Tips for Buyers
Home ownership is likely to be the largest purchase you will make in your life, as well as one of the most important ones you will make. Small errors can have costly repercussions!
So, with your best interests in mind, we’ve compiled a list of suggestions to assist you:
1 –Be Sure You Want to Purchase
Having your own home has a lot of charm. However, consumers should take a moment to think whether they are ready to make the purchase.
Buying a home is a long-term investment, but it is only feasible if you can:
- Obtain a mortgage large enough to cover the cost of your desired home;
- You can afford your mortgage payments on a monthly basis;
- A deposit or a guarantor can be arranged.
2 –Understand the True Costs of Purchasing
Purchasing a home will almost probably be more expensive than you anticipate. Here are some things to think about:
- Conveyancing fees can range from £500 to £800 depending on the house price.
- Stamp duty: If you acquire a house for more than £125,000, you’ll have to pay stamp duty (1st-time purchasers pay stamp duty on transactions over £300,000).
- Mortgage arrangement fee: Your mortgage lender will most likely require you to pay a fee of roughly £1,000 as an arrangement fee. Check to see if this is refundable, as you may not be able to get it back if the deal goes through.
- Fee for a valuation: Lenders will almost certainly charge you for a valuation to ensure that the property exists and that it provides adequate security for the loan. Expect to spend roughly £300.
- Surveys might cost anywhere between £400 and £700. Due to certain transactions falling through, you may have to pay for repeated surveys.
- Costs of removal: The cost of having your belongings relocated can range from £100-£1000, depending on the amount and distance transferred.
- Be prepared for unexpected property upkeep when it comes to home repairs.
- Furniture and decorations: now that you’ve purchased your house, you’ll need to furnish it and turn it into your dream home
3 –Take Care Taking out the biggest loan possible
Before you start looking for a home, make a budget and don’t believe lenders that convince you that you can pay more. You must ensure that you will be able to make your mortgage payments on time.
4 –Improve Your Credit Rating
Before you start shopping for mortgages, make sure you have the best credit score possible.
5 –Get to know the surroundings
Make sure you enjoy the area you’ll be moving to. Visit at various times of the day, knock on doors and solicit feedback from neighbours, and explore the neighbourhood’s stores, streets, and parks.
6 –Before you buy a house, get home insurance quotes.
Before you take the leap, ensure sure you have adequate insurance.
