Thinking about buying your new house is exciting. Planning that next move to a property that represents a new fresh start is what dreams are made of, isn’t it? There are always things that need to be thought out first though. Read our steps and tips for buying your next house to check that your dreams are realistic.
Determine what you can afford
When planning your move, you really need to think about what you can realistically afford. There is no point scoring your dream house only to find yourself struggling financially just to stay in it. No´, that’s not really ideal.
Try using an affordability calculator to see what your top price range is before you start property hunting, it will help you be more realistic about the properties that you should explore further.
Research grants and other funding for first-time home buyers
Good news is that you could increase what you can afford by looking for grants or financial help for either first-time buyers or those looking to take their next step on the property ladder.
Shared ownership, which involves you buying a percentage of a property whilst a housing association looks after the remaining percentage on your behalf could be an option. Read our post on what to expect from shared ownership and see if it could be for you.
Get pre-approved for a home loan
Getting approved for a loan before you start your search for a new home helps to not only keep you grounded when it comes to your financial limits but it also makes the search that much easier. Many estate agents, for instance, will only show those they deem to be serious potential buyers around a property. They usually look for evidence that they have a mortgage agreed to determine their authenticity. Why not head to a great mortgage broker and see if they can agree on a loan for you?
Improve your credit score
Improving your credit score will undoubtedly help you when it comes to putting your plans into action and affording the best house that you can possibly get your hands on to meet your needs. Those with good credit scores are usually offered the best mortgage rates because the lender can trust them more with their money.
Lower interest rates could help push up the maximum amount that you could borrow and still afford to pay back. It could be the difference between the dream house and the next best alternative. You can find tips for improving your credit score online.
Hire a home inspector
It is so easy to get carried away when you have found a property that you love. Always remember to take a step back and really think things through. Hire a home inspector to help you determine if the purchase is a wise one and really listen to them. You really don’t want to purchase a house that will have problems creep up on you later on. Sometimes, you just have to remove your heart from the situation and really think with your head.