We talk about buying a property all the time. Usually, these discussions are centred around high house prices and extortionate mortgage repayments. The conversation ends with a disheartened sigh and “one day, we will buy a house.” The property market changes every year as inflation rates soar and house inventory bottoms out. It’s extremely difficult to get on the property ladder in the current market.
However, we rarely talk about what happens when you finally can afford a house. You need to start thinking about location, layout and how on earth you will go through all the paperwork. It’s exciting to search for new homes for sale in your area – but it’s also very confusing. Here are a few things no one talks about when buying a house.
You can get a preapproved mortgage
You don’t have to find a house and then apply for a mortgage. You can get preapproved for a mortgage before you start looking for a property. You will know what you can afford and when to start looking. You don’t have to worry about getting a mortgage for your dream property – because you already have one. A pre-approved mortgage makes the entire process far less stressful.
New builds are great
The UK is known for its historic architecture. You could find a period building with original features and a stunning bay window. However, period builds often need renovations, structural improvements and a lot of love. You can skip the added expense and buy a new build instead. New builds are perfect for first-time buyers looking to get on the property ladder. You can have brand new appliances, furniture and so much more.
Look at the area
The property is only one piece of the puzzle. You need to think about the surrounding school district and neighbourhood. Look at local crime rates and whether there is a shop within walking distance for your late-night chocolate runs. You might want a community around the home or a local park for the dog to play in. Make a list of your priorities and factors you are willing to compromise on.
Don’t stop saving
Once you have found your dream home, you need to continue saving. You need to save money for emergency renovations and repairs, like a leaking tap or broken boiler. It’s expensive to own a home. You need to stay on top of the property and keep it in good condition. If you leave things to break over time, you will have to spend far more money to fix them in the future.
Buy your own property in the new year, and make it your own.
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