Buying a new home is exciting but also daunting – whether
you’re a first-time buyer or have done it before. It’s easier to make the right
move if you follow these 10 simple principles.
1 Establish a budget
You’ll need to know how much you can afford, and the best
starting point is to talk to an Independent Financial Adviser (IFA). They can look
at your overall financial picture and search the market for suitable mortgage
products.
2 Save!
It’s best to have as large a deposit as possible to secure
the best mortgage rates and minimise your repayments. You’ll also need to set
aside money for costs such as solicitor fees, taxes and moving expenses.
3 Appoint a solicitor
An experienced residential property lawyer can advise you on
how much to offer for a property, liaise with your lender to ensure that funds
are in place, examine Title Deeds and other documents, and complete all the
legal work.
4 Visit lots of properties
This will give you a clearer idea of what you like and what
you don’t. It will also give you a better feel for the market and what
represents best value for you.
5 Register your requirements
Most estate agents have a database of active buyers, so it’s
worth registering with local agents so they can notify you when suitable properties
appear on the market
6 Do your research
Drive or walk around the neighbourhood to check it’s
practical for you. What are the transport links like? How far is the local
shop? Will your commute be easy? This will help you decide whether a particular
area is right for you.
7 Be open-minded
You may have an image of your ideal purchase, but the
property you end up buying may be quite different to what you originally had in
mind.
8 Be disciplined
Don’t allow your heart to rule your head. You will almost
certainly wantto sell the property at some point in the future, so choosing one
that appeals to a wider range of people will make for an easier sale.
9 See past bad décor
A poorly presented property is not necessarily a bad
purchase, so look beyond dated decoration or ugly carpets. A coat of paint or a
new bathroom suite can transform any home.
10 Be patient
You may want to purchase your new home as quickly as possible, but the market changes constantly, with new properties appearing almost every day. Wait for the right one!
To return to the main contents of lindsays life issue 17, please click here.
