Are you making the move to purchase your first home? Understandably you want to do some research beforehand to make sure you’re asking the right questions, looking for the right assets and understanding all you need to understand to make the whole transaction go as smoothly as possible. Handily, Team CS have compiled a list of 5 things to consider when you’re purchasing your first home.
- Are you entitled to any help as a first time buyer? You could get help from the government with a ‘Help to Buy’ ISA (up to £3,000). There are certain things you need to do to qualify for the extra boost, but they’re pretty straight forward (link in the resources section at the bottom of the article).
- Credit scores. If you’re looking for the perfect mortgage, you’ll want to make sure you have a firm grip on your credit record. Small mistakes on your credit report can cause rejection from a lender. So make sure all the information provided is correct. Simple things like incorrect addresses and active credit accounts can easily work against you. It’s always good to be proactive about these things so as to avoid them coming back to haunt you.
- Additional costs. Consider things like council tax band (don’t be afraid to challenge this), any work needing to be done (get quotes beforehand!), legal fees etc… they add up and you don’t want to be caught short! It’s unnecessary stress that can easily be avoided if accounted for properly. It is wise to have a contingency fund where possible.
- Investigate the neighbourhood. You want to feel comfortable in your new surroundings. Take a look for things like graffiti, parks, police crime rates and such. All things that could potentially change your outlook on the property. Better before than after! (link in the resources section at the bottom of the article).
- Consider the potential of a resale. Now we’re not getting ahead of ourselves and saying you won’t have a wonderfully long, happy tenure in your new home, but in the event that you fancy a change, it’s good to plan ahead and have insight.
So there you have it, just 5 things to consider in an otherwise endless list.
Look out for upcoming blogs with even more tips for buyers as well as tips for those selling their property!
(Purchased a house yourself? Let us know your tips and we may include them in future articles)
Resources:
Help To Buy ISA: https://goo.gl/HXwSGn
Type in the postcode of the property and find every crime reported within the area, as well as the nature of the crime: https://www.police.uk/