Buying a house is one of the biggest investments you can make. Therefore, you have to be aware of various factors before making this massive purchase, beyond the obvious. Yes, the price may be important, but you have to be sure you are getting value for money.
Do you need to buy?
This may sound obvious, but sometimes owning a property may not be appropriate. If you have to move a lot for work, having to buy a house only to sell it shortly afterwards could cause problems, so renting may be a better option in the short term until you are more settled.
When looking around a property, most people will look at the main aspects such as whether it has a garden, the number of bedrooms or how large it is. However, it is worth checking the walls by knocking on them, ensuring the toilet flushes properly and so forth. These little details could be an indication of problems later on.
It is also worth looking at details about where you will be living- are there regular bus services? Is it in a catchment area for a good school? How close are you to the shops? These may not sound relevant, but if you have to continually walk longer than you’d like for the weekly shop can be inconvenient.
Get a professional opinion
It could be that you have a friend who is a professional contractor, or you want to talk to a professional to check over the property. This is important, because a property that may be relatively inexpensive to buy on the market (or is on sale for under market price) may also be hiding costly repairs that will end up costing you more in the long term.
Don’t get emotional
It is easy to fall in love with a property and be determined to buy it no matter what. However, this can lead to issues because you may end up ignoring issues because you have blinders on. It can also mean you end up paying more than you would normally- remember, it is important to keep within a budget, not going for the maximum you could potentially borrow.
Be prepared to move
It can be expensive if you need to leave a rental property early. Therefore, you may need to switch to a month to month agreement, so you can avoid financial penalties. It is also important to think about the mortgage and how much you will pay for it. As with any purchase, it is important to shop around and look for the best deal.
We can help
Buying a property can be daunting, and in many ways, the process can be stressful. This is why you need a legal representative who not only has the specific experience you need but can also explain the process and guide you through it. At Larcomes, we believe in having the necessary resources to represent you but also the customer service you deserve.
For more information and to find out how we can help you, contact Larcomes today, and we will discuss this with you in more detail.