Crosswords0 min ago
first time buyers
we are about to embark on the scary road to buying a flat for the very first time. ive tried to read up as much as possible so as not to be totally clueless, but it would be great if anyone has any hints or advice for us. thanks very much : )
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Congratulations Loulou, good luck in your new home - this is an exciting time...
You ask a broad question, and I dont know if you have already chosen your property, but my advice to you as you start is:
1. location location location is absolutely true. Think about the person that will buy your flat after you - will you be able to re-sell it quickly? Dont buy the best flat on the block or the best house on the street. Have a GOOD look at your neighbours and walk teh streets or sit in your car at night if you dont know the area.
2. choosing the right mortagage is a bit complicated but there are loads of choices. Personally I think interest rates will be going up so if you are borrowing up to the hilt get a fixed rate. Regardless, get a mortgage that you can cope with in bad times as well as good. Draw up a monthly budget now including council tax, utilities etc so you know how much you can afford.
3. DONT USE CREDIT CARDS to kit out your new place. It will cost you an arm and a leg in interest and there is something fun about saving up for things, especially in your first place. I bought one piece of cutlery a week for I dont know how long before I got married. Beg, borrow (dont steal :-) )
4. Dont be afraid to take your Dad, or someone handy round with you on a second viewing. Nothing wrong with this, and he may spot flaws that a surveyor wont pick up. Dont rely on the surveyor to pick everything up, they dont even move furniture.
5. You say 'us'. make sure it is clear who is buying and make sure that matches up with a) who is paying and b) who is on the deeds
6. Are you thinking of starting a family soon? If so its all more complicated Im afraid! Will you have enough room and is it in a good school catchment area?
7. make a list of what you want and how important each item is
Have fun, search and search and search, and dont be afraid to bide your time until you fall in love
You ask a broad question, and I dont know if you have already chosen your property, but my advice to you as you start is:
1. location location location is absolutely true. Think about the person that will buy your flat after you - will you be able to re-sell it quickly? Dont buy the best flat on the block or the best house on the street. Have a GOOD look at your neighbours and walk teh streets or sit in your car at night if you dont know the area.
2. choosing the right mortagage is a bit complicated but there are loads of choices. Personally I think interest rates will be going up so if you are borrowing up to the hilt get a fixed rate. Regardless, get a mortgage that you can cope with in bad times as well as good. Draw up a monthly budget now including council tax, utilities etc so you know how much you can afford.
3. DONT USE CREDIT CARDS to kit out your new place. It will cost you an arm and a leg in interest and there is something fun about saving up for things, especially in your first place. I bought one piece of cutlery a week for I dont know how long before I got married. Beg, borrow (dont steal :-) )
4. Dont be afraid to take your Dad, or someone handy round with you on a second viewing. Nothing wrong with this, and he may spot flaws that a surveyor wont pick up. Dont rely on the surveyor to pick everything up, they dont even move furniture.
5. You say 'us'. make sure it is clear who is buying and make sure that matches up with a) who is paying and b) who is on the deeds
6. Are you thinking of starting a family soon? If so its all more complicated Im afraid! Will you have enough room and is it in a good school catchment area?
7. make a list of what you want and how important each item is
Have fun, search and search and search, and dont be afraid to bide your time until you fall in love
Just to add to Bev2007. Assuming that you are buying with a mortgage it is essential that this is set in concrete first(this will also be in conjunction with your deposit). There is nothing worse for a seller to agree to a sale only to find out that the purchasers don't have it sorted. It isn't good enough to have a promise - get it in writing from your chosen BS.
You will also need to allow for other expenses for purchase such as stamp duty(if applicable)searches and solicitor fees. Have a solicitor already lined up to act for you. Don't forget to allow for community taxes such as management fees and insurance. Make sure that any lease has a lot of years to run(like 75 minimum).
Is local parking an issue or does your prospective flat back onto a pub( like mine did) etc!!!.
You will also need to allow for other expenses for purchase such as stamp duty(if applicable)searches and solicitor fees. Have a solicitor already lined up to act for you. Don't forget to allow for community taxes such as management fees and insurance. Make sure that any lease has a lot of years to run(like 75 minimum).
Is local parking an issue or does your prospective flat back onto a pub( like mine did) etc!!!.
Get the best survey for the house usually this is the more expensive but it will be worth it. We got the cheapest one as we were short of money buying a house and all!!! BIG MISTAKE!
A month after we moved in the central heating went bang so we had a lovely cold christmas and couldnt afford to a new system for 18 months. They more expensive survey would have found this and we could have negotiated with the owners for a cheaper price.
Hope this helps
A month after we moved in the central heating went bang so we had a lovely cold christmas and couldnt afford to a new system for 18 months. They more expensive survey would have found this and we could have negotiated with the owners for a cheaper price.
Hope this helps
good luck with the falt hunting, everyone has posted really good advice ill just add couple of things;
cant stress enough how important a detailed survey is, we did the cheap 'mortgage valuation' and wish we had done a detailed survey as if we had a done we wouldnt of bought this house or would of got it for what it was worth!
make sure you have a list of the things you want from a property and stick to it, depending on your budget you may have to compromise on garden/parking etc..
we got a 'together' mortgage with northern rock which included all the fees we had to pay which was added to the mortgage so we dint have ahuge sum to save before we could get on the property ladder. make sure you have a mortgage decision in principle for the amount you can borrow, as there is nothing worse in seeing a property you like and someone else nabs it cos they have the money agreed by their mortgage lender. doesnt have to be for the exact figure you ant to borrow it goes on the limit you can borrow, how much you can afford to pay each month.
look online to see what flats are out there to get an idea of what to expect for your money cos believe me people put their houses on the market expecting for much more than the same house down the road. a good website is www.rightmove.co.uk
goodluck
cant stress enough how important a detailed survey is, we did the cheap 'mortgage valuation' and wish we had done a detailed survey as if we had a done we wouldnt of bought this house or would of got it for what it was worth!
make sure you have a list of the things you want from a property and stick to it, depending on your budget you may have to compromise on garden/parking etc..
we got a 'together' mortgage with northern rock which included all the fees we had to pay which was added to the mortgage so we dint have ahuge sum to save before we could get on the property ladder. make sure you have a mortgage decision in principle for the amount you can borrow, as there is nothing worse in seeing a property you like and someone else nabs it cos they have the money agreed by their mortgage lender. doesnt have to be for the exact figure you ant to borrow it goes on the limit you can borrow, how much you can afford to pay each month.
look online to see what flats are out there to get an idea of what to expect for your money cos believe me people put their houses on the market expecting for much more than the same house down the road. a good website is www.rightmove.co.uk
goodluck
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