Looking to Buy a House? Top Tips For Home Buyers
If you’ve bought a property before, you’ll know that the process of buying a new house can be both exciting and overwhelming. By now, you should already know what costs are associated with buying a home however, every purchase comes with its own challenges. Understanding the process of buying a home can help alleviate some of the stress and better prepare you for hurtles along the way.
Here are our top tips on buying a house. If you’re a first-time buyer, you can check out our tips for first-time buyers.
Understand the cost of buying a house
Buying a house requires more than just a deposit. There are other costs that some may overlook when searching for a new home such as Stamp Duty, mortgage broker fees, mortgage survey, conveyancing solicitor fees, and removal costs. If you’re a first-time buyer, you may also need to keep some money aside for furniture and decorations.
Set a budget and stick to it
You may be tempted to search for houses you most desire rather than what you can actually afford. This will only make your house search more stressful and you may end up over-stretching your budget. There are online calculators you can use to figure out how much you can afford and what your monthly mortgage payments will be. When searching for new houses online, only search for houses within your budget to avoid any disappointments down the line.
Apply for an Agreement in Principle (AIP)
Once you’ve calculated all the costs and figured out how much you can comfortably afford, you should look into applying for an Agreement in Principle, also known as a a Decision in Principle or a Mortgage in Principle. An AIP is a written estimate from a mortgage lender that indicates how much you can borrow. This will also be attractive to vendors and estate agents as it indicates your seriousness to buy.
Sell your house before you buy
If you need to use the proceeds from your current home to fund your next purchase, you should look into selling your house first before you start looking for a a new one to buy. The selling process itself can be lengthy and chains can be complicated.
Research your chosen area and neighbourhood
If you already live in the neighbourhood you want to buy in then you’re familiar with the ins and outs of the neighbourhood. However, if you’re looking to move to a new area, you should do a bit of research before buying. You can visit the neighbourhood during the day and night, to evaluate noise level, talk to the locals, research schools if you have children, research crime rates and consider transport links if you need to commute for work. This will give you a good idea of the overall area before you commit to it.
Final thoughts
Every house purchase comes with its own challenges, but having a general understanding of the buying process and being able to manage your expectations can help you along the way. You can better prepare yourself by calculating all costs in advance and knowing how much you can afford. If you need to sell your house before you buy a new one, get in touch with local estate agents and request a valuation and ensure you leave plenty of time to sell your property.
If you need to sell your house in Liverpool, contact Lavelle Estates for a FREE, NO OBLIGATION valuation today.
We can also assist you with your search for your dream home. Call us at 0151 372 2033 or use the search tool on our website to search for your next home.
