Buying a house anywhere in the world is a huge milestone in life and due to this one needs to be well prepared and fully informed on matters regarding the property market.
In this article, we are going to discuss some of the things you should understand before buying a house in the UK
#1. Financial implications. Though buying a house is an exciting challenge it is not a walk in the park. It comes with huge financial sacrifices. So before buying a house, it is important to ensure that you are capable of repaying the mortgage without having to downgrade your lifestyle.
#2. Future Plans. Before buying a house you should put your future plans into consideration. For instance, do you wish to have a family? If yes, how large? Do you have future relocation plans? These are some of the questions you need to ask yourself.
If you have plans of relocating in future, its cheaper to acquire a long-term tenancy other than buying a house. Consequently, if your future plans are to have a large family it is advisable to buy a bigger one from the word go other than purchasing a smaller one which will require extensions or relocation.
#3. Widen your search area. Studies have shown that houses in the northern region of the UK are cheaper than in London. So why not include these regions with cheaper houses in your search?
It is always advisable to consider whether you can afford your dream home elsewhere other than in the big cities. If you work in the city you can always lodge, there for the weekdays which is cheaper than paying a bigger mortgage.
#4. Do your own research. Check out mouseprice for houseprices in your area and then take your time to view the property that has interested you. If possible view it more than once and at different times of the day. This is to ensure that all aspects you had in mind are adequately fulfilled.
Try as much as you can to understand the neighbourhood. For instance, accessibility to social amenities such as schools, hospitals, and markets.
#5. Get a surveyor. Engage the services of an expert surveyor before settling on buying a property. An expert eye can warn you of an impending disaster which might end up saving you thousands in the long run.
#6. Its okay to negotiate. Most property prices are not fixed and real estate agents are always open to negotiate especially if the survey on the property has revealed some anomalies.
It is important to seek expert advice before buying a house since the property market is dynamic.