Tip One – Know your budget
It is important to be sure of how much you can afford to pay for a house before starting your search for a new house to buy. This ensures that time isn’t wasted looking at places you can’t afford, and helps estate agents to point you in the right direction and narrow down the search for the right house.
Tip Two – Save for the deposit
The amount of deposit payable for your new house could range anywhere from 10% to 20%, so it is important that you have enough money in your savings to pay at least 10% of the budgeted amount. For example, if you have budgeted for a £200,000 house, you should at least have £20,000 in savings to use for the deposit. The more deposit you can pay, the more likely it is to be able to get a good mortgage, so having more savings is better.
Tip Three – Understand how mortgages work
A mortgage is a loan taken out to finance the purchase of a property or land. Finding the right mortgage is very important and there are many elements to choosing the right mortgage, such as the type of mortgage, the interest rates and the fees. There are many mortgage deals in the market, and so if possible, consulting a mortgage broker might be the wisest move.
Tip Four – Check for other costs
There could be a range of other costs associated with buying a property such as survey costs, solicitor’s fee, removal costs, buildings insurance, Initial furnishing and decorating costs, mortgage arrangement and valuation fees and stamp duty. These should all be taken into account when budgeting for your property.
Tip Five – Make sure you can afford monthly repayments
If you are late with your mortgage repayments, the bank or building society has the right to take the property into their own possession, therefore it is very important that you make the right calculations to determine whether you can afford the monthly repayments.
Tip Six – Utilise Government schemes
There are great government schemes available to help first-time buyers which could help if you find that you are struggling with the finances to afford your first home. One of the most popular of these is the help to buy scheme in which you can save up to £200 per month for five years and get an extra £50 per month on top of your savings towards the cost of your new house.
Tip Seven – Use a local estate agent
It is helpful to get local estate agents on board your search as they have local property market knowledge that can come in handy when it comes to houses in the area you’re searching for. Make a check list of requirements from the most important to the least important and narrow down your property search from there.
Tip Eight – Ask as many questions as possible
Asking the right questions is very important, especially when viewing a property, missing something out could mean that you’re stuck living in a house that you really don’t like, or having to fork out more money to fix up something you didn’t notice. Be extremely thorough and detailed with the viewing and make sure to ask everything on your mind.
Tip Nine – Instruct a reliable Solicitor
Ensure that the Solicitor you choose to conduct the purchase is reliable, in particular when buying a leasehold property where there could be many things to take into account such as ground rent and extra fees. Buying a property where there are unexpected costs involved, could mean that you’ll be trapped in it for many years with no way out.
Tip Ten – Negotiate with the seller
Don’t be afraid to negotiate with the seller or make counter offers to ensure that you get the best price possible. Most properties are listed for at least five thousand pounds more than the seller is willing to sell for.
For more information and legal advice visit Talk2Solicitors.co.uk to get expert advice from Immigration Solicitors.