Buying a home is an exciting life milestone and a big investment in your personal and financial future. It can also be an incredibly stressful experience as there is so much to figure out.
You’ve got to find the right property, ensure your finances and paperwork are in order, and then organise the logistics of moving.
On top of this, the property market is incredibly competitive and moves fast, so you have to be ready to make a quick decision to secure the home of your dreams. With this in mind, here are five things you should do before buying a home.
Get Your Finances In Place
Having a clear idea of your budget, deposit, and how much you can borrow is a crucial element in buying your dream home. The property market is very competitive at the moment, with buyers willing to get involved in a bidding war to get the home they want. You need to be sure about your financial situation to have the best chance of securing the property of your dreams. One of the best ways to do this is to speak to a specialist mortgage broker Portsmouth has, like those at The Mortgage Pod, for the best advice and help in sourcing an affordable mortgage for you.
Explore The Location
There is no point in buying what you think is your dream home only to find that the location it is in doesn’t match up to your expectations. Unlike aesthetic elements, you can’t change where a house is located. This is why it’s recommended that you take your time to get to know an area before deciding where to buy a house. Also, consider how far it is from work or school, the shops, restaurants, and other leisure facilities.
Consider The Property Type
The size, age, style, and design of the property should not be skipped over. All of these factors come down to your preferences, lifestyle, and how much work and money you want to put into the running and maintenance of the home. If you want a home that is ready to move in and doesn’t require fixing up to make it liveable, then you might prefer a new build property. Alternatively, if you have always dreamt of living in a period-style home, you must be prepared for the added expense these take to run.
When considering breaking a lease to buy a house, it’s crucial to thoroughly evaluate factors such as the size, age, style, and design of the property to ensure it aligns with your preferences and needs.
Give The House A Thorough Inspection
Unless you are buying a doer-upper, you don’t want to move into a home and then find that there are lots of hidden issues. For this reason, it’s a smart idea to ensure that the fundamentals of the property are in good working order. Make sure the roof tiling is in good condition, the property is well-ventilated, there are no signs of mould or mildew, and the windows can open and shut easily.
Think About Running Costs
It’s one thing saving up for a deposit and securing a mortgage offer, but it is another thing to be able to afford the day-to-day running costs of owning a home. As well as your mortgage repayments, you will have to factor in council tax, home and contents insurance, and unexpected and utility bills into your budget. Property type and location can influence the cost of these things. Take your time to ensure you can afford your dream home when it comes to everyday life.