The Top Five Things to Think About When Buying A House

Buying a house can feel daunting, with so much to think about and to do. We are here to help make it easier for you. Here are our five top things to think about to help you get off on the right foot from the start.

Buying a house can feel daunting, with so much to think about and to do. We are here to help make it easier for you. Here are our five top things to think about to help you get off on the right foot from the start.

What Can I Afford?

The most important thing to understand as soon as possible is what you can afford to borrow and how much your mortgage repayments are likely to be. This will help narrow down your choices when looking at houses, and give you the confidence that when you find your dream home you’ll be able to afford it. The world of mortgages can feel confusing and a bit overwhelming, but we are here to help. Whether you are just thinking about moving or have already started looking, an easy first step is to have an informal chat with our mortgage team either on the phone or face to face. They will give you free impartial advice with no obligation or strings attached. Then if you do decide to embark on your house buying journey, getting a Mortgage Agreement in Principal is a great early step to show sellers that they should take you seriously.

When it comes to affordability our advice is always to be realistic and open. Be realistic about what you can comfortably afford each month and the size of mortgage you can take on; and be open about all your outgoings and other expenses. Also don’t forget to budget for the other costs which come with a house move – searches and surveys, legal costs, stamp duty, and moving costs. When it comes to mortgages, lenders will ask lots of questions, and while it can sometimes feel a bit intrusive all they are doing is trying to make sure you don’t overcommit. After all they and we all want the same thing – to find the home which is your happy place for years to come, a home which fits your lifestyle, your family and your budget.

Energy Efficiency

We all want to save money on our fuel bills and help save the planet. When looking for your next home it’s more important than ever to understand how energy efficient it is. Every home must have an Energy Performance Certificate (EPC) when it is sold, with every property graded between A and G – A being the most efficient.

The most common rating is D, which makes the EPC less helpful than you may imagine, and a rating alone won’t tell you everything you need to know. When you view a property we suggest looking out for some obvious things – are the windows fitted with good quality double glazing, are the doors and windows draught free, is the roof in good condition, are there solar panels already fitted? Also ask the owner about the insulation in the roof and walls, and even how much their bills are each month.

Extra Monthly Costs

As well as your energy bills it’s worth checking out any extra monthly or annual outgoings which come with a property. Find out what the council tax bill is; are there parking charges; is there any ground rent to pay if the property is leasehold; do you have to pay a service charge, perhaps for the upkeep of communal areas such as green spaces or shared services? These are all things you should ask about when viewing a property. Sellers are obliged to be honest, and knowing the answers gives you a true picture of what you are committing to. After all, no one likes surprises when it comes to bills.

How long the property has been on the market?

Don’t be afraid to ask how long a property has been on the market, and if it’s been a while then ask why. Don’t assume the worst, as there may be some perfectly valid reasons. But at the same time if a property hasn’t sold for quite a while then make sure you understand why. It may be that the seller has priced it too high; it might be because it needs work; or it may be any number of other reasons. Whatever it is you need to know before deciding if it’s the right property at the right price for you.

Why are they selling?

Finally, it’s always a good idea to ask the seller why they want to sell the property. You’ll be surprised how much you can learn from the answer to such a simple question, and not just about the property. It might be that the seller needs to move quickly because they have to move for work; it might be because their family circumstances have changed; whatever it is you are always better off knowing.

Always Ask!

Above all never avoid asking questions when you are buying a house. Buying a house is not only the biggest investment you are ever likely to make, it is also something which you will (quite literally) have to live with (and in) every day of your life. Our advice would be that if you ever leave a viewing with questions unanswered then you’ve not done yourself justice! And asking lots of questions will only show the seller that you are serious, so don’t be worried that you may offend them by asking.

How Heywoods can help you

Established in 1881, and based in the local area for many years, Heywoods have a wealth of experience and local knowledge in the Newcastle-under-Lyme area and throughout North Staffordshire, South Cheshire, Shropshire, and beyond.

We understand the property market inside and out, and if you’re looking to buy a house, our friendly team are here to support you with our expertise and exceptional customer service. We will help you to understand the local market and give you honest and straightforward advice. And we have our own inhouse mortgage broker and financial services experts to help achieve the right deal for you. Get in touch today!