Buying a house is a major life milestone – whether it’s your first home or you need a bigger place for your quickly expanding family.
With so many aspects to consider, it can be a stressful time. But there are certain things you can do to make everything move along smoothly. It all comes down to research and what you need to look into to make sure you get the best possible home for you.
One of the most important things to consider carefully when buying a new home is the area you want to live in. Location is often the deciding factor when weighing up a couple of options, so it’s a good idea to narrow down the areas you can see yourself living in before you start your home search.
The right location for you will depend on your circumstances. For example, you probably won’t want to be in a city center high-rise if you have two kids and a dog. But a four-bedroom house in the suburbs likely won’t appeal if you’re single and prioritize your social life.
So think about what you need – and what you’re likely to need in a few years from now – and shortlist your locations based on that.
Going into viewings and open houses with a mortgage already agreed in principle will give you an advantage. If you’re in competition with another buyer who hasn’t got as far as you, who is the seller likely to pick?
There’s less chance of your offer falling through on the basis of mortgage problems if you’ve already been offered one. This means you’ll come across as a serious buyer with a likely deal already approved.
Different mortgage providers offer different rates, so some could end up costing you more in the long run. It could be worth working with a broker to ensure you’re looking at the best deals on the market. After all, this will likely be the biggest financial commitment you’ll make in your life – you want to get it right.
After you’ve got a mortgage offer, you’ll want to make sure you’re getting the house for the best possible price. If you have some funds leftover in your budget after agreeing to a purchase price, you can put it towards any necessary renovations, decorating or furniture.
According to some, buying a house is all about the negotiation. You’ll be trying to get it for the lowest amount possible while the seller wants the highest. If you’re expecting to meet somewhere in the middle, it can help to know what this figure is likely to be.
Check out what similar properties in the local area have sold for in the recent past. If you know this, you’ll know what a good deal is during negotiations.
Getting the right house at the right price is all about research and knowing exactly what you’re looking for. It’s important to remember not to be afraid to ask for help during the process. Realtors, mortgage brokers and property lawyers are all highly familiar with the market and can help you work out what your best course of action is.
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