- What can you afford to spend on furnishing and home improvements? Be realistic when calculating what you can afford, and remember that a newly built house will need furnishing, while older properties may need refurbishments such as flooring, tiling, re-wiring or roof repairs.
- Obtain firm quotes for professional conveyancing fees, and don’t forget stamp duty.
- Remember that utilities such as council tax, gas and electricity – as well as other unforeseen items like boiler servicing and home repairs – will all cost money. You’ll need to budget for all these items.
- Your estate agent should be able to tell you what council tax band the house you are interested in buying is in, and how the charges are levied by your local authority.
- Transport costs may differ when you’re finally in your new home. Check the availability and cost of public transport services, as well as making provision for potential car insurance increases if you’re moving to another area with a different postcode.
- If your car is insured in your parents’ name in order to reduce premiums, be prepared for these to be increased when you move into your new property and become the first named driver.
- Consider buying close to your place of work. As well as being one of the biggest household expenses, commuting can add stress, as well as having an adverse environmental impact.
- If you are planning to live reasonably close to your colleagues, you may wish to ask if there are possibilities to share your commute with them.
- As a first time buyer, there may be some details in the properties you view that might not be obvious to you. Think about taking along someone who has bought before – for example a parent or home-owning friend, when you arrange a viewing. At the very least, make sure you get some assistance once you have selected a property you like, and always arrange a second viewing.
- Regardless of whether or not you have children, properties in the catchment areas of good local schools will always be much easier to sell on.
- Consider the availability of public transport services, making sure you find out local bus routes, as well as the frequency of train services from your nearest station. Even if you drive everywhere, this information will be useful for your visitors.
- Write down a list of local amenities which are important to you. This may include shops, restaurants, pubs, sports centres, parks, and cinemas. Ensure that you familiarise yourself with the neighbourhood before committing to your purchase.
- If you need access to the Internet, check to see whether broadband or other high-speed internet is available for the property. The selling agent should be able to tell you this.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Mortgage Talk's typical fee for arranging your mortgage is £199, however depending on your circumstances, a fee of up to 1.5% of the mortgage amount may be charged.
Mortgage Talk Ltd is an appointed representative of Legal & General Partnership Services Limited which is authorised and regulated by the Financial Services Authority for advising on and arranging mortgages and insurance.