There’s a house you’ve eyeing for quite some time and now it’s finally on sale. You’ve decided to go for it and you couldn’t be more excited!
But hold on there. Before we jump the gun, there are certain things we need to be sure of. There are certain questions that you need to ask yourself before you make such a huge commitment.
Here’s what you should ask yourself:
How Is Your Financial Health?
To be able to get a mortgage loan, you will need to deposit at least 5 percent of the price of the house. Therefore, you will need to take that into account before you apply for mortgage.
Moreover, besides the mortgage cost, you will need to factor in the costs of stamp duty (if it’s your first time buying a house), surveys, and conveyancing.
Your credit score history will determine whether or not you are eligible for a mortgage loan.
How is the Neighbourhood?
Don’t go for a house just because it’s affordable. You need to be careful of your surroundings. After all, you will be living there. A house is a long-term investment and therefore, you need to choose wisely.
How is the crime rate? Does the neighbourhood have a low or high crime rate? What are the neighbours like? How long have they been living in the area? Are there any amenities nearby?
All of these questions are important to ask because you need to prioritise your safety first. Moreover, the cost of the property will depend on the type of neighbourhood it’s located in.
Are There Any Problems with the House?
Make sure you inspect the house properly before purchasing it. Is there a leak in the roof? Is there a need for plumbing? Is there a need for remodelling? Are the light fixtures working properly? Is there a big infestation?
You need to ask as many questions as possible. There’s no such thing as too many questions when it comes to purchasing property.
Do You have Better Options?
Never settle for less when you can have something better. Don’t go with the first option you come across. Make sure to weigh your options carefully. Take a few days or even a week to review each house.
Make sure to compare prices as well so that you can get a good bargain.
These are the questions to ask yourself before you purchase property. If you’re looking for an excellent mortgage broker in London, you’ve come to the right place!
We can help you find the right property at the right price. Get in touch with us to learn more about our services and get a free consultation!