Buying a home can be a daunting experience, especially if you are a first-time buyer. There are lots of costs involved so you need to save more than the deposit because for a while it will seem that all you are doing is paying out money. You need to keep control of those expenses so that they cost you as little as possible.
Check Out The Deals
The first thing you need to do is check out the mortgage deals on offer. The easiest way to do this is to look at comparison sites for mortgages, like this site, as they will all be on one page so will be easier to see the best deals. Take your time and really ensure that you get the best price.
Some mortgage companies charge a fee just for processing your application, but that will show on the mortgage comparison sites. Also, beware of how much they say they will give you a mortgage for. Just because a company says they will give you a £150,000 mortgage does not mean that you could comfortably afford it.
Go Out Of Town For Solicitors
Solicitors with posh offices in city centres have to charge more to cover their higher overheads. Look for solicitors that are out of town instead and chances are you will save money while getting the same level of service. You may find specialist conveyancing solicitors in your locality, and they will cost you a lot less than one of the larger companies.
There are four main types of surveys to choose from:
- A valuation which is usually about £250
- A RICS Condition Report at about the same price
- A Homebuyer Report will cost you in the region of £500
- A Structural Survey will be around £750
Each one is more detailed than the one mentioned before it and really it depends on the type of property and its age as to which one you need. If the house you are buying is just a few years old the valuation is probably enough. However, if the house you are considering is more than 100 years old, the mortgage lender may insist on a full structural survey.
That should not be a problem if it is the home of your dreams, but you need to be aware that you may have to lay out this extra money.
Otherwise, look at newer properties to keep your survey costs down.
Complete As Quickly As You Can
Once you deal has been agreed you need to get it completed as quickly as you can. This is to avoid someone else making a higher offer before you have signed the dotted line. If that happens, the seller could insist on you paying more if you still want to buy their home.
Do Not Use Cowboy Removers
Once everything is signed and sealed and you are ready to move in, it can be very tempting just to find the cheapest removal firm that you can. This really can be a false economy because often if you use a man with a van, for example, your goods are not insured if anything gets damaged. Use a reputable company that is a member of the British Association of Removers, and you are guaranteed that your goods will be safe, and it not they will be insured.
Good luck with your new home!