Real Estate 74
21 Aug

Owning a house is perhaps one of your lifetime goals. It can equally become your worst nightmare if you make mistakes in purchasing a house for you and your family. Indeed, the first decision to make in buying a house is whether you really need to purchase that house. The decision to buy a house is determined by several basic factors like the cost of the house, surveyors/solicitors fees and any other hidden price entitled to the house. Below are great tips on buying a new house.

Look for a house that is affordableReal Estate

The price of a house is not static and varies with time and the location of the house. A decision to buy a house hence also entails proper monitoring and predictions of fluctuations in mortgages. For instance, house prices have consistently increased more rapidly in Britain than in other equally developed countries. Nevertheless, a buyer should not be lured into a mad rush purchase of a house in Britain driven by a “now-or-never” kind of mentality. Only, a couple of people forecast on the 2007 financial meltdown that abruptly halted the house-price boom. Likewise, no one actually knows what will transpire in Britain’s economic future and hence its important to focus on the long-term financial implication of purchasing a house rather than plunge into a financial mess under the desperate rush to join the landlord class.

Choose the right mortgage

Real Estate 46The majority of people purchase their house through a mortgage arrangement. Before opting for a particular mortgage arrangement, it is paramount to initially get your figures right on the financial sacrifices to be endured under a particular mortgage arrangement scheme. Further, despite the attractiveness of government’s subsidized 5% deposit size for the mortgage, some of such deposits are charged premium interests. An ideal deposit size for a mortgage is hence recommended at 25% for a decent interest rates charges.

Get a professional contract lawyer

Besides pondering on the financial intricacies of purchasing a house, it’s also important to consider the legal proceedings involved in buying a house. It’s, therefore, advisable to get yourself a competent contract lawyer to decipher and explain to you the finely printed legal jargon contained in the purchase agreement. Signing a purchase agreement without proper legal representation may bind you to incomprehensible terms, which are not re-negotiable. You might end up with a mortgage loan bill around your neck if overlook legal advice while signing a house purchase agreement.

Inspect the House

Before signing the purchase agreement, it’s also advisable to have the Real Estate 74house inspected at least twice before occupancy. The initial pre-delivery inspection does not necessarily require the accompaniment of a professional inspector. However, it is advisable to drag your friend along who has some basic knowledge on construction issues to help you in taking down deficiency issues that are the obligation of the builder. The second walk-through inspection prior to the warranty expiry date requires the accompaniment of a professionally qualified inspector. If the house is okay, then you are ready to go ahead and sign the purchase agreement and enjoy your new house.

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