Making a house purchase is an exhilarating event for everyone, but in the flurry of excitement, it is easy to let vital details slip through. Before making the purchase, it’s a good idea to trial run the situation. You could try renting first if you are in a new partnership or friendship, to make sure the situation is watertight.
Don’t buy a property you can’t afford
You may be overjoyed that you’ve been approved for a large mortgage, but this is where the hard part begins. You could find a large percentage of your salary is going on repayments, leaving you with little disposable income each month. Don’t be drawn into a bidding war with a buying competitor as this could push the property price up even further. Just because the home is appealing to other buyers doesn’t mean it’s the perfect fit for you. Decide how large a property you require for your family and don’t opt for four bedrooms when two are required, simply because you are able to borrow more cash. Having empty extra space means you will be paying to heat the property and your mortgage payments will be higher due to the space you don’t need.
Be open about your financial situation
If you are moving in with a friend or partner, you will have arranged a mortgage, but it’s important to be open about your financial situation. Openly discussing money with each other, especially when it comes to affordability in relation to energy bills, is good practice. Creating a joint bank account is especially important if you are moving in with a friend. The mortgage payments can then be paid from this account. A direct debit can be set up from each personal account to be paid into the joint bank account, so the expenses are equally covered.
Use a conveyancer for the legal aspects
There will be plenty of legal jargon to navigate and if you are unfamiliar with the process, it can be quite intimidating. A conveyancer can assist you with the legal aspects of the sale so it proceeds smoothly. It might be tempting to go for the cheapest option, but this is not always the solution. Whilst a homebuyers report cost can vary from company to company, movers should always look for a reliable and effective conveyancer. Firms such as Sam Conveyancing can provide a wide range of services.
There is currently good news for first-time buyers. According to Business Live the UK housing market could drop by 20% or more next year. This may make the prospect of getting on the property market a little easier.
Is it worth getting a survey carried out on a house?
A survey should prevent any nasty surprises down the line. Elements such as faulty wiring, extensive damp or hairline cracks in the ceiling can be uncovered through a survey. It can be reassuring, and it will demonstrate structural safety and the value of the home you want to purchase. Any defects can be promptly dealt with.
It’s important to follow these steps to protect yourself and your family when you’re deciding upon the most important purchase of your life. You certainly do not want to make avoidable mistakes and end up out of pocket.
