So the time has come to buy your very own house, an exciting time for sure and a moment which you will forever remember.
Without wishing to put a pin in this balloon of new home excitement, there is a lot to consider before buying your first property and it is important that you take the time to understand it all before you take the plunge.
To help you get through the boring stuff, here is what you need to know before buying a house.
First Steps to Take
Before you embark on your search you need to take some first steps which will help you determine what type of home you are looking for.
- Take stock of your own finances and future financial outlook
- Research your local market to gain an understanding of property prices
- Get pre-approved for a mortgage, the last thing you need is to find a place and then be rejected
- What are your priorities? Are you looking for a small starter home or something longer term? Where do you need to be close to? What amenities do you need?
- Understanding how to find an agent, what the offer process looks like and how to negotiate
- Consider additional costs such as online conveyancing, solicitor, agent fees etc.
What to Look For When Buying a House
There are a number of factors which you should keep a keen eye out for when you are looking at proprieties, let’s take a look at some of the important bits.
- Roof condition is vital, a replacement roof is expensive so you need to be sure that the existing roof will last a while
- Deep damage can also cost a lot of money, simple maintenance issues are fine but pluming, wiring, foundations and sinking can be pricey, so be sure that the property has none of those issues.
- Mold and water damage affect many older properties and this will cause financial and health issues should you buy the property, review every aspect of the home for these problems
- Energy efficiency will prove to be very important, ensure windows are of high quality and sealed and that insulation has been installed in the walls and in the loft
The reason why you need to understand all of this before you decide to go looking for a home is because it is so easy to get caught up in the emotions of buying your own place.
So many first time buyers see a property, picture themselves living there and then make an offer based on that.
Unfortunately in many cases they take on properties which require a lot of work and investment which they didn’t anticipate, causing them headaches in future years.
For the groundwork and you will be in a far better position to get the right property for you, and one which will not bring any additional problems with it.