Buying a home is a huge decision and not one to be taken lightly. You may have started your perfect life, met an amazing partner, moved in together for some time and now you are buying a home together. Buying a home can be a very stressful time. Moving is the third most stressful event a person can go through in their life. Here is a guide on what to know before buying a house.
If you are moving into your first home be sure to take a look at this guide to ensure your move goes smoothly.
What To Know Before Buying A House
How Much You Need
When you buy a home it isn’t just the cost of the house that you have to think about. There are many other costs involved in moving that you should consider before you even start looking at homes. You should think about legal fees, lender fees, the cost of removals, and broker fees. All these extra costs add up and if you budget for them now then you won’t have any unknown surprises sneak up on you later down the line.
You can use an online cost calculator to find out the total cost of moving before you do it. It is thought that the average cost of moving in the UK is around £9000 so make sure you have enough set aside for this and any other costs that creep up.
Once you have figured out the costs involved you need to research how much you can borrow to find out your best options. If you are unsure, as the world of mortgages is a bit of a minefield, you could always try using a comparison website or asking your bank if they offer mortgages. You could also visit www.mortgagecalculator.uk to see how much you can afford to borrow.
Make sure you research and find out which one is best for you, or you could hire a mortgage advisor to find the best one for you depending on your financial situation.
Start The Search
The second thing on what to know before buying a house guide is starting the search for the dream home.
Once you have got the amount you can borrow sorted it’s time to do the most exciting part and shop around for properties. You should already have a note of what you are looking for, you might like a garden and a garage or 3 bedrooms for example. Never settle for anything less than what you want, after all this could be your forever home so you have to like it and you have to be happy.
Signing up to all the local estate agents and looking online daily at houses for sale is the best and quickest way to find a property that comes onto the market. If you are happy to commute a bit further you could always look for a house further afield, especially if it means you get more house for less money.
Arrange A Viewing
If you are looking at properties and you find some that are suitable and want to view them, give the estate agents a ring or reply to the adverts asking to view them. Since the Covid-19 pandemic, most estate agents now offer virtual tours and viewings so you can take a look around in the comfort of your own home. If you like what you see then you can arrange a further viewing in person.
If it’s helpful to you why not download a checklist of questions to ask when you view the property. There are so many things going over in your head when you are viewing a potential home that you may forget to ask questions. For example, you should find out if any repairs need doing and if everything works as it should.
A lot of homeowners, if they know they are selling, will ignore lightbulbs that need changing as they don’t see the point in replacing them using their own funds.
If you find a house you have fallen in love with and wish to buy it then you could put an offer in and see if the sellers accept. Buying a house is all about negotiation, remember if your first offer isn’t accepted then the seller should come back with a counteroffer.
You do not have to accept this counteroffer, you can counter back until you and the seller are completely happy with the agreed final figure.
Professionals & Paperwork
An essential part of the what to know before buying a house guide is the associated paperwork and of course the professionals.
You should have your solicitor on hand to take over once you and the seller have agreed on the final cost. This is known as conveyancing, it may sound confusing, hence why your solicitor deals with it on your behalf. Your solicitor will manage the land registry, draw up contracts and transfer the cash from your account to the seller’s account. It is also the job of the solicitor to ensure the legal ownership is changed over from the seller to you, the buyer.
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Conclusion: What To Know Before Buying A House
We hope this guide on what to know before buying a house helps you find the home you’ve always dreamed of and manage to secure a sale at a great price. If you are looking to buying your first home, dream house, third, or even fourth home, you should definitely use the ” what to know before buying a house” guide to help you do just that. Happy home hunting! May it go smoothly!