Buying a house is an exciting and nerve-wracking time. House prices have increased by 7.6% in the last year because of the pandemic. If you are considering buying a home, make sure you can afford to move before signing any contracts. Buyers often underestimate the unforeseen costs that come with buying a property. Do your research, look at your finances and make the right decision for you.
Here are a few things to watch out for when buying a house.
First-time buyers are often unaware of how much is involved in buying a home and how much it costs. You need to budget for mortgage arrangement fees, valuation fees, legal fees, stamp duty, surveys, home repairs and much more. The buying process involves much more than applying for a mortgage and grabbing the house keys.
Fortunately, first-time buyers between the ages of 18 and 39 can get up to £32,000 from the Government if they open a new Lifetime ISA. For example, if you save £4,000 in one year in the ISA, the state will add a further 25% on top. The Government will provide a maximum of £32,000.
Virtual hang-outs and remote working became the new normal in 2020. However, virtual house viewings are only helpful when you want to get an initial look at the property. You should always go to visit a property in person before signing for the house.
Look out for damp, flaky plaster, watermarked walls and cracks in the ceiling. The building needs to be structurally sound, so look out for any red flags and ask a surveyor to investigate them.
Ask whether the property has underfloor heating and if not, assess how much it would cost to fit.
Buyers often overlook the amount of storage space in a property. New buildings usually lack storage, so consider buying storage units to fit into the property. You need space for your vacuum cleaner, towels, spare linen and much more.
You also need to make sure the rooms are big enough for your needs. For example, will your super king bed fit into the tiny master bedroom?
North or south facing?
The direction of your home may seem insignificant in the winter. However, it will make a massive difference in how bright and warm your home is in the summer. Use the compass on your phone to assess which way your home faces when you are viewing the property.