Now the global economy is a little more stable and people have more confidence in their financial situations, it’s a good time to bite the bullet and take your first step on the property ladder. For the most part, this will be quite simple so long as you do your research and ensure you haven’t overlooked any cost. Even so, people making this move for the first time could probably benefit from some handy advice from someone who’s been there before, right? Well, luckily for you, I successfully navigated my first property purchase last year, so all the information I learned about the process is still fresh in my mind.
So, if you want to know more about the kind of things you’ll need to watch out for when agreeing to purchase a home in 2014, take a few moments to read through all the advice I’ve listed under this introduction, and you should come away with a clearer perspective. Don’t worry too much through, your solicitor should make sure nothing goes wrong, but it’s still useful to anticipate these things before they happen.
Determine Your Budget
This is probably the most important part of joining the property ladder, and so you’ll need to spend a significant amount of time ensuring your figures are correct. In most cases, you’ll have to visit a few different high street banks to find out about mortgage amounts and rates, and you never want to purchase a home towards the top end of your lending limit. The chances are, you’ll need to spend extra money on redecoration and such, but many people fail to remember this.
Finding A Suitable Property
It’s usually wise to select three different areas where you would like to buy a property and then spend some time looking at those available and working out which option is the most viable. If you’re on an exceptionally tight budget, it’s wise to stay out of city centres and opt for somewhere in a small town or village. However, if you’re lucky enough to have cash on the hip, perhaps looking at property for sale in London might not be totally out of the question.
Take A Step Back
When you finally do buy your property, you’ll be entering into a debt agreement that could last for around twenty five years, so you need to be 100% certain that you’re making the right move. This is why taking a step back and waiting a few days before making your offer is sensible.
Buying With Confidence
The only real way to stay confident and know you’re getting a good deal is to pay for independent surveys on the property you’re considering making an offer on. This can be a rather large upfront expense, but it could save you much more in the long run. Also, if you find any issues with the building, you’ll be able to use the information from those surveys as leverage when it comes to negotiating on price, should you still want to buy the property.
I hope this information will make the next few months a little more bearable for you, and now you’ll be more inclined to make the right decisions when the time comes. Good luck with your property search, and feel free to invite me round for the moving in party.
Catch you later!