Have you been thinking of buying property in the City of Dreaming Spires? There are many places in this University City where you can buy your first home at an affordable price.
Being a first-time home buyer, there are a lot of things you will have to look into. You want to ensure you are making the right moves because buying a home is a major milestone.
Here we take you through the process of buying a home. These are some of the things you should consider most when planning to buy a home in Oxford.
1 – Save and build a deposit
When you plan to buy a home, the most important thing is to have your initial deposit ready. That said, you should save some money to accumulate enough deposits. Save and set a budget for type of property you intend to buy.
Before you can view any property in Oxford or even accept an offer, you want to make sure you can pay your deposit and repayments comfortably.
2 – Hire a conveyancing solicitor
When you plan to buy a home in Oxford for the first time, you should get an estate agent and a conveyancing solicitor. A conveyancer will take you through the paperwork and legal process when buying a home.
The conveyancing process in the UK is demanding and lengthy. When you have the best Oxford conveyancing solicitors by your side, you speed up the conveyancing process. Your conveyancer will explain all the terms in a contract so you can understand what you are getting into before signing.
3 – Plan for hidden costs
When buying a home in Oxford, you should also plan for the hidden costs. These costs include stamp duty, estate agent fees, and mortgage application costs.
You should estimate all the fees early on so that you can determine what you can afford when searching for the ideal property. You can ask your estate agent and conveyancing solicitor about all the hidden costs you will likely meet when buying a home. This way, you can be well prepared when the right offer comes your way.
4 – How old is the property?
When you’re planning to buy a property in Oxford, you will likely get more market offers. However, not every property will fit your needs. Find out how old is the property. When you go for an older property, you should be ready to meet the maintenance cost.
Therefore, you should ask the seller or your estate agent if there have been any renovations in the building. This way, you can decide whether you should buy the property or not.
5 – Know your seller
Who is selling the house? Is the seller part of the chain? Knowing who the sellers are is crucial because it tells you how long it will take to complete. You should also know how long the seller has occupied the property. If the property you plan to buy has had a high turnover rate, this is an indication that the property may have some issues.
You can ask your estate agent to link you with the seller and, if possible, have a face-to-face chat with them. This way, you can understand more about the property you are buying. The seller can address all the red flags in the property, so you feel at ease buying.
6 – Research the neighbourhood
When you plan to buy a home in Oxford, you want to research the location and the neighbourhood. If you are moving with a family, you want to ensure the neighbourhood is a place you can raise your kids. Spend a weekend in this location to feel like living here before you can buy that home.
You should find out what kind of people live in this neighbourhood. Are they young or old? Do they rent or own the property they live in? You should also know if the previous occupants of this property had lodged any noise or other complaints against the neighbours.
When you plan to buy property in Oxford, you should get a conveyancing solicitor to hold your hand. You will also need an estate agent to help you choose the best property that matches your needs.