The process of buying a house doesn’t start when you start looking at properties; it starts weeks, if not months before. There are so many things involved when it comes to buying a house – understanding your budget, shopping for mortgages, choosing the right estate agent, choosing the best location for your new home, attending open houses and so on. If you’re looking for properties for sale in Hyde Park, or you’re looking to buy a house anywhere in the UK in 2022, here are some house buying tips from the experts!
Look at prices online to buy a house
Before you set your heart on a certain neighbourhood, try looking at prices online. Based on your budget and your ideal location, you will be able to find quite a few neighbourhoods that you like. That way, you will be able to look at potential properties without worrying about them being out of your budget! Some potential buyers start the house-hunting process without even looking at the figures – this is not the best approach. Instead, always look at the numbers beforehand so you have a fair idea of which area and neighbourhood will suit your needs and requirements.
Always get a mortgage pre-approval
Nowadays, without mortgage pre-approval, most sellers and estate agents will not even take you seriously. By getting pre-approved for a mortgage, it shows the seller that you are actually serious about buying a house and making an offer. Also, by getting a mortgage pre-approval, you will approximately know how much the bank is willing to lend you, hence giving you a fair idea of your budget. That way, you can start looking at properties that you can actually afford!
Always create a property checklist
When you walk into beautifully staged houses, you will fall in love with almost every single one of them! That is why it is very important to make a checklist before you even start looking at properties. What are some things that your new house must have? Your checklist should include all of that – the number of bedrooms, the number of bathrooms, the type of kitchen, patios and balconies, a garden or a garage, location, your preferred area and so on. That way, once you walk into a potential new home, you can start checking off things from your checklist!
Know the difference between needs and wants
Think of this as the difference between a checklist and a wishlist. You might want your new home to have a gorgeous landscaped garden, but do you really need it? You might want to live in a house with five bedrooms, but do you need more than three bedrooms? Basically, you need to figure out what the deal makers and deal breakers are. If there is something that your new house absolutely must have, something you need, but the house you are viewing doesn’t have it, that is a deal-breaker. But if it is just something that you want, and do not really need, don’t consider that to be a deal-breaker.
Patience is key
Finding a house is not like in the movies – you walk into an open house, you fall in love and you move in. In fact, finding the perfect house is actually quite the opposite. It could take weeks and weeks of attending open houses and viewing potential properties before you even find a few that you might like. For some people, this process could even take months. So, do not try to rush the process. If a deal falls through, that’s alright. Just get back out there and start again! Be patient and be flexible.
Start saving for a down payment as soon as possible
With the UK market reaching an all-time high, you can expect to pay a premium as the down payment. So, most experts recommend that you start saving for a down payment as soon as possible. While you’re at it, you can even start working on your credit score. Make sure you have no outstanding debts, pay off your credit card bills, pay utility bills on time and ensure you have no current loans. The higher your credit score, the better your chances of securing a decent mortgage.
Another benefit is that most cash house buyers can do your property inspection for you. This can save you time and money. The last benefit is that most house buying companies offer great financing options, which can help you with your down payment.