Therefore it is important to be fully informed and prepared when starting the process of buying a home.
It is easily one of the most stressful things you will ever have to do – and it has not been made any easier by the pandemic.
Therefore, knowing the rough outline of how it works can make the experience a lot smoother.
Here Pete Mugleston, managing director of onlinemortgageadvisor.co.uk, outlines the 10 top things anyone starting the home-buying process needs to know…
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1. Avoid making big financial changes right before buying a home
When buying a home, you’ll want to keep your financials as smooth and steady as possible in the months before the purchase. You don’t want to be applying for new credit, closing accounts, changing jobs or making big purchases. These types of change can alter your debt-to-income ratio and complicate getting your mortgage approved.
2. Take time to get to know the neighbourhood
When buying a home, you’re also joining a neighbourhood, so you need to make sure you feel at home there by doing some research. Make sure to ask the estate agent everything you want to know about the area, and ensure you do plenty of online research about area stats before making any kind of offer.
3. Get your property surveyed
Once you’re sure you can borrow what you need for the mortgage, you need to make sure the property is in good condition. You are actually able to delay this until after your mortgage offer has been made, but make sure to always do it before the exchange. If any issues do arise, make sure to get quotes for any issues from a reputable builder and take into consideration whether or not you think the house is worth the cost of fixing the issues on top of the mortgage itself.
4. Buy the house you know you can afford
Once the mortgage and house purchase go through, you’re tied into a contract. You’ll have made the agreement to make monthly payments and therefore, buying a house that is at the very top of your price range isn’t always the smartest idea. You never know what will happen in the future, so make sure the monthly payments are an amount you’re always going to be able to pay, regardless of your situation.