Purchasing a home is an enormous investment to make. For some, it’s even an irreversible decision, locked into mortgages for the years following that crucial buy. Consequently, it’s important to know what’s expected of you during the buying time, as well as what to prepare for too.
Here’s 5 things to do before buying a house.
You can’t say au revoir to large sums of your money without a quick reality check beforehand. Therefore, you should undertake a careful review of your finances to see how much this decision will impact your bank account. Remember, it’s not just the purchase itself you need to consider. Taxation, furnishings, repairs or refurbishments; it will all tally up once you’ve bought your house. Can you cut spending anywhere? Are your savings up to scratch? What percentage of a deposit could you afford in your ideal price range?
Answer these questions first on your own so that you can build confidence in that you can support yourself through the transaction period.
Peak Your Financial Awareness
An audit is just the ground level of financial awareness. Consider investing in money management tools or see a financial advisor to really come through every doubt you may have. The experts may shed light on a red flag or raise a query that you had not yet thought of in relation to your property purchase. For example, they may draw your attention toward increases in stamp duty rates, which is a type of land tax that applies to all first time buyers purchasing residential property over £125,000.
All in all, you need to understand that buying a house is more complicated than it appears, and be prepared for all the extra costs along the way.
Boost Your Credit Score
Your credit score is influenced by your money managing behaviour. If you have a habit of paying bills late, or your debts are starting to pile up, this tips off the banks that you’re not somebody they can trust with their money. It also leads to shoddier deals in the property arena. You may need loans to cover some of the costs of your purchase, so it’s important to have a high credit score when you go into buying your property.
This will allow you to acquire the best deals and the most help, as you’ll be proven to be responsible with yours and others money.
For all your home buying needs, you should try to shop around as much as possible. Pull together as much research as you are able, and only visit estate agents both in the shop window and online. Moreover, companies like Andrews can help you buy property in multiple ways, from featuring intricate buyer’s guides and mortgage advice to allowing you to set up property alerts so you can book viewings and make offers.
This is the kind of resource that will build up momentum in your property search and help you secure the best investments, instead of leaving you in a grey area for months.
Visits and Research
Everything looks nicer online. Images of properties can be shot from certain angles, include filters to make things seem more appealing, or be taken at certain times of the day under specific weather conditions to disguise poor standards. Moreover, shadier estate agents are very good at sweet talking deals and overhyping property.
Before you sign anything, it’s your role to debunk this grandiose marketing. Undertake multiple visits to the property across various times of day and confirm that everything inside is of quality. Is it a good build? Are any damages being covered or glossed over? Only then can you determine if you’re being ripped off or if you have landed a fair deal.