Buying property is the largest single financial decision most people make. This guide walks the whole arc — from the question of whether you should even be buying right now, to the question of what to do in the first six months after you move in.
Key takeaways
- Get pre-approved before you start viewing. An offer without pre-approval is rarely competitive.
- Closing costs are 2–5% of price for buyers — budget the cash, not just the deposit.
- A “good” offer in a hot market is whatever wins; in a slow market, it’s ~3–5% under asking.
- Pay for a full structural survey on anything older than 80 years. It pays for itself once.
Are you actually ready?
Three tests: a stable income for at least two of the past three years; cash for deposit, closing costs, and a six-month emergency fund; and a horizon of at least five years in the property. Miss any one, and the math usually points to renting.
Mortgage pre-approval
Pre-approval is a lender's written statement that they'll lend up to a specific amount, subject to an appraisal. It takes 1–3 weeks and costs nothing. Without it, your offers compete with cash buyers and pre-approved rivals — and lose.
Documents you'll need
- Two years of tax returns (or equivalent income proof)
- Three months of bank statements
- Photo ID and proof of address
- Authorisation for a credit check
Searching with intent
Most first-time buyers tour 8–12 properties before offering. Save your search alerts the day pre-approval clears — listings that go fast are the ones that get an inquiry within the first 24 hours.
Making an offer
In a market with multiple bidders, the “best” offer often isn't the highest. Speed, certainty, and a clean financing condition can beat a higher offer with too many strings attached. Talk to the listing agent first — they'll tell you what the seller actually cares about.
Surveys and due diligence
A survey is an inspection of the property's physical condition. Three common tiers: a basic mortgage valuation (lender requirement, not buyer protection), a homebuyer's report, and a full structural survey. For anything older than 80 years, or any property with visible cracks, damp patches, or roof concerns — pay for the full survey.
Closing day
On closing day, you sign the transfer documents, the lender wires the loan, and your solicitor or title company hands you the keys. Bring photo ID. Verify the wire instructions on the phone, not by email — wire fraud is the single biggest scam in real estate transactions.
After you move in
First-90-days checklist
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