25 Jan 6 Things to Remember When Buying a House
6 Things to Remember When Buying a House
Buying a home is the ultimate goal for a lot of people, and it is a big deal. It is arguably one of the biggest financial decisions of a person’s life. It is not something to be entered into lightly. Before undertaking this huge commitment, there are a few things that you should consider; keep reading to learn more.
Remember to Factor in the Other Costs
Very rarely is it as easy as simply paying for the cost of the house? There are a lot of other fees that need to be factored into your budget, from legal fees to conveyancing fees. However, there are some things that you can do to save yourself some money. For example, look for conveyance quotes using a comparison site like Conveyancing Supermarket to save yourself some money. You should always leave room in your budget for these other costs. In addition, there are other costs to consider going forward. Have you done your research into what you can expect from the bills each month? Depending on the area, you might find that some bills have increased, like your council tax. Or, if you are moving into a bigger property, then your utility bills could increase. Is this something that you are prepared for?
Securing a Mortgage
Most people have enough money saved for a deposit; it is incredibly unusual to buy a house outright. This means that more often than not, you will need a mortgage. In order to secure a mortgage, you will have to submit an application and pass through the process. You will need to have a good credit score to be approved. Speak to a mortgage advisor to see what terms you would be eligible for. Think about the type of mortgage that you would prefer, although your options may be limited. You should also shop around when looking for mortgage lenders in order to find the best terms. Avoid high-interest rates if possible.
Hire an Independent Building Surveyor
After you have found a home that you like enough to consider buying, you should look into hiring a building surveyor. It is their job to ensure that the home is in good working order. They will look for things like mould, damp, structural issues or faulty wiring, the things that a seller might not point out. They aren’t that expensive, but they can end up saving you money in the long run by helping you to avoid homes that will become a money pit. Although you may still choose to buy these homes if the issues are easily remedied, or it could form a condition of purchase in your contract that the sellers have to fix the issue before you buy.
Chat to the Neighbours
When viewing a home, you should always try to talk to the neighbours. They have no vested interest in the sale of the house, and so they are much more likely to speak candidly about what living in that area is like. You can also begin to build a rapport with them which will be important if you do end up living there. Bad neighbours are often a dealbreaker, so as well as speaking to the neighbours, you should also ask the sellers about their experience.
Look Into the Local Area
When you choose to buy a home, you aren’t just buying a home; you are buying into the whole area. Do your research before you make a decision. Is it the type of area that you can see yourself being happy in? Are the local schools any good? What is the commute going to be like for your job? Does the area have all the amenities that you are looking for? You should always explore the area before you progress any further.
Could You Live in the House as is?
This is the last thing to consider when buying a home. To put it simply, do you love it? If you don’t, then the home likely is not for you. Some homes do require work, they might need a new kitchen or bathroom, but it should have good bones. Ask yourself if you would be happy living there with the home as-is? If you couldn’t, but you still love the home, it comes down to whether or not you are willing to put in the work. Compromises might be necessary, but any work that needs doing will again need to be considered in your budget.
In Conclusion
Buying a home is a long-term commitment. You are in it for the long haul; you need to make sure that you are fully prepared for this. Viewing homes is really only a small part of the process. Remember to factor in the considerations listed above to give yourself more of a comprehensive view of the homes that you are considering.