5 Most Important things you need to know before buying a home

5 Most Important things you need to know before buying a home

One of the most frequent questions I get asked is from people that want to make the transition from renting into owning their property is what do I need , and what do I need to know ?

In this article I”ll be shedding light on five most important things one needs to know before taking the leap of buying your first home / Property .

Finances 
What would it cost me Most people believe that the only thing they need to worry about is getting a mortgage and deposit, they are a lot more cost associated in getting a house such as Legal fees , Mortgage administrative cost , Survey fees and many others all these other administrative cost needs to be taken into consideration I would advise that anyone considering entering the property market for the first time should seek the assistance of a reputable financial advisers this would help help them understand their finance a lot better

What do I need to do ? 
 One thing I always tell people that want to get on the property ladder is to have a good understanding of their credit history . This would help in getting you the right mortgage rates and could help save substantial margin on your mortgage loan if you have any corrections to make on your mortgage history such as defaults , late payments , arrears , the process would become a lot easier and less stressful if corrections are made before applying for a mortgage . Often times one gets a mortgage and things fall apart at the final hurdle which is the legal aspect of property ownership. This is always a very expensive mistake at this point .

Choosing the right conveyancer/Property lawyer is very important . The smallest mistake can lead into a total waste of time and money get to know your solicitor so you’re not forced to use one recommended by the bank or the mortgage adviser.

Where is my ideal home located ? 
Most times people rush into property without a full understanding of what the ideal home should look like and where it should be located , I have heard stories of people buying their first property in a location where they do not like and after a few months having to put the property into the market . A full understanding of what you want and where would make getting your first property a lot easier . I recommend talking to a local expert in the borough you’re interested

Choosing the right property.
Lastly making the decision on the actual type of property itself it’s also very important . Are you interested in a Detached ,semi detached , terraced , bungalow , maisonette , flats etc would also make getting your first property a lot easier.

I am sure for anyone wanting to make a move and own a property would have learnt from the points above, if you have any questions or need help in taking that leap, please contact us at JohnSamuel Estates, your residential Property consultancy agency.

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