There has never been a better place than now to be a part of the housing market – if you’re a seller, that is. The rates right now mean that buyers are caught in bidding wars while sellers are reaping the rewards with high selling rates and bigger cash prices than before. The property prices right now are higher than they have been for a few years because of the pandemic. The costs have been inflated massively and it’s become difficult for many to step into the property ladder.
It’s for this reason we’ve put together some of the key things that you need to know before you buy your house. You have to be as prepared as possible so that you can navigate this process with ease. It’s also something you have to be so that you can maximise your investment and ensure that your purchase is the right one. From getting the best mortgage quotes to learning the insurance required, you need to think about how to prepare yourself as well as you can. So, with this in mind, here are some of the key things to know before you buy a house.
- Consider what is affordable and realistic for you. What can you afford to spend when you are buying a house of your own? Most people take a look at a percentage amount for a deposit on their home, and there are plenty of budget planning apps and calculators out there to help you to choose what you can afford for your home.
- Remember the silent costs. It’s about so much more than just the deposit when you come to buy a house. You need to think about the extra costs that can sneak up on you when you least expect it, from the council tax and rates to the stamp duty, lenders insurance and more. You also have to think about fees, solicitors fees and inspections for the building and pest avenues, too. All of these costs build up quickly and preparation is key.
- Get your research done. You can never be too prepared when you are purchasing your own property. You have to think about what’s important to you from the school zones to the access to the best amenities. This will help you to make the right decision for your whole family and you’ll be in a better position to consider where to buy your new house. If you know these things, you’ll be able to avoid overpaying for something you never wanted in the first place.
- Consider renovation. Are you buying because you need more space? A better bedroom? A better view? Can renovating work for you as a better option? You should think about your options and how you can weigh them up. If renovating is a better option, it may be cheaper than buying.
- Learn to negotiate. There is a lot of negotiation that goes into the process of buying a house and if you learn to do it yourself, you don’t have to pay anyone to do it for you!