mortgage broker to get an idea of how much you can borrow. He or she will be able to search the market for the best available deal and to help you maximise your borrowing power. You will need to give details of how much you earn and all of the things that you spend money on each month.
When working out how much you can afford to put down as a deposit, remember to keep some savings aside to meet stamp duty and other fees, and to furnish your new home. Get information about the different mortgages on offer, and start thinking about whether you want to go for a fixed or variable-rate deal.
Define your criteria
Decide what you are looking for in a property – whether you need parking and a garden, how many bedrooms you need, if it’s a flat, whether you want it to be freehold or leasehold – and pick an area on which to focus your search.
Consider what you want out of the location: are local schools, transport links and shops important to you? How long are you planning to live in the property for?
Read more: https://www.theguardian.com/money/2014/nov/24/factsheet-buying-home-property