Although it might seem like a straightforward process, buying a house can have several complications. For those that are buying their first home, they might not be aware of the potential problems they might face.
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Whatever happens, it should be a positive experience.
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So, if you’re someone in that position, then make sure you know about these 5 things.
5 Things You Need to Know When Buying a House 2020 UK
For most first-time buyers, a mortgage will be necessary in order to afford the house itself. There are many different types of mortgage available though, with varying rates and rules around who can qualify for the loan. There is the option of meeting with a mortgage broker as they will advise you on what is best for your situation. Alternatively, there are several comparison sites online you can use. However, it might be best to sit down with someone who has more knowledge of how mortgages work if you haven’t applied for one before.
This is something you need to think about if you’re are purchasing a flat rather than a house. Even though you own that flat, you don’t own the entire building; therefore, you will be required to pay additional charges. These will go towards general maintenance of the building your flat is located in. A flat might be ideal for first-time buyers, although these additional charges can be costly, making these properties more expensive in the long run.
3. Stamp Duty
Stamp Duty is a tax that you will be required to pay as the purchaser of a property. This is applicable when a residential property is worth £125,000 or higher. It’s important to understand how this works before you purchase a house as this can incur high costs; therefore, you need to budget for it. With differing rules around Stamp Duty depending on the circumstances, it would be useful to use a stamp duty guide or get your solicitor to explain it to you more thoroughly.
It’s easy to become distracted by the price of a property. You might see a big house on the market and be amazed at how low the price tag is on it. Although it is tempting to jump on this seemingly great opportunity, take a minute to do some research on the area it’s in. The location of a property will have an effect on its price. The last thing you want is to have a big house, but be living somewhere that is perhaps unsafe.
5. Structural Condition
Always get a surveyor out to give the property a thorough check. They will be able to determine if there are any serious structural problems with the property, as well as being able to let you know how much this will cost to repair. With this information, you might be able to negotiate the final selling price to make up for these costs.
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Keep these things in mind when it comes to buying a house — whether it’s for the first time or not.