The New Year often brings a fresh start for many. Whether you’re looking to get your health or finances back on track, it could also be the perfect time to start searching for your dream home.
So if you’re considering moving home in 2019, check out our top ten things to consider before signing on the dotted line.
Look for homes within your budget
This might sound obvious. However, it’s easy to get caught up in the excitement of searching for a dream property and over-estimate affordability. Lenders take into consideration many factors including what you can afford now and potentially in the future should interest rates change dramatically. To help you search for homes within your budget range, there is a range of mortgage calculators online to give you a good idea of what you can realistically afford.
Consider all the costs of buying a property
Moving house is expensive and a big commitment but it isn’t just the cost of a property that needs to be considered. Alongside the purchase price, below are some of the extra costs to think about:
- Mortgage arrangement fees
- Valuation fees
- Legal costs
- Stamp duty
- Removal costs
- Renovation work
Unlike renting, buying a property can be a considerably slower process, which takes several months depending on the buying chain. Be prepared for delays during the process to avoid extra stress.
Research the area you want to buy in
If you have a region or particular area in mind, be sure to research it thoroughly. With so much information at your fingertips, you can search for everything from the best schools, crime rates, average house prices and local amenities on the Internet.
However to really get a feel for the area, go for a drive, preferably at different times of the day. By doing this, you’ll experience rush hour traffic, activity levels throughout the day, plus parking and accessibility in the street.
Search for a property
Once you’ve decided on an approximate area to buy your dream home, it’s now time to search for it. Ezylet has a host of suitable properties across the UK just waiting to be discovered. Just filter by your chosen town and check out what’s on offer.
Checking out properties is an exciting step, but if you have a few different options, it can be difficult to narrow it down. On your initial viewing, don’t be afraid to take some pictures to get a better idea when choosing whether to take a second look.
Ask the right questions
Once you’ve decided on a shortlist, taking a closer look is vital. This is also the time to ask some important questions before putting an offer in. Check out some of the top things to ask:
- How many viewings has the property had?
- Has it received any offers?
- How long has the property been on the market?
- Why is the property up for sale?
- How old is the boiler and electrical wiring?
- What are the neighbours like?
Check leaseholds if buying a flat or apartment
Flats and apartments are generally sold with a leasehold. When buying a property be sure to check what the leasehold term is, as it can be expensive to extend.
Compare quotes on insurance
When you're buying a new home, there are several types of insurance to think about. Everything from building and contents to life cover is important to think about. However, shop around for quotes. It can be easy just to choose an option from your mortgage broker, but you’re likely to get a better deal elsewhere.
Arranging finance and improving your credit score
If you have a property in mind, getting finance in place is the next step. Shop around for mortgage deals and check out the best rates. When you apply, you’ll receive a mortgage in principle (MIP). These take into account several factors including your credit score and deposit.
To help you get the best mortgage for your circumstances, having a healthy credit score is essential. Before applying for finance, check out credit report first to make sure there are no surprises that could affect your mortgage offer. If there are any issues, get them sorted before applying.
These are ten of the most common aspects to consider before buying a property in 2019. In short, by doing thorough research and planning ahead, you’ll find your dream home for the New Year.