Moving home can be a really stressful period in our lives. We all need somewhere to live and most of us move house several times during adulthood.
Acquisition of properties, no matter if you are buying or renting, is not something to be taken lightly. Getting a home, no matter if it is for a significant period or short term is one of the most important things one has to consider. We want to make sure it’s somewhere suitable for us and that we’ll be happy there, even in the short term.
There are lots of online platforms to make buying and selling so much easier, enabling you to browse suitable properties online with ease such as https://wirral.co.uk where you can begin to find your dream home if you’re in the Wirral. You can find local and national property websites to help you narrow down your search wherever you are located.
If you are buying a home then things are a little more complicated than when renting. You don’t simply have to find your dream property and then put down a deposit. There are various things that a buyer needs to check, and double check, before buying a house. With so many things to think about and the stress of searching for a new home, many buyers tend to fall into a pit of restlessness and worry.
Never forget that knowledge is power, and the more you learn about the process of buying a house and the property market, the better equipped you will be to deal with any stresses and the process itself.
If you are thinking of buying a property, then make sure you remember these do’s and don’t’s.
- DO: Calculate your mortgage – First things first, you need to know how much money you can spend on a house. Without calculating how much you can borrow as a mortgage, you will have no idea the sort of property you can afford. There are some quick online calculators that can give you an idea of how much you can borrow and the maximum house price you can afford.
- DO: Search for the best mortgage deal – Don’t just go to your existing bank and get a mortgage. Shop around! There are lots of deals out there and your bank may not have the best deal for you. There are online platforms that let you compare mortgage deals or you can enlist the help of a mortgage adviser or a mortgage broker to do the searching for you.
- DO: Read the key facts and terms of your mortgage – Buying a house is not like buying a game where you tend to ignore the terms and conditions ending up with minimal problems. Make sure you read thoroughly the loan disclosure before making any final decision. Some things to check are the monthly payments, fixed term arrangement, whether there are any fees to pay and also if there is an early repayment charge if you need to pay it back before a fixed term deal ends.
- Don’t: Give false information – It’s important to tell the truth when applying for a mortgage in principle, which is a pre-mortgage approval to let sellers know you are serious and have a mortgage lined up. You won’t do the full mortgage application until you’ve found a property and you’re ready for the mortgage. The agreement in principle will base the amount on the information you give regarding your salary and deposit, so make sure it’s accurate. Don’t lie to get more money as it will only be found out in the full application and your mortgage won’t be accepted.
- Don’t: Give in to the pressure – Never feel pressured by family, friends, partners or estate agents to buy a property. The decision is yours at the end of the day. It will be your home and it’s your money, so it needs to be right for you. When buying there are a lot of costs involved from stamp duty to mortgage arrangement fees to solicitors fees. The costs run into the thousands so it’s not easy to quickly move again if it’s not the right home for you.
Buying a house is very different to renting. There are a lot more legal processes to follow and it costs a lot more money to move house. This is why you need to make sure you are making the right decisions. A great way to find a home is to take help from property professionals like Wirral homes. If you are unsure of any part of the process and require assistance then make use of the professionals who are there to guide and help you through the procedure.
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