For a lot of people, owning and buying a home is a huge investment and gives you a great sense of pride that you do not get from renting. Whether you’ve bought before or it’s your first time, there’s a lot to consider and think about when buying a new home.
Here are three key areas that you need to give thought to before signing on the dotted line.
Do your research
Doing research before buying a house is very important. There are a lot of factors to consider, such as what area you want to live in, what local facilities you need, public transport links, what school catchment the house is in, what sort of house you want, and the commission and fees that estate agents charge. If it’s a brand new properly, look into who develops the homes, the warranty you’ll get and check their reputation as builders. Ideally it’s good to choose a respected developer like Coral Homes, as this way you know you are getting a good quality home. Don’t skimp on your research, as a house is a big investment and you want to make sure you buy a property that suits your needs the best.
Make sure you know what you can afford
Knowing what you can and cannot afford is very important – just because you can get a large mortgage does not mean that you have to use it. It may be great to get a big expensive home and it could be easily affordable now. But what would you do if you then lose some income down the line or have a blip where you are struggling? The last thing you want is a massive mortgage you cannot afford, if you go for something more reasonable you may well be able to keep up payments easily even in a slump. You also need to make sure you can afford the deposit and any extra fees that would need paying when buying the house. Make sure you have everything you need finance-wise, so there are no nasty surprises when it comes to buying your home.
Think about the overall cost not just the purchase price
When it comes down to choosing your home you need to not only focus on the asking price for the home but you need to look at the bigger picture. Does the house need redecorating, does it need working on or maybe you want to rip out the kitchen and bathroom and redesign them from scratch? All of these factors needs to be considered in the cost of the home not just the purchasing of it. By doing this you can make sure you can afford everything when you have purchased it, so you do not have a half finished house when you’re done.