We’ve really only just begun the journey of buying our first house… Like most big (not to mention expensive) decisions, it can be really stressful if you don’t know where to start. There’s still loads of things we have to look into and plan for, but I wanted to share some of the things that have really helped us when thinking about buying a house.
Get Your Finances in Order
This is an obvious one, but there are certain things you need to consider beyond saving up for your deposit. Firstly, you may also need to save up for legal fees, surveyor’s fees, estate agent fees and stamp duty. The rules around this recently changed, so you may actually be eligible for a discount, or no tax at all.
Another thing to consider, is to watch your outgoing expenses. Not only to help you save, but also as this may impact your chances of getting a mortgage. You want to make sure your credit score is as good as can be so you can get the best rates possible. You will also need to prove you can afford your mortgage, monthly expenses and general cost of living. So be sure to keep any unnecessary spending to a minimum for up to a 6 months before you apply.
Do Your Research
There are many services that have recently come out, all with the promise to help you on your journey of buying a house. But not all of them are essential (or free). So I advise to do as much research before signing up to any services. You can also speak to someone at your bank who will be able to advise you free of charge.
On the flip side, the same goes for those selling their house. Make sure you do as much research to ensure you get the best deal for your house.
Make sure you take note of all your options. Not just on the house front, but also on the mortgage. There are a lot of online comparison tools that will help you compare and review most mortgages on the market. You should also speak to your bank and an advisor to ensure you know all your options.
When looking at houses or locations, make sure you think about commutes to work, weekend shopping and schools (for those with families or looking to start a family soon).
Take Your Time
There’s a lot of factors that can slow down the whole process, and you should never rush into a decision like this. So be sure to take your time and do your research thoroughly. You may also find yourself getting turned down, so be prepared for the chance you don’t get what you want. So yes, the process is definitely a long one. But hang in there – it will be worth the wait when you find your perfect home!
Have you recently bought a new house? Got any of your own tips to share?