Buying a property is an exciting experience. It doesn’t matter whether you are looking for your dream home, a first home, or even looking for tips on where to buy investment property, it’s difficult not to get excited. This is especially true when you approach completion and the keys are about to be handed to you.
The problem with all the excitement is that it can be easy to overlook flaws in the property. This can be because you don’t notice them or you are confident that you can get them sorted. However, before you buy any property you should consider the following:
Budget
When you’re buying a property, you need a deposit. The amount of the deposit will depend on the price of the house and the mortgage deal you can secure. Before you decide the figures you need it can be worth checking out if you are eligible for the first home grant.
Once you know how much your deposit is and how much you can borrow you’ll know the price limit for your property purchase. However, that doesn’t mean you should look for a property at that price. For every property you look at you’ll need to consider what costs there are to make it into the home you want and how you will pay for these improvements. This is an essential part of budgeting to ensure you have all the money you need to create your perfect home.
Location
It is important to consider the location of your home. In many cases, the most affordable homes are not in the most desirable locations. You may need to hold out for a better option. Take a few moments to think about your future needs. It can be better to spend a little more today and have the right property, effectively preventing you from the cost and hassle of moving in the future.
This means you need to think about the facilities on your doorstep, including the potential schools if that’s an option in the future.
Surveys
A survey is essential when purchasing a home. You can’t rely on the mortgage one as this simply provides a valuation for the mortgage company to protect their interests. You need surveys that check for pest issues, termite damage, dampness, electrical problems, and even plumbing issues. Alongside this, you should have the structural integrity of the property checked. These are all important things and you don’t want to find them opt after the purchase and face an expensive bill.
If you find out before you buy you can still walk away or renegotiate the purchase. Don’t forget, termites can be an expensive issue, you don’t want to find out you have them a year after you’ve moved in and the house is starting to suffer problems.
Step Back
Never commit on the spot. Always take a step back and consider all the facts so that you can make a level-headed decision. This makes it more likely that you’ll find the right property for your needs and one that you can enjoy for years to come.
