Before you’ve bought your first home, you could be forgiven for thinking it would be as simple as saving up, choosing a house and getting a mortgage. Sadly, it’s not quite that easy. In fact, there are loads of things you need to consider (and budget for) before taking the plunge and purchasing your first home.
There are things everyone knows, like having to save a deposit, but many other issues don’t tend to come up until you’re ready to buy. Other people seem to only talk about the exciting stuff, like finding a house or getting approved for a mortgage. This tends to mean the less exciting things, such as admin, are often not spoken about and can be a surprise to a first-time buyer.
Things You Need to Know Before Buying a House
From furnishing to mortgage-shopping, these are the things you need to consider before buying a house.
Save for a deposit (and then some)
This is one of the most obvious points to make about house buying. Before you get anywhere, you’ll be needing a deposit.
It’s pretty well-known that you’re expected to have some cash before you look into a mortgage. The minimum amount is usually around 5% but you’re likely to have more options with 10%.
The biggest mistake people make when it comes to saving the deposit is that they stop saving. Once you hit that golden number you’ve been aiming for, the worst thing you can do is stop putting the money away.
There will be loads of extra expenses when it come to moving. My advice is save, save and save some more!
Don’t forget the legal stuff!
You’re going to need to pay a solicitor to deal with the conveyancing. Paul John and Co Solicitors believe it’s really important to choose a solicitor who will give you a tailored service. Every house sale is a tiny bit different, even if it’s run-of-the-mill. By choosing a firm that works with your needs, your house-buying should run smoothly.
Use a removals firm
If I’ve learnt anything from moving house is that it’s always a bigger job than you think! I’ve finally made peace with the fact that if you want a headache-free moving day, then you want to employ someone to do the heavy lifting. Literally.
The timeline for your move often depends on the type of property you choose. Some buyers prefer to wait for a new build to be finished from the ground up. Others look for move-in ready homes that are already finished and waiting for a new owner. This choice can take away some of the stress of coordinating a long construction schedule. It also means you can plan your moving day with more certainty. Having a set date makes it much easier to book your removals firm and start packing your boxes.
Expect to spend on the homebuyers survey
Before you buy, you have to have the house surveyed. The purpose of this is to find out exactly what might be wrong with the house – the last thing you want to do is buy a house that’ll be a constant drain on your finances.
There are different types of survey that are different prices, don’t go for a cheaper survey with the aim of saving money. It’s false economy if the house your buying would be better with a more thorough option. The worst thing you can do is skimp on the survey, only to unearth a sea of problems once you’ve moved in.
Get the most thorough survey you can afford (seek advice on what’s needed for the type of property you’re looking at). It’s likely that whatever survey you opt for will find some problems, so don’t let that put you off.
Once you’re in, you might need these simple hacks for saving money around the home.