As one of the biggest purchases you will ever make, perhaps even the biggest…buying a property is hugely important, and you need to think about it carefully. This is the kind of decision that you really don’t want to rush, and no matter what property you are thinking of buying, you need to ensure that you take it slow and that you know exactly what you are doing. There is only a limited amount you can prepare, of course, but you absolutely must, and it is worth knowing how to do that. In this post, we are going to look at four of the main questions that you should be asking before you buy that property. Let’s see what they are.
Are Your Finances In Order?
As such a large and important purchase, you really need to make sure that your finances are in the best possible state. If you have come this far into the process, you will know that being financially stable doesn’t just mean that you have enough in the bank for the deposit. The truth is, you need the cleanest financial record possible before you try to buy a property. This means that you have a decent credit rating, no outstanding loans or debts, you’re not tied up to any huge ongoing payments, and you earn enough to be able to pay off the mortgage. If you are not in the right position financially, it’s likely you won’t get far.
Have You Considered All The Costs?
Part of the reason you need to be confident with your financial position is that there are so many underlying or hidden costs which you might not have noticed or considered, and yet they can add up to quite a significant amount. It is important to know what these amount to before you begin the process, so that you are not suffering as a result of ignorance further down the line. There is the mortgage, obviously enough, but there are also costs such as insurance, tax and stamp duty to consider. Using a mortgage calculator with insurance included is likely to be a wise move, as you need to be as clued up as possible on what you will actually need to pay.
What Does The Market Look Like?
Probably one of the most common mistakes that people make, particularly first-time buyers, is assuming that they are buying a house in a bubble. The truth is, you are operating within a market, and markets by their very nature fluctuate continually in often unpredictable ways. Before signing your name anywhere or handing over any money, you need to make sure that you are looking at the market closely. This is the only way you can be sure that you are buying a property at the right time.
How Long Will You Be There?
Finally, remember that such a purchase as this is much more valuable if you know you will be living there for a decent amount of time. It doesn’t have to be your whole life, of course, but it should be a decent stretch of time.
Milo Senalle
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