Buying a house is probably the most expensive purchase you will ever make. It’s not just the price of the house though. There are many other costs involved that can amount to a significant amount of money. Buyers are sometimes shocked at how much cash they have to find just to cover all the fees, and with this, on top of the cost of the house, it can all get a bit much. You need to save money wherever you can when you are buying a house.
The Right Type Of House In The Right Location
We would all like our dream house in the perfect location, but there are very few people that have the luxury of being able to afford that. You need to find the type of house you want in a location that suits you if you want to save money. The location can make a huge difference to the price. Often it is the postcode that matters and similar houses in two different streets of the same town or city can have quite a few thousand pounds difference in the asking price.
Consider as well if you really need a spare bedroom or a huge garden. These sorts of things can up the value of a house dramatically. Another way of saving money on the actual house you are buying is to find one that is not in perfect condition. If there are jobs that need doing, you may well have some bargaining power and be able to get the price reduced.
Check Out The Professionals
Legally, there is no reason why you should not deal with the house purchase yourself, but it is not advisable. You should use conveyancing solicitors as there are too many pitfalls that you need a law degree to understand. You would not want to lose the house because of a technicality, and solicitors that specialise in this type of work will have the experience you need.
You should also be talking to financial advisors to get the right advice about your mortgage. All mortgage providers will tell you theirs is the best deal, but an independent financial advisor will be able to take all your circumstances into account and find the best deal for you.
It is best not to use a financial advisor from your bank or building society, as they can only sell products related to that organisation. An independent financial advisor can look at the whole marketplace, and has a legal responsibility to give you the best advice. Quite a bit can be saved on your monthly payments with the right mortgage.
They should not charge you a fee as they earn commissions on the products they guide you towards.
Look Closely At The Surveyors Report
Any lender will insist on a surveyors report. The depth of them varies depending on the age of the house, and how closely you want them to look. For a newer house, you can usually have just a valuation report, and this will not tell you much except that they agree with the price or not. For an older house, you probably should have a closer inspection carried out, but don’t pay for more than you need.
A copy of their report is sent to you and the lender, and you need to read it carefully to make sure they have not found a problem you were not aware of.
If they do and it is a serious defect, you need to consider if you still want to buy the house, if you want the current owner to put it right or you want the price reduced to cover the cost.