Work out what you can live with each month
Online mortgage calculators are useful, although they only tell part of the story. Add the mortgage payment to council tax, gas and electricity, water, insurance, travel and the ordinary cost of looking after a house. Then ask yourself whether that total still feels comfortable.
A lender might offer more than you expected. You are not obliged to borrow it all. There is little pleasure in owning a larger home if every boiler noise or electricity bill becomes a worry.
Keep some of your savings back. Legal fees, a survey, mortgage charges and removals tend to arrive within a fairly short period. Once you move in, you may need curtains, a washing machine or a repair that was easy to overlook during the viewing.
Before you make an offer
See the property twice if you can. The second viewing is often more useful because the excitement has settled down. Try the taps, open cupboards, look beneath sinks and check how the windows feel. Stand quietly for a moment and listen. Road noise and thin party walls are harder to change than wallpaper.
Walk around the outside as well. You can learn quite a bit from the roof covering, gutters, drains, boundary fences and the general state of neighbouring properties. Ask what is included in the sale and why the owners are moving. Take your own photographs, with permission, so you are not relying on the estate agent's pictures later.
Your offer has been accepted. What happens now?
In England and Wales, an accepted offer is usually still subject to contract. The legal work begins, the mortgage application moves forward and you arrange a survey. Sales do sometimes fall through at this stage, so be cautious about spending money that cannot be recovered.
Your conveyancer will deal with the title, searches and enquiries. Read the papers you receive. If a plan shows a boundary in an unexpected place, or the seller gives a vague answer about an extension, ask about it. Your solicitor cannot know what concerns you unless you tell them.
The lender's valuation is mainly for the lender. It is not a detailed report on the condition of the house. A separate survey gives you a much better chance of learning about repairs before you are committed.
Insurance can be needed before moving day
Many first-time buyers assume they arrange buildings insurance when they collect the keys. For a freehold purchase in England or Wales, cover is commonly needed from exchange of contracts. That could be a week or more before completion. Your conveyancer will confirm the right date for your purchase.
Use the survey and sales details when answering insurance questions. Guessing the wall construction, roof material or rebuilding cost can create trouble later. Flats often have block insurance arranged by the freeholder or management company, so check the paperwork before buying separate buildings cover.
Contents insurance is a separate choice. It covers belongings rather than the main structure. Think about the cost of replacing everything in the home, including ordinary clothes, furniture and kitchen equipment, not just the few valuable items that first come to mind.
Exchange, completion and the first evening
Exchange is the point when the agreement normally becomes binding in England and Wales. Completion is the later date when the money is transferred and the keys are released. Sometimes both happen on the same day, though a gap is common.
Keep medicines, chargers, paperwork, a kettle and basic cleaning things with you on moving day. Once you are inside, photograph the meter readings and find the stopcock, fuse box and heating controls. Test the smoke alarms. Changing the outside-door locks is also sensible; you cannot know how many old keys are still around.
There will be jobs to do, but they do not all need doing this weekend. Deal first with safety, water getting in and anything likely to become more expensive if left. Decoration can wait until you have lived with the rooms for a while.
Where to get independent help
- GOV.UK buying a home guideThe legal stages in England and Wales, with links for Scotland and Northern Ireland.
- MoneyHelper home-buying guidanceFree, impartial help with mortgages, costs and the buying process.
- MoneyHelper: buildings insuranceWhat it covers, how much cover you may need and questions to ask.
- RICS advice for home buyersInformation about surveys and finding a regulated surveying firm.