Things to do before you reserve a new home
Posted on July 8th, 2019When you stumble across a home that’s perfect for you, it can be oh, so tempting to rush into things and reserve it as soon as possible. However, here are all the things you need to do before you reserve a new home.
Think of the future
The home you’re interested in might be perfect for you right now. However, will it be perfect for the future that you want for yourself? Imagine where you’d like to be in 5 or 10 years’ time, and buy a home for that version of you. After all, you never know what the future may bring. The least you can do is prepare for any unexpected lifestyle changes like pets or babies.
Find out how much you can borrow
Imagine putting in an offer on a home, only to find out at a later date that absolutely nobody will let you take out a mortgage for the amount that you need. Fix this issue from the start and book an affordability assessment with your bank. You’ll need to provide some proof of your financial status during the assessment, but after that, you’ll know exactly how much your bank will allow you to borrow on a mortgage loan. This pre-agreed amount is called a mortgage in principle.
Compare similar properties in the area
We know that you’ll likely be shopping around, but when we say compare similar properties, we mean really compare them. For example, what square footage do their offer for the price? What is the quality of the appliances like? Are there any incentives to buy? What about the developer’s reputation? These are all great things to bear in mind when house hunting.
Read up on the fees
If you’re a first-time buyer, then you might be surprised to find out that there are a lot more fees to think about than just the deposit. For example, there are solicitors’ fees, conveyancing fees, stamp duties (unless exempt), reservation fees, potential maintenance fees or ground rents… You may think you have enough to cover everything, but you might actually need a little more than that. It’s always better to check beforehand.
Looking for a brand new home?
Now that you know what to do before you reserve a home, why not take a look at our range of high-quality new builds? We have developments in a number of stunning locations and we’re sure to have a home that suits your needs.
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