If you are buying a home, here are some helpful tips:
1. Make a list of what you require from your home
Make a list of what you want from your new home. It is all too easy to fall in love with a place because of its great location or gorgeous interior, and completely forget about other crucial factors. Stick to your list and, chances are, you will not regret your decision later on.
2. Get local knowledge
Get a feel for the prices in the area. Work out the distances to public transport, schools and other services that are important for you. Ask a local estate agent about the area.
3. Make sure estate agents know what you are interested in
Let the local estate agents know the type of home you are interested in. They can then send you details of homes that match your requirements as soon as they come on the market.
4. Find your financial limit and stick to it
Before you get too involved in the process, it’s a good idea to decide on how much you can borrow. Set yourself a limit and stick to it. Make sure you have all financial aspects sorted out in advance. Also be sure to factor in the expenses involved in both buying and selling.
5. Allow for maintenance and renovation costs in your budget
If you are buying a place that needs a little sprucing up, remember to allocate some money towards improvements. People often forget the costs involved in this type of work and often have to resort to further borrowing.
6. Take experts with you the first time
Attractive homes sell quickly, so you might not get the chance to go back for a second viewing. Take experts with you the first time, and read the property fact sheet before viewing. This way you will know which questions to ask. For example, remember that not everything you see at the viewing will be included in the sale e.g. light fittings, furniture etc.
7. Ask the seller the right questions
Sellers may not always disclose hidden faults and defects or any local planning issues. If the seller has lived in the property for more than a year or two, the seller will know about any potential issues. So ask the right questions.
8. Follow your gut instinct
The heart usually rules when it comes to choosing a home. If you have followed the advice above and your gut instinct tells you a place is right, then don’t wait before putting in an offer.
9. Make the offer
If there is more than one potential buyer, each of them may be required to submit an offer. Remember to include your preferred transfer date, how you plan to finance the purchase and the deadline for acceptance.
10. Mortgage Insurances
For your mortgage you will need to arrange life and home insurance cover.