If you are currently readying yourself to purchase a residence of your own for the first time, you could be buzzing with excitement… but also, just as understandably, nervous. After all, you might be pretty naïve about how exactly to approach buying a house.
For this reason, we saw fit to gather what we deem some of the most vital pieces of advice for ensuring that your home-buying experience goes as smoothly as possible.
Stay open-minded about where to buy
Have you already ruled out particular parts of the country out of a belief that they couldn’t possibly meet the crucial criteria for you? Many other people perusing the property market have done the same thing; however, you could be inadvertently overlooking some diamonds in the rough.
A secret homebuyer writes for This is MONEY.co.uk that you should “scope out areas you might have shunned in the past, it might be the only way you can get value in a time of soaring house values.”
Save up a deposit before perusing properties
Buying a house means paying a deposit – and, for that reason, you should probably spend time saving up money for a deposit before you think seriously about which specific house to buy.
You might, however, still have an idea of your budget for a house purchase. So, if this budget is £150,000, you should spare at least £7,500 for the deposit – as this is 5% of the budget, and saving between that and 20% of a potential home’s cost is what you need, says the Money Advice Service.
What other expenses does a home purchase incur?
Of course, once you have used a mortgage to buy a home, you will need to make monthly mortgage payments. However, buying a property will bring various other expenses as well.
Those include mortgage arrangement and valuation fees – and survey, removal, and initial furnishing and decorating costs will all need to be accounted for, too. You also shouldn’t overlook the need to pay for buildings insurance and – in parts of England including the North East – Stamp Duty.
Can you really afford monthly repayments for a mortgage?
This should be emphasised because, during an application for a mortgage, you will need to undergo strict checks. A lender will not only verify your ability to afford the mortgage, but also “stress test” whether you could keep making payments if interest rates rose or personal circumstances changed.
Such changes could include starting a family or setting a retirement date – and, during the application process, you will need to prove your income and show evidence of outgoings.
Spring isn’t always the best time to buy a home
Last year, Mirror reported its investigation into house-buying trends and found that, though estate agents often cite spring as the most popular house-buying season, data from the Office for National Statistics tells a different story.
For example, while 786 Newcastle homes changed hands in 2014, the city saw 1,052 summer sales that same year.
Finally, always make sure the house is in good condition before you look to buy. If you are concerned about the exterior of a property, we can provide roof repairs in Newcastle upon Tyne.