Buying a home for the first time can be a daunting prospect.
A loan that one or more persons receive in order to buy a house or other residential property in which they will live. The loan is secured by a lien on the property; the borrowers
repay it over a specified period of time. The interest on a residential mortgage is tax deductible under most circumstances.
There’s so many things to think about – and that’s before you’ve even considered the many mortgage products, rates and lenders to choose from.
To help you reduce the stress, some important tips are as below:
- Budget accurately: Be realistic about how much you can afford to spend on a house, and ensure the intended mortgage is affordable. Don’t forget to allow for furnishings, and remember older properties may require extensive work, such as re-flooring, tiling or renewing the wiring. Make sure you budget for these likely expenses in addition to the purchase price, along with other fees such as conveyancing and stamp duty.
- Remember the bills: If you have been used to living at home with your parents, remember to budget for expenses such as council tax, gas and electricity bills, boiler servicing, and other home repairs.
- Consider Council Tax
- Look at the local area: Even if you do not have children, remember that property in the catchment area of good local schools will always be much easier to sell on. Also, write down a list of local amenities which are important to you). Before making any final decision about where to move to, take a stroll or bike ride around the local area.
- Speak to your motor insurer: If you have a car, your insurance premium may increase if you move to an area with a higher crime rate, or are trading off-street parking for on-street parking.
- Check transport links
- Think about commuting time more questions? – Contact us and we will give you prudent advice. Our initial meeting or phone consultation is normally free of charge.
For more information please contact us on 0207 993 4684, alternatively 0207 993 4725