Your New Home Made Simple
Buying a New Home is one of the most important purchases you will ever make. To help you with making the right decision we have put together some tips for you.
Calculating how much you can afford to spend on your new house is vital and it is wise to seek a Decision in Principle certificate from your adviser, so that you know how much you can offer once you have found a suitable property. Make sure that you factor in all likely expenses, in addition to the purchase price, and other fees such as conveyancing and stamp duty.
- Make sure you know what the likely council tax charge will be in your new property. The selling agent should be able to tell you what tax band the house you are interested in buying is in, and how the charges are levied by your local authority.
- Even if you do not have children, remember that property in the catchment area of good local schools will always be much easier to sell on. However, this may also be reflected in a higher purchase price.
Always consider how your transport arrangements will change in your new house. If you have a car, your insurance premium may increase dramatically if you move from a town with relatively low crime into a city centre with higher crime rates or if you move from your parents' house with a locked garage to a smaller terraced house with on-street parking.
Consider the availability of public transport services, making sure you find out local bus routes, the frequency of train services from your nearest station, and, if you are moving a long distance, the range of flights available from your local airport. Even if you drive everywhere, this information will be useful for anyone coming to visit you who does not drive.
A mortgage is a loan secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.