Buying a new House?

question mark ask lots of questions do your research
Posted on: August 3rd, 2015

Here are 5 things that you should ask yourself before going to buy a new house…

  1. Can you afford it? Whilst we all want to get the best deal for our money, over-reaching is dangerous. Make sure that you’re fully aware of the immediate costs (valuation fee, legal fee, stamp duty, removals, repairs, new furnishings, etc) as well as other on-going property costs. Many financial institutions provide mortgage calculators so you can be sure of your deposit requirement and monthly repayments. (check out the government’s HELP TO BUY scheme) And don’t forget to factor in the utility bills when working out your day-to-day expenses.
  2. Look for obvious signs of concern. Try to maintain a certain air of detachment even if the first impressions are very exciting. Check whether there are signs of damp (peeling wallpaper, condensation in the windows or odour), check for cracks in the walls or ceilings, turn lights on and off, think about whether you are feeling particularly hot or cold or if it seems dark and ask about security installations such as locks and alarms. In this day-in-age it is also a good tip to check whether you can get a phone, 3G or WIFI signal.
  3. Ask questions. Lots of questions. You need to be thorough if you are going to make a good investment so feel free to ask if the property has had many viewings or how long it has been on the market or what the neighbours are like or whether there is lots of hot water or whether the washing machine is included in the sale or how much the electricity bills tend to be…
  4. Get a survey. Before you set your heart on the property, make sure that it is structurally sound. A building survey gives a professional appraisal of not only the structure but also all of the building’s elements such as the roof, windows, decoration, fixtures, fittings and services. Any detected areas of concern can also be negotiated from the purchase price. Click here to get a free instant survey quote.
  5. Check out the area. Your property purchase is probably the biggest investment that you will ever make. So you do need to look outside of those 4 walls. The chance of your investment’s value rising over years to come depends upon the perceived worth of the location. Take a good long walk around all surrounding parks, pubs, shopping centres, etc. And then do it again at a different time of day. And again. You can also check the school league table to see if you’re in a good catchment area – even if this isn’t of interest to you now, it may be in the future or it may be a closing factor for future rebuyers.