Buying a home takes lots of thinking, reflection and planning before taking the leap to commit to a 20, 30 or even 40-year mortgage in your name, and quite rightly so. If you’re on the verge of purchasing a home, you should be well equipped to answer the below questions, to ensure you’re prepared to take on a mortgage for a new place and that it’s the right property for you.
Preferably you should already have a deposit, solicitors fees and moving costs saved well before you start looking for a home. If this is the case and you’re prepared to take the hit, have you considered the running costs for the home you want to buy also? For instance, if you’re currently living in a one bed flat, with minimal bills, you should expect for the ongoing bills to increase when you buy a bigger home, in a better area. Creating a rough estimate will give you an indication on whether you can afford to buy a particular house in consideration of these costs. Such as, increased heating and water costs, plus some areas require you to pay towards a maintenance fee to take care of the area surrounding your home.
With your deposit in hand, you may feel confident to plonk down this chunk of money to secure the home you want the most, but you should wait! Have you totalled how much it will cost to fix the repairs in the house you are looking to buy? Not only this but addressing a significant amount of repairs on a property could give you better grounds for haggling a cheaper deal for the property. If you’re considering gaining a professional opinion, you can locate all you need to know about homebuyer surveys online. Instructing a surveyor will give you a better indication of the work that needs to be taken out on the property, thus giving you a better guide of how much it will cost you to repair and whether it’s something you can afford on your income.
If you have a 5-year plan, this should give you a clear indication of where you expect to be and whether it will be in the home you are currently looking to purchase. This is more so applicable to those who think they will be likely to start a family in a few years as they will require extra room and storage. If this is the case, rather than a one-bed penthouse apartment in town, you may look for a 2 bed home in a quieter location around excellent schools. Forward planning doesn’t hurt when considering if your home will be fit for purpose in a few years. It also prevents you from being stuck in a property you’re desperate to move out of in the near future.
If you can easily answer the above questions positively you should be ready to tackle the moving home checklist. Also, answering the above questions will give you a strong indication on whether the home you are currently looking at buying is something you can afford on your salary, that you can afford the potential increase in bills for a bigger house, and that you will not outgrow your home in a short period of time.