With headlines proclaiming that house prices are increasing day by day and estate agents ramping up interest with open days and sealed bids, it’s easy to see why some would-be buyers are panicking. Before you have a full scale meltdown, we’ve put together our essential guide of things to consider buying a house:
Before you buy, it’s important to work out how long you think you’ll be able to live in the property. There’s no point trying to buy a one bedroom, city centre flat if you think in a couple of years you might want to start a family out in the middle of nowhere. If you buy the wrong place now you could quickly encounter the expense of moving again
If the worst happens, can you manage?
Have you done your maths? For instance if you get made redundant or if interest rates rise will you still be able to afford the mortgage on your home? There’s no point owning a 7 bedroom detached mansion if you have to live off beans on toast every night to do it!
Can you cut out the middle man?
The best way to beat the competition is to avoid it all together. If you know where you want to live and what style of house you’re after, it might be worth contacting people who live there (you could put flyers through doors, etc.) to see if there’s anyone who is thinking of selling. This could save both parties from hefty estate agent fees
Are you ready?
Owning a home is a big commitment financially and it can come with its own pressures and hassles. For instance if the boiler breaks, it’s on you to fix it. Make sure you’re ready to take this on – if you’d still prefer to be spending your expendable cash on jetsetting around the world or shopping binges, it’s probably not for you just yet
Get your mortgage in line
To get ahead of the crowd in a booming housing market, you need to have your mortgage in place. That way, when you come to make an offer, you’ll be able to show that you can move quickly and are a serious buyer
If you would like any help or advice on any aspect of buying property, please contact Best Solicitors on 0114 281 3636 or email us confidentially on email@example.com.