This is why it is essential to do your research first, if you don’t you may find there are several nasty surprises after you’ve moved in, which could destroy your budget or emergency funds.
Here are 5 important tips to help you ensure you are properly prepared:
It is essential that you hire a construction surveyor. They will look at the property to ensure it is structurally secure. If not you can decide to purchase elsewhere, or factor in the cost of repair into your offer.
But, they should do more than just look at the building. They will also verify the boundaries and confirm whether any utilities run under your land; if there are then the utility company and perhaps your neighbors, will have access rights.
2. Know Your Budget
It is important to establish a budget for your first house purchase. The monthly payments must be affordable and leave you enough spare to live and deal with emergencies.
When you see a house that is fantastic but just above your budget, it can be easy to get carried away. Unfortunately, this is more likely to create financial issues. Once you established what a sensible and affordable budget is, stick to it.
3.Decide What Is Really Important
Knowing your budget will allow you to target the right properties. However, there are usually plenty to choose from, it will be important to know what really matters to you.
The second bedroom may be considered essential, but is the garage or the workshop important too? By knowing what is really important you’ll be able to narrow down your search and find a home that you’ll be happy in, instead of finding one that you’re desperate to move on from.
4. Locate The Right Area
When it comes to deciding an area you need to consider how close you need to be to facilities, schools and your work; depending on what you do.
It is important to check out the different areas that you can afford to live in. If properties are really cheap it suggests the area is not desirable to live in. You’ll need to decide if this is acceptable to you or not.
Knowing what areas you would like to live in, and can afford to live in, will help you narrow your search more. It may seem that narrowing your search makes it harder to find the right home. But, even if the process takes longer, it will be worth it.
5. Allow For Finishing Costs
Finally, it is important to remember that there are always finishing costs when purchasing a property. You must allow for these in your budget, you don’t want to start life in your new hole with a big credit card debt.
The average upfront costs are 7% and the finishing costs can be another 5%, depending on the exact value of the property.