Five things to consider when buying a property
There are no doubt hundreds of things to look out for when you are considering a purchase of a new home. Many family and friends will give you advice of their own experiences and you will end up being confused by it all. Do this, do that, look out for this and look out for that! At the end of the day you will know when it feels right. Listen to your gut, if you are not sure leave it alone and walk away as there will always be another property to look at. Here are some of my tips to consider in the meantime.
1. Read the Home Report carefully
Although this has been provided by the seller, the information is to assist the buyer. Don’t just skim through it, read it carefully and don’t be afraid to ask questions. The Home Report provides lots of information you just have to look for it.
2. Is the property big enough?
Think about whether the property is big enough for your needs, if there is enough storage, outside space or room to extend in the future. We must remember it’s the property you are buying and not the furniture and the belongings of the current owner. This will be removed when they move out and you may be disappointed.
3. Take your time
Make sure you spend a good amount of time in the property so you can get a feel for the place. Ask the current owner questions. Even in a fast market, go back and see the property both in daylight and in evening.
4. Are there extra costs for a factor?
If you are purchasing a new home or modern property, find out if there is a factor for the building. If so what are the monthly charges and what does it cover? Is block building insurance included in the monthly charge? This can sometimes be costly so better to find out beforehand and take this into consideration when sorting out your monthly budget.
5. Find a good solicitor
Get a good solicitor on board who will take your hand through the process and make sure funding is in place from your lender as there is no point building up your hopes only to be let down later down the line with funding.