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Real Estate Buying Process to Buy a New Home or Flat

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Buying a home is a huge financial commitment and can be dispirit –especially if this is you’re a first-time to buy a property. You have to use our timeline to find out more about the steps to buying a home, including the process, key stages and what fees to expect.
Step 1: Find a property you can afford Before you start house-hunting, it’s a good idea to work out what you can afford to spend on buying a house or a flat and your monthly mortgage payments.
Real Estate
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Think about costs
Consider that how you’ll cope if you’re financial condition changes or interest rates rise, and you have to be more careful not to overstretch yourself.
Step 2: Make an offer
Once you’ve found a home you want to buy, the next step is to make an offer, usually through an estate agent. You only pay for an estate agent if you’re selling property. The fees usually range from 0.5% to 3%, plus V AT, of the selling price.
Stage 3: Arrange a lawyer and surveyor
The solicitor will handle the legal work around the property. The surveyor will survey the property to check for problems, which might affect the cost of the home.
Your jurist will tell you how much you can expect to pay and might ask for a deposit upfront – this is typically 10% of their fee. The property survey You should commission a survey on the property to help you avoid hidden costly problems in the long run.It’s your property, so it’s in your interest to pay for a decent survey at this stage. It can also help you to renegotiate the price.
Stage 4: Finalize the offer
Once the survey is complete you might want to go back and renegotiate the price of your new home. There are two reasons for this:
  • This survey might uncover problems with the property that will be very expensive to fix. You can use this information to ask for a reduction in price.
  • The lender might value the property at a lower price, leaving you with a shortfall. This means you won’t be able to match the asking price or what you originally intended to offer.
Communication is important when things go wrong
When problems occur, it’s worth making the effort to stay in touch with the seller via your solicitor and real estate agents in Nagpur. It’s often possible to rescue the situation by keeping the lines of communication open.
Stage 5: Exchange contracts
If there are no problems or delays, then you should receive the contract to sign and complete the sale. Before signing the contract, go through it with your jurist to check that all the details are correct. Make sure you’re happy with what the sellers have agreed to leave in the property in residential plotand that all your queries have been answered. At this stage, you and the seller are committed to the sale.

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