Tips for Buyers

Buying a house will most likely be the biggest purchase of your life and so one of the most important decisions of your life. Small mistakes can lead to pricy consequences!

So, with care for you in mind, we’ve drawn a list of tips to help you:

1 – Be Sure that You Want to Buy

There is great appeal in owning your own house. But buyers need to first pause and seriously consider whether they are ready for the purchase.

Buying a house is a long-term investment but you can only afford it if you are able to:

  • Get a mortgage for enough to buy your chosen house;
  • You can afford the monthly mortgage payments;
  • You can arrange a deposit or a guarantor

2 – Know the True Costs of Buying

Buying a home will almost certainly cost more than you think. Here’s what you should consider:

  • Legal fees: depending on the house price, conveyancing charges can be at least £500-£800
  • Stamp duty: for properties over £125,000, you will have to pay stamp duty on the purchase price (1st time buyers pay stamp duty on property purchases over £300,000)
  • Mortgage arrangement fee: mortgage lenders will likely ask you to pay an arrangement fee of around £1,000. Make sure to check if this is refundable or you may not get it back if the purchase falls through
  • Valuation fee: lenders will likely charge you for a valuation to check the property exists and that it offers sufficient security for the loan. Expect around £300.
  • Surveys: these can be £400-£700. Be aware that you may have to pay for multiple surveys due to some purchases falling through
  • Removal costs: paying to have your stuff moved can be from £100-£1000 depending on the amount moved and distance
  • Home repairs: be ready for unexpected property maintenance
  • Furniture and decorations: now that you have your property, you’ll need to turn it into your home

3 – Be Careful Borrowing the Maximum

Keep a budget in mind before searching for a house and don’t immediately trust lenders telling you that you can afford more. You need to make sure you can easily make the mortgage payments.

4 – Boost Your Credit Score

Make sure you have the best credit score you can have before looking for mortgages.

5 – Get to know the Neighbourhood

Make sure you like the environment you’re moving into. Visit at different times of the day, knock and ask neighbours for opinions, check out the local shops, streets and parks.

6 – Get Home Insurance Quotes Before Buying

Make sure suitable cover is available before you make the final plunge.

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