Purchasing a property is likely to be one of the most expensive things you will ever buy. The expense coupled with the added emotion if you are buying a house to be your new home can be daunting so it is important to make the right choices and decisions for you before putting an offer in on a house.
We have seen buyers make big compromises on things like area, proximity to transport links and schools because they have been dazzled by the brochure pictures of a new kitchen or conservatory; often decisions they later regret. We would recommend that you have a list of “must haves” and a list of acceptable compromises to help keep you focused and lead you to an informed decision.
Above all, you should consider how much you can afford to spend, taking into account the deposit, ongoing mortgage payments, survey fees, stamp duty, legal fees and other costs of the sale. You may also want to budget for purchasing any fittings and contents from the seller such as curtains or white goods, and any future works you might want to do to the property such as replacement carpets and decorating.
Linked to this, you should take financial advice on which mortgage product is right for you, consider whether there are any penalties or limits on making withdrawals from savings accounts; and if you are selling your current property, consider what the estimated sale proceeds from that will be after paying off any existing mortgage, paying estate agents and legal fees.
When you have made your decision and your offer is accepted, we would be more than happy to assist you with the purchase going forward.
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