Which buying a home

Compare mortgages. See the latest mortgage deals on Which? Money Compare. First-time Buyer Mortgages. Make your money go further. Find the best deals, avoid scams and protect your savings and investments. Join Which? Related guides in Which? How much deposit do you need for a mortgage? Find out how much deposit you need for a mortgage, use our mortgage deposit calculator, and see how much deposit first-time buyers in your area are paying with our Stamp duty.

All 4 guides. Getting a mortgage. And it's not just home improvements that can cost money: maintenance costs dollars, too. It's a good idea to ask questions about upkeep for extras like swimming pools, fancy heating and cooling systems and out buildings.

Finally, Willmes suggests that you make sure you're comparing apples to apples: a condo with a large fee that's priced low may be more costly than a higher priced one with lower fees while a cheap home with high taxes may cost you more a month than a more expensive one with lower taxes. Consider your student loan debt. Following the housing crisis, lending laws tightened. Student debt isn't merely an annoyance: it's treated like real debt. Jason Griesser, a licensed Prospect Mortgage Branch Manager in PA, explains that a major revision to FHA guidelines in negatively affects many first-time homebuyers with student loan debt.

Don't get carried away by the home mortgage interest deduction. Many taxpayers are tempted to buy more house than they can afford by figuring that they'll save enough with the home mortgage interest deduction to make up for it. And you can't count on the same level of savings forever: mathematically, the longer you own your house, the less you will owe in interest.

That's good for building your equity but it means a smaller deduction come tax time. You don't have to buy a house. There's no rule that says you have to buy a house by the time you're 35 - or ever. There is a lot to consider, including the housing market, interest rates, timing and your future plans. You might want more flexibility or mobility, or your career and family plans may be in flux.

If you're not sure about a neighborhood, consider renting as a test drive: a realtor can help you with that, too see again 1. Even then, you don't have to pull the switch: there are healthy rental markets throughout the country and in some areas, young professionals are choosing rentals over homebuying to preserve cash and remain mobile.

That's showing in the stats: last year, the U. Census Bureau reported that the home ownership rate was This is a BETA experience. You can find this information on websites such as Zoopla and the Land Registry. This can reduce the chances that you'll be gazumped. You can see how much your monthly payments would cost based on different interest rates, loan amounts and mortgage terms using our mortgage repayments calculator.

Conveyancing is the legal process that takes place after your offer is accepted. In England and Wales, this includes carrying out searches, drawing up and checking contracts, dealing with the Land Registry and paying any stamp duty.

You can use a conveyancer - who might not be a qualified solicitor but will definitely specialise in property - or a solicitor, who you should check has recent experience in property law.

Find out more: what does conveyancing involve? Property surveys help to assess the condition of the building and detect structural problems. A survey could also enable you to either negotiate the purchase price down, or ask the seller to fix any problems.

January The cost will depend on the location, size and type of property. But if you have a lot to move, removal companies can help make the process easier - Which?

Trusted Traders can help you find a reliable firm near you. Removal company costs will depend on the amount of items you need to move and the distance to your new property, among other things.

The chances of anything falling through from this moment are extremely low. Your conveyancer will lodge an interest in the property, enabling you to pay the seller, and apply to the Land Registry to transfer the deeds to your name. Completion often takes place around two weeks after exchange, but this is flexible and you can agree a convenient date with the seller.

On completion day, the money will be transferred to the seller and you can then collect the keys from the estate agent and move into your new home.

Next comes the much more enjoyable task of starting to furnish and decorate the property to your taste - and maybe even taking a moment to simply relax. In this short video, property TV presenter Jonnie Irwin runs through the steps you'll need to take when buying your first home. Financial Services Limited. Financial Services Limited is a wholly-owned subsidiary of Which? If your purchase is going to be a straightforward one, you can probably do just fine without the extra expense of hiring an attorney.

Most transactions and closings are handled with standardized paperwork, and good real estate agents are experienced at making sure they go smoothly. Get recommendations and interview each of the possible candidates before making a decision. Your realtor will once again be your best friend and can walk you through how to make an offer on a house. She may even be able to find out how hot interest has been in the property and whether there are other offers pending or in the works.

That will help you decide how aggressively to bid or whether a lowball offer might be accepted. Those can range from a desired closing date, to a request that certain appliances or furnishings be included in the sale, or a clause saying the purchase is contingent on the sale of your previous home.

This is called earnest money, and the amount you have to deposit often depends on local custom. In a slow market, it could be much less. The money is held in an escrow account and applied to the purchase at closing. Expect to go back and forth with your loan officer or mortgage broker multiple times during this process. Underwriters the people in the back office who actually crunch the numbers usually come with questions as they go through your financials in full detail, and may make several requests for more documents, or for letters of explanation if there are any specifics they find problematic and need further clarification.

One unrelated task: find an insurance company or call your existing one to arrange for homeowners insurance coverage. Other menial but important details like having a title search done and title insurance issued are handled from your end, but your agent and lender can guide you on this and may even do it for you. No purchase should be completed without having a house inspection performed, and no contract should be signed without a contingency clause saying the house must pass inspection.

This will assure you that there are no hidden structural or functional problems with the house, and will give you ammunition for any contingencies which must be written into the contract. The buyer pays for the inspection, and your realtor can suggest several reputable inspectors.