While buying your first house can be an exciting experience, it can also be a daunting one. Between legal jargon, hidden costs and finding the perfect property, it is not always quite as straightforward as it might initially seem.
Before signing on the dotted line, there are some important things you should be aware of. Here is our priceless advice for buying your first home.
1) Be clear on your wants and needs for your first house
For example, do you want a short commute? Do you need a big garden? Is ample parking a priority? Clearly outlining your desires before you begin your search can save you a lot of time and unnecessary viewings.
2) Don’t be afraid to ask questions
Your first house could be the biggest investment you make, and you are entitled to know its history before you make your purchase. Work with your estate agent and ask questions like, how long has the property been on the market? Why are the owners selling? What exactly is included in the sale? By being upfront you could save yourself a few surprises down the line.
3) Research other house prices in the area
The best way to get a clear idea of the value of your home is to research the cost of nearby properties. Are they much more expensive? If so, then there may be an underlying problem which explains why yours is significantly cheaper. Or are they more reasonably priced? In this case, you may have grounds negotiating a cheaper price.
4) Negotiation is part of the process
Following on from the above, negotiating is a natural part of the house-buying process. The listed price of a house is actually only a guide, and no prospective buyer is legally required to pay that amount. If you feel your house is worth less than the asking price, negotiate a lower deal.
5) Get your house independently inspected
It might cost a bit more, but having your house independently inspected could result in you discovering something that might change your mind on the house purchase. For example, it might not be as structurally sound as initially thought, or might have an underlying damp issue. Its better you know before you are committed!
6) You must have home insurance in place before your home purchase can be finalised
Many people think that home insurance is an optional add-on after you have bought your house, but in most cases, you cannot get a mortgage without having it in place. We recommend you contact your insurance broker as soon as you find a property you are interested in, so you leave plenty of time to find the best deal to suit your needs.
Abbey Insurance Brokers
We work with a wide range of home and contents insurers, to make sure that we find exactly the type of home insurance you need. If you are in the process of buying your first house, and have a question about home insurance, feel free to give one of our experts a call on 08000 66 55 44 or get a quote online.