Buying a property is thought of as a positive thing, but anyone who has been through the process will tell you that it’s far from a walk in the park. Quite the opposite. In fact, getting your hands on a property is so headache-inducing that it’s actually considered one of life’s most stressful events.
And the process becomes even more stressful if you don’t know what you can and cannot manage yourself. That’ll either mean you bite off more than you can chew, or you spend extra money — which is pretty tight to begin with when buying a house — on a service that you could have done yourself.
With that in mind, we thought it’d be a good idea to outline the tasks you can do and those that you very much can’t. Trust us, this knowledge will make things much more straightforward!
Do: Research the Area
Don’t get us wrong: you absolutely should work with a real estate agent who knows and understands the local market. Still, it’s wise not to rely on them for every part of the decision-making process. After all, while they might know the area inside out, they’re ultimately not the ones who will be living in the house. You are. They might wax lyrical about a particular part of the neighbourhood, but the only way to know for sure whether you’re equally enamoured is to spend time there.
Don’t: Handle the Legal Paperwork
There’s a lot of paperwork to fill out when buying a property. Some of these, like your mortgage application, you’ll need to complete yourself. Others should be left to professionals. The sheer complexity of conveyancing means that while it is technically possible to do it yourself, you’ll find the property buying process much more straightforward if you work with the professionals. You can learn more here about the conveyancing process, how long the process takes, and why it’s better to outsource the task. Mortgage agreements, purchase agreements, and transfer deeds are other important documents that you should not complete yourself.
Do: Compare Your Mortgage Options
There are mortgage brokers that can help you identify mortgage packages that may be suitable for you, but it's always best to take a hands-on approach to your mortgage. There are services that offer to take care of the process from beginning to end, yet while that can sound convenient (especially when you're growing tired of talking about mortgages), ultimately keep in mind that the broker isn’t the one who will be paying the mortgage. You are!
Don’t: Assess the House Yourself
Finally, unless you’re qualified to do so, under no circumstances should you assess the house you’re intending to buy yourself. You can assess the broad suitability and cosmetic appeal, but assessing the real details — the ones that determine whether it’s a good purchase or one you’ll later come to regret — should be done by a professional. They’ll know exactly what to look for to determine the true cost of the property, which is vital for making the right decision.