Top Tips for a Successful Home Buy

Depending on a variety of factors, we might see ourselves forced to move out of our current properties. The main reason for which young families change houses is that of the appearance of a new family member. However, elder couples move out of their big homes because the properties are too large for them after all their children move out. But regardless of your motives, how can you make sure that the property you plan to move into is a good buy? Below are some tips that will help you.

Establish what type of property you can truly afford

It’s easy to overestimate our buying force. This way, sometimes we think that we can afford properties that are larger or located in better areas than we can truly afford. The dimensions of the new property are also overestimated, in many homebuyers’ case. For a smooth home-buying process, try to realistically assess how much you can spend on your new property. Discuss with a financial advisor, if this raises some difficulties in your case. Ideally, your monthly mortgage payments shouldn’t exceed 28% of your family’s monthly income.

Must-haves vs. Nice-haves

For a successful home-buying process, decide what features are mandatory for your future property and which ones would only be nice to have. You might be lucky and find a property that beautifully combines both, but prioritize, just in case. Does the location matter the most? Or you can compromise on it if you find your dream floors in another location? Create a hierarchy with the features that you want the most form your home and you will have an easier time to decide later on.

Hire a homebuyer survey

Yes, you found the perfect home, at least so it looks. But you can’t be certain until you hire a home buyers survey. A property that looks amazing on the surface might have severe structural issues. This might shift your opinion and make you reconsider the whole buying process, but it might also offer you more negotiation space with the seller. If you decide to buy a property with several issues, make sure that you negotiate the price to your advantage. After all, fixing potential issues costs money. Make sure that you find a qualified MRICS or FRICS chartered surveyor, for the best (and most accurate) results.  

Carefully review your contract and submit your mortgage paperwork

After negotiations and after the seller agrees with your offer, you can go ahead and review your purchase contract. See is all terms and conditions are as previously discussed. Make sure that you carefully read all clauses and that you thoroughly understand those. Pay increased attention to contingencies in the contract. After analysing every clause, you can go ahead and submit the paperwork for your mortgage.

These are some of the most important tips you should remember next time when planning to buy a home. From setting a budget to hiring a home buyers’ survey and carefully reading the contract, everything matters.

 

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