We’re certain that most new home owners will have a long list of things they wished they’d known before they started the process. With a view to making sure you know what you’re getting into, here are a few of our top tips for buying your first home.
Beware unexpected costs – buying a home can end up costing you more than you think. With mortgage arrangement fees, valuation fees, legal fees and stamp duty, just some of the costs you’ll need to consider before you can put your first foot on the property ladder. You’ll also have to fork out for surveys which will typically cost between £400 and £700 and this won’t be refunded if your purchase falls through. Something to keep in mind: buying a new build home is much more cost effective!
Use online tools – from mortgage calculators to property price finders such as Nethouseprices and Zoopla you no longer have to completely rely on agents or brokers. With a bit of desktop research, you can find a whole host of information about your property. Remember to check if you’re house is a flood risk too!
Boost your credit score – the better your score, the more likely your lender will be to give you a mortgage. It is something you really should take seriously. Find out how you can boost your score here along with other advice to make yourself more attractive to lenders.
Try to keep calm – they say buying a new home is one of the most stressful things you’ll ever do so you need to do your best to stay as calm as possible. If not, this has the potential to impact on the relationship with your partner and family and it could even affect your health too. Refrain from letting colleagues and your wider friendship circles know you’re buying – this will limit the number of people asking you for updates.
Location – this is probably one of the less complicated points but it’s still important – do your research about the local area. Speak to some of the locals and do some internet searches to find out what you can about the area you’re going to be moving to.
Ask the right questions – find out what you can about the property you’re viewing. How many people have seen it already and has the seller received any offers? What are the neighbours like? Google the address too!
Don’t fall for summer – remember, things always look better when its sunny so if you’re viewing your property on a summer’s day then keep that in mind. View the house during the day and at night time, it will give you a variety of perspectives.
Bring your fine-tooth comb – make sure you view the property with a keen eye. Use the second and third viewings to spot potential problems. Here’s what you should be looking for.
Don’t worry about being a nag – make sure you chase your solicitor. Never forget that it’s you who is paying them!
Know what financial help is available – if you’re a first time buyer, this is absolutely vital. Whether you’re able to benefit from Help to Buy or the Starter Home scheme, visit the Money Advice Service website and do your homework.
Do you have any tips for those going through the house buying process?
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