AdviceMoving house tips

20 Tips for Buying a Home

Choosing a home especially if you are doing it for the first time can be a difficult process. You’ll want to get it right so that at the end there are no regrets. Here are 20 tips that will help buy the home you have always wanted:

  1. True cost – The price of buying a home isn’t just what the price tag says. Be prepared to pay legal fees, removal costs, mortgage fee, home repairs and other related home buying fees.
  2. Watch what you borrow -Taking the maximum amount a mortgage lender will give you is not the way to go. Borrow what you can realistically afford to pay back.
  3. Credit score – By improving your credit score you can get better rates when lending money from the bank.
  4. Price fluctuations – House prices go up and down, try to identify the periods where the prices are at their lowest to save money.
  5. Mortgage guides – Before applying for a mortgage make sure you know what they are all about. Once you sign on the dotted line it is too late to change your mind.
  6. Neighbourhood – Make sure to visit the neighbourhood in person to take a look around. That will give you a better understanding regarding if you’ll enjoy living there.
  7. Real estate agents – There are a lot of real estate agents out there. Choosing the right one will make for a smoother process.
  8. Gather info – Get as much information as you can about the home. Don’t hesitate to ask any questions you feel are relevant to your decision making process.
  9. Pictures – Feel free to take pictures when you go for a viewing. This will allow you to compare properties more effectively, rather than having to rely on visual memory.
  10. When to view – If you are to make several visits to a property then it is worthwhile doing it at different times of the day. This will give you a better sense of the neighbourhood and what the neighbours get up to.
  11. Speak to the neighbours – Don’t be shy and introduce yourself to the neighbours. This gives you an opportunity to ask questions about what it’s like to live in the area.
  12. Off the market – Once you hand over the deposit ask for the home to be taken off the market. This ensures that a higher offer will not be made from another buyer.
  13. Contact your lawyer – To speed up the process of buying a home be on your lawyer’s case. Ask for updates, and if things are going to slow for you just simply tell them.
  14. Furniture and fittings – When you view a home what’s inside it isn’t necessarily going to stay there. Ask what the owners will leave behind and what they will take with them.
  15. Auctions – Take the time to visit local auctions. You might find some real bargains you wouldn’t via the traditional routes.
  16. Homebuying survey – Make sure you get a good quality home buying survey. The more detailed the survey the better it is.
  17. Repair quotes – If any repairs need to be made then get quotes from reputable builders.
  18. Don’t rush – Take the time to buy your home, there is no need to rush into anything. Even if you find your dream property take a couple of nights to sleep on it. You might change your mind.
  19. Home insurance – Get quotes for your home insurance from several companies.
  20. Extra money – Save up more money than you think you need. There are always unforeseen expenses, and by having money in the bank to deal with them you avoid a lot of stress.

This post was written by Stefanos Anastasiadis on behalf of Hurford Salvi Carr.

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