If you have ever purchased a property in the past, you know that it is a mixture of both excitement and overwhelming. You will remember the costs involved with buying a new home, but every home purchase comes with its unique challenges.
To better understand those looking to buy property in Stockport, the process can help alleviate some of the stress and better prepare yourself for those unforeseen hurdles to jump over. Here are some tips for homebuyers that are seeking buying property advice, especially if you are a first-time buyer.
Understand the Cost
Many people may not fully understand that buying a house requires a lot more than simply paying a deposit. There are plenty of costs that are easy to initially overlook such as stamp duty, mortgage broker fees, mortgage surveys, conveyancing solicitor fees and moving costs.
When you are a first-time buyer, you will probably need to keep a large amount of money to be able to furnish your first home and fully decorate it to your liking. This adds a lot to your costs around buying a home and is something you need to plan for.
Set Your Budget
You will no doubt search for homes you desire over ones you can afford, which will add a lot of stress to your house search and can lead to over-stretching your budget.
There are online calculators available where you can figure out how much you can realistically afford and what your monthly mortgage payments will be. When searching online for new houses, focus searches on houses that stick within your budget parameters so that you avoid disappointments as you go down the line.
Agreement in Principle (AIP)
Once all of the costs have been calculated and the amount you can afford has been figured out, you could look into applying for an Agreement in Principle, also known as a decision or mortgage in principle.
An AIP is a written estimate from a mortgage lender indicating exactly how much you can borrow. This is an attractive measure for lenders and estate agents as it gives a clear indication that you are in the market to buy, giving you a step in preference towards them for available properties.
Sell Before You Buy
You may require the proceeds from the sale of your current home to help fund your next purchase, and if you are looking at how to sell a house and for everything to go smoothly, you will need to engage with your local estate agents Stockport. The selling process can sometimes be a lengthy affair and chains can get complicated, so it pays to have someone dedicated to helping to sell as effectively and smoothly as possible.
Tips for homebuyers – Contact the team at Joules estate agents today to help you make an informed choice in your next move.