My first apartment and the whole process bringing the homeowner idea live

"To create a home where time slows to its most leisurely pace, and a warm sense of well - being permeates. Where the light ambles in from every door and window, inviting a sense of endless summer, and golden hours that last forever." - MADE.COM

The little dream came true earlier this year when I have purchased a flat in London. I have been thinking about this idea over a year already and been looking at the property market for the last year until I have committed to do it. It has been so surreal going through the process and trying to understand how everything works. It has been even crazier to receive my keys and completion just literally a week before the Covid-19 lockdown happened. 

Now, I can say I am a proud homeowner, been enjoying the furnishing process and making it cosy during the lockdown time. It is about 80% done, but can't wait to host dinner parties, brunches or just having some game nights here. Next step will be definitely working towards getting a big house or refurbishing a place. 

Let me walk you through my process what I went through of buying a flat in London. Bear in mind that it is from my personal view, experience and the process may differ depending on your timing, location, needs, resources and so on. Therefore don't take this article as your guidance but just as informative article how things may be.

Where do you want to live?

First I started to think about what areas I would like to live in. Based on the proximity to public transport, entertainment, work and so on. I have been also checking on any city updates on new development areas, where they are investing the most to re-do the area. New houses, office spaces, commercial spaces or even extension of public transport. As this information helps you to understand how popular this area is or will be, in terms of prices or density of people. Overall, it really depends on your priorities and needs. Are you looking to be close to work? Are you looking to have a place to raise a family? Do you want to be closer to the city or nature? Are you looking to sell your place in the future? Ask yourself these questions and narrow down some areas where you would ideally see yourself living. 

Check the current property market

Afterwards, I have been checking various estate agencies on what they have in the offer to know what kind of pricing I am looking into. Comparing various locations, sizes of flats and newness of the place. How many bedroom flats do you want? Do you want a flat or a house? Do you want a new place or an older one? What is the pricing range? Subscribe to newsletters to keep yourself updated with new properties or announcements of any new developments on the market. It is also worth to start scheduling some viewings if you are ready. So you can go yourself to check the places, the area and ask the salesman any questions you have. It is important to note that properties go in and out of the market pretty fast so don't commit or don't view too many if you are not yet ready, as by the time you make a decision the property may be gone. 

Research online and ask around

My biggest source of information was my parents, as they knew how the standard process is like. Then I have been researching a lot online, as you will be able to find so much information out there. From finances, legal, processes and so on. Ask around as well. I have asked not only experts in certain fields for guidance but also people who have themselves purchased a property or going through the process. 

What are your financial situation and budget?

It is also a time from the start to set yourself a budget and think about your finances. How much you are earning? Do you have any debts? How much can you set aside for a property deposit? Will you get a loan? Where? Will you get any financial support? What are the taxes you need to pay? Any additional costs you need to think about? And so on. Finance is playing a huge part in this process and decision making., so make sure to think about these numbers carefully, as it is a large sum of money to invest in. 

There are again so many resources online, you can go to your bank and ask for advice or check some online calculators for some approximations. If you are a first-time buyer in the UK, you have various schemes which can be beneficial for first-time homeowners. From government loan to buying part of the property or to reducing stamp duty tax if your flat is under a certain threshold. So make sure to check for some of these benefits as well.

Securing a flat

After some rounds of viewings, understanding my finances, I have put in a deposit for a flat. I have been simultaneously in conversation with my bank for a mortgage loan, as well as the estate agency. They both helped me tremendously with the process. I have got my solicitors through my estate agency suggestion, as they are their partners, so the process was much smoother and quicker, as they know each other's processes. However, you can go for any solicitors you want. Either from your own personal connections, recommendations or your bank will give you a suggestive list of solicitors as well. 

I can go on and on with more detailed comments of the process, but feel free to message me or comment with any questions you have! My process was pretty fast and smooth. From the start of the offer to the completion, I think it has taken about a month and a half or so. However, it took maybe even a little longer than a year for me to fully decide on buying a flat. I am a fan of the spreadsheet, so my life and decision-making journey was practically built on a spreadsheet.

I am beyond excited on this new step in life, make sure to follow my stories highlights, as I have been documenting some steps of my journey in there and thinking to do a home tour video as well, as soon as it will be fully furnished!