Buying a property for the first time whether it be for commercial or residential purposes can be exciting. You’ll be climbing onto the property ladder meaning you have an asset that you can call your own. With that being said, before your deal is signed, sealed and delivered, there are several steps that you have to take. Many include house hunting, research — to avoid making major mistakes — and also drawing up paperwork. With that being said, below you’re going to find a few useful tips for buying your first property that should make the process easier.
Be Aware of All Costs
When you’re thinking about buying your first property, one of the first considerations to make is the cost. Buying a house that is out of your budget won’t be possible if you’re going down the mortgage route and need a bank loan. Beyond the mortgage cost, think about all other associated fees as well. Below are some you should include when budgeting for your property.
- Stamp Duty: One fee that you’re going to have to consider when buying your first property is stamp duty. If you haven’t heard of it before, it’s essentially land tax that is paid in England and Northern Ireland when you buy land or property over a certain price. How much you’ll pay is heavily dependent on whether you’ll be buying a residential or non-residential home.
- Valuation Fee: Another fee that you’re going to have to consider is the valuation fee. This is when the mortgage lender assesses the value of the property in order to see how much they’re willing to lend you. The cost is usually dependent on the property’s value, and not all lenders charge.
- Surveyors Fee: Before you go ahead to buy a property, you should have it looked at by a surveyor. They will help you identify any major issues with the property before you go ahead to buy. In terms of how much a surveyor’s fee is, they could charge anything from £250 upwards depending on the property.
Hire a Good Solicitor
When you’re buying a property, you want a good lawyer at hand. This is because you’ll have many legal matters to deal with, and you will want it done in the best way possible. They can help handle the legal aspect of your property transaction. To avoid making mistakes that could cost you financially, look for a reputable solicitor whom you can trust to help you successfully purchase your property. You’ll especially need to look for a settlement agreement solicitor if you’re a foreign national or expatriate UK citizen.
Consider Maintenance Costs
Once you’ve bought a home, you should also think about what it costs to maintain it. Planning ahead will avoid you ending up in financial ditches and debt. Below are two common maintenance costs worth considering.
Plumbing: Every now and again, every property faces plumbing issues. You should, therefore, put aside money to fix such challenges when they arise. Common ones that may pop up are replacing toilet fill valves, fixing gutters, or repairing leaky faucets.
Electricity: Next to plumbing, electricity is another common aspect of the home that should be maintained in a property. For safety reasons, it should be checked by a professional to ensure there are no hazards. More practically you may need to replace a light switch or dead outlets.