Owning a home is not an easy deal. Buying a home is really more expensive than renting. You are the sole owner of your house and you have to bear all the maintenance and upkeep costs, explains ProXProperty.com. So, if you are buying a house for the first time, you better be debt-free and have some emergency fund stored in a safe place for next three to six months. Today, we will discuss the procedures of buying a house for the first time.

Paying the full price of a house is very difficult sometimes. Now, if you cannot pay the full price of your house, you should try to pay for a deposit payment of 20% For some people, 20% down payment is also a problem. There are some first-time home buyer programs that offer single-digit down payments which may sound tempting. Use a Mortgage Broker to check out what you can realistically afford. They hopefully will have access to the whole of market deals. You may even find a lender that wants just 10% down.

You will need to pay for closing costs along with your deposit payment. Normally, closing costs are about 3-4% of the purchase price of your home. This fee pays for important steps in the home-buying process like appraisal Survey, credit report, attorney / solicitor, homeowner’s insurance and so on.

If you are buying in the UK you can use comparison websites where you can compare best priced conveyancers which provide fixed fee quotes. Watch out as there are two types of websites. Some show your quotes without the need to enter your personal details. An example if you are doing a UK property transaction is Homebuyer Conveyancing. The other type of website is where you have to enter your personal details first and you then get called from many solicitors wanting your business.

Now, you are almost ready to realise your dream of buying a house. Nowadays, most of the buyers find their home online or through a real estate agent. Whenever you find a suitable match, you have to check the neighbourhood first. You must not make a decision depending on the property alone. You have to check if there are any safety issues for your family members or not. Things like crime rates, quality of the educational institutions, etc. should also be considered. Besides, you can check the traffic condition and noise level by visiting the area at different times.

Now, it is time for making an offer. As a first timer, it might be hard to know how much you should offer. Here, you can get help from your real estate agent. The agent should guide you to offer a competitive price within your budget. You must not offer a price that you cannot afford. If you and your agent offer a smart price, the seller may accept your offer. As soon as the seller accepts your offer, the closing process will begin. Usually, the average closing process takes a few months. In the meantime, you should read every document and ask for a clarification to your agent if you do not understand something. You have to complete this step before signing it.

Your Solicitor then gets your property transaction to exchange and then completion and finally, the house is yours. Your first home is a big purchase and it may be the biggest purchase you have made till now. So, enjoy your home which you have earned.