If you’re ready to buy your first-ever home for your family, you probably feel incredibly excited and a little bit overwhelmed. Getting on the property ladder is a great achievement, but your journey is only just beginning. However, help is at hand and this blog can support you in making sure you don’t forget some all-important details with this home buyer checklist in your buying journey.
Look Into Home Insurance Now
Even if you haven’t actually bought your home yet, home insurance is a must. Did you know that many mortgage lenders require you to have home insurance before they will give you a loan? Not only this, but it’s really important to have the structure of your home protected just in case disaster strikes. Always take out home insurance that covers the rebuild cost of your home, not the amount you’re buying it for, as this ensures if your home was to burn down in a fire, you would be able to cover the cost. However, you probably aren’t keen to add another expense to an already expensive time. This is why it’s key to compare home insurance quotes so that you can find out what policies are not only right for you but also within your budget.
Inspect Your Potential Home Thoroughly
When you go to view your new home before buying it, make sure you pay attention to all the small details and ask lots of questions. You should be on the lookout for signs of damp, any structural issues and anything that might need renovating when you move in. But don’t stop inside your home, go and speak to neighbours and walk around the area at different times of day to get a real feel for the house’s surroundings. Make sure that you also hire a professional surveyor to conduct an in-depth review of anything you might have missed. However, as this costs money, you want to be fairly sure the home seems sound and well-suited to your purposes before calling them.
Consider Hiring a Mortgage Advisor
Even if you do manage to get a mortgage, are you sure it’s the best one? If you’ve just gone with the rate given to you by your current bank and haven’t shopped around, it may be worth speaking to a mortgage advisor. They often have access to deals that aren’t readily available on the Highstreet and may be able to offer you a more competitive rate. Remember you don’t have to accept what they offer you if you’re not happy.
Location Is Key
A lot of people get hung up on the house itself, but if you’re moving your family, you have to consider whether the location will be good for your children, your partner and whether it’s near your extended family. Consider what schools are in the area, whether the streets are largely safe for your children to play on and whether you have a support network nearby. While it isn’t always possible to get everything you need, try to focus on what’s most important to you and compromise from there.
Remember Those Hidden and Forgotten Fees
You might already be in the perfect position to put down a deposit on a property. But that doesn’t mean you should close your savings accounts and start spending. Buying a house takes time and there are plenty of forgotten costs and fees that many unsuspecting individuals overlook. Consider the potential costs of your solicitors fees, and any admin fees you may have to pay at the end of the process – these could come from estate agents or solicitors. You’ll also need to pay for stamp duty which is a tax levied on purchasing properties. You’ll also need to set money aside for removal costs and smaller costs such as key-cutting and cleaning services, which can all very quickly add up, leaving unsuspecting homeowners struggling to financially keep up.
Consider a House Survey
Another essential element of buying a property is having it surveyed. A house survey involves an independent third-party surveyor coming to the property and thoroughly assessing it. This process will highlight any potential issues with the property that might not be visible to those who don’t know what they’re looking for. This type of survey can highlight all kinds of issues such as structural problems, its overall condition and whether the seller should fix any problems before you buy. Having a survey done is crucial as the true condition of the property, can impact your decision to sell and can also mean a renegotiation on the price.
Final Thoughts…
Buying a new property is incredibly exciting, especially if this is your first time on the property ladder. However, whether you’re someone looking to extend their portfolio, or a small family looking for their dream forever home, it’s important that you look at the process carefully and thoroughly, without missing any essential steps along the way. The process is long and can often be frustrating, especially when things don’t go as planned and costs begin to spiral. Ensure that your finances are in the best shape possible and educate yourself on the house-buying process so you’re prepared for anything!
