It’s one of life’s most boring topics, but it is also one of the most important ones. So we need to talk about it, unfortunately! But if we get it done now, then it’s all out of the way.
Of course, I’m talking about getting a mortgage and buying a house. Sure, moving into your very own pad is very exciting. It’s just such a shame that preparing to buy a home and apply for a mortgage is such a drag. But it has to be done, unfortunately! So, what exactly do you need to know when it comes to buying a new house and getting a mortgage? Here are some of the main points!
A Deposit Is Important
You will need a deposit no matter what type of property you want to buy. In fact, a deposit is completely non-negotiable. Without one, you will find it extremely difficult to find a bank who will be willing to offer you a sizeable mortgage. So right now you need to focus on saving a nice sum of money that you can use for your deposit. Even if you aren’t quite ready to start looking for a home just yet. If you get the deposit all sorted now, you will be in a much better position when you are ready to start looking at different properties.
Each Mortgage Is Different
Don’t just dive straight in and buy the very first mortgage you find. Each bank and mortgage firm offers slightly different ones that are aimed at different types of homebuyers. And there will also be a slight difference in mortgage rates. So it is very important that you do your homework properly before you commit to one particular mortgage. Thankfully, you don’t have to do all the hard research yourself. There are lots of comparison websites which allow you to easily compare the main points of each mortgage. You can take a look at LendingTree to see what the comparison websites are like.
Know Exactly What Kind Of Property You Want
House or apartment? Terrace, detached, or semi-detached? Do you want a garden? There are a lot of things that you need to figure out before you go out and view different properties. It’s fun to imagine he different kind of house or apartment you may like, but there is also a very practical reason why you need to do this. And that is because it will give you a good idea of the kind of budget you need to set yourself for your new home. If you want, for instance, a detached house with a large garden, you should expect to set aside quite a large deposit as you will be paying a lot more than for a small apartment.
Of course, just because you want a detached house with a garden doesn’t mean you will be able to afford a detached home with a garden. Even if you can afford one, you may not be able to find the ideal one for you. So you need to be flexible in your home search. Expect that you won’t get everything on your ideal home wishlist. And you should also expect to be very flexible if you want to find a bargain!
Don’t Forget All The Other Costs
When you are buying a house, it isn’t just the house that you have to budget for. There are also some other expenses and costs that you will need to factor into your budget. For instance, there will be estate agent fees to pay. And you should also remember to get a survey done on the house to make sure there aren’t any problems with the building and its structure. This will cost you money as well. You should also bear in mind the actual price of moving homes. For example, if you need to hire movers, you are going to also have to budget for their bill. You might also have to buy quite a bit of new furniture for your new home. It is very important that you don’t forget about all these other costs that come with buying a new home. Otherwise, you might end up with a surprise invoice that could leave you well and truly in the red!
You won’t be able to escape just how boring buying a house and getting a mortgage is. But once it’s all done and out of the way, you can start to get super excited about your fantastic new home!