The real estate market is one of the most volatile in nature. The factors that determine the price at a given point of time are influenced by a number of conditions. Yet, the dream to buy a home that one can call his own is the centre to many people’s life. Even when the market price is comparatively low, the details involved in purchasing a house can be overwhelming for anybody, and especially for a first time buyer. However, we are determined to keep you focussed and show you the way as you walk towards your first home in Newport.
Phase 1: The Preparation
Check your credit: As a very first step you should take a good look at your credit history before the lenders do. There are many credit reference agencies in the UK that will allow you to check your credit reference files for a few pounds. Make sure to go through it and challenge the validity of anything that you find is not correct.
Work out the budget: Knowing how much you can afford is very important even before you start looking for a home in Newport. Always take into account all the expenses in as much detail as possible. Buying a house and moving in involves many one-off expenditures as well that can easily push up the limits by a few thousand pounds. Including the possibility of these in your budget will give you a more realistic idea about the houses that you can expect.
Find the perfect mortgage deal: Try to find out what is available in the market and get a quote from multiple lenders. The best mortgage deals are available to people who can make at least 15% of the property value as down payment so that the lender will have to loan the other 85%. As a rule, if you can pay less than 10% you may have to pay a higher lending fee. This will increase the cost of your mortgage for you.
Put money in the pipeline: Once you get an idea of how much you have to put in initially, try to put together the funds that will be required.
Get a mortgage in principle: This is a written document from your lender that will say how much they are willing to lend you upon the approval of a property. This document will help you when you go out into the Newport real estate market. the sellers will know you are serious and you will have a better chance at negotiating.
Phase 2: Getting Help
Hire good real estate agents and look at good property listing websites in order to know the best houses available for sale in Newport.
Phase 3: Begin The Search
Try to shortlist the houses that you think meet your criteria. While there may be houses that you adore, the best policy is not to get too emotionally attached to a house that you see. Be as flexible as possible.
To know what is out there in the Newport market take a look at the properties listed on NetMovers.