The Costs Of Buying A House You Don’t Think About
So, you’ve been visiting several properties, and finally, you’ve found your ideal home. Was it love at first sight? Many homeowners explain that they fell in love with their house the day they visited it. They feel attracted to the place, and they soon realised they wouldn’t be happy without it.
Of course, when you decide to buy a house, you need to make an offer the seller can’t refuse. To do this, you have to be in a position where you know exactly how much you can afford to pay, and consequently, how high your price offer can be. For first-time home buyers, the process of making an offer can be difficult. Even though you might be advised by a real estate agent, it’s fair to say that you need to start your home search journey with a mortgage estimation. In other words, before you can even visit properties, you need to know exactly how much money you can borrow. However, it would be foolish to assume that the price of the house or a flat is the only investment you are required to make when you buy your new home. If you’re new to the property market, it’s crucial that you understand the variety of the costs to come. Taking these into account will ensure that you can manage your mortgage repayments without dragging your budget in the red.
It doesn’t stop at the purchase price
There is a legal process that is associated with buying and selling a property. It is a called conveyancing and refers to the legwork of transferring the ownership of a property from one person to another. You can check the Quittance Conveyancing services to find a solicitor who can help you through the process. With the amount of money at stake, you want to ensure that both you and the seller are protected. While you can find professional conveyancers who are qualified to handle the transactions, a solicitor can provide additional support regarding house-related queries, such as lease extensions, boundary dispute or even wills. Consequently, you’ll need to also plan for the legal fees that come with this process. However, it’s helpful to know that you can choose a conveyancing service before you have made an offer on a house as this can help you to speed up the transaction and legal checks process.
You can’t move in for free
Moving to a new property comes at a cost that is too often ignored. As the Brexit vote has launched a Brexodus phenomenon that has seen several British families moving abroad before the official Brexit day, it’s fair to say that you might be considering buying a house abroad. If this is the case, you won’t have the choice but to use a professional moving company to sort your belongings out and get them safely to destination. For regional moves, most households prefer a DIY approach, using either their own vehicles or a rented small van to bring their boxes to the new house. However, while the financial appeal of doing it yourself might seem obvious at first, you are more likely to encounter issues in terms as you prepare your move. It’s not uncommon for amateur movers to break items as they lack packing practice and professional equipment. Additionally, several movers report self-injury accidents that occur as a result of carrying heavy boxes and straining their body through hard manual work with no fitness training. In short, you’ll soon find out that professional moving companies can save you a lot of troubles and money in the long term.
Renovation works reflected in your purchase price
More and more British first-time homeowners buy a property that requires renovation works because they can’t afford any other properties. As a result, when renovation works are necessary, the house price reflects these additional costs. However, many homeowners make the mistake of thinking that they can take the work into their own hands. Indeed, renovations are complex and can lead to unforeseen expenses and issues. Consequently, you need to be prepared to make it a success. The starting point of all renovation work, especially during the buying process, is to get a building report from a chartered building surveyor, which you can use to justify your price offer. You will also find that working with a building site manager can be helpful to establish a strict renovation schedule so that all necessary jobs are listed by order and room. This will avoid chaotic processes and overlapping tradespeople.
You need to decorate
When you buy a property, it takes a lot of time to make it a home. But you can speed up the process with personal decoration. Therefore, before you can consider packing, shopping and planning for the move, you need to ask yourself an important question: should you paint before or after you move in? Indeed, while painting before is ideal because you don’t need to worry about your furniture and other belongings, it can be difficult to find the right palette for your personality if you don’t live in the house. As a result, most homeowners prefer to wait until after the move to consider their decoration requirements. When you do, it’s best practice to work only in one room at a time. Ultimately, this means that you can easily store the furniture away until the paint is dry. It avoids living in boxes for months!
You need to get to know your new area
Did you know that in Britain, we spend 25% of our annual income on dining out? On average, Brits eat out 1.5 times a week and spend up to £53 per meal. When you are new to an area, you can be sure that you will be spending the first few weeks and months trying to figure out which restaurant serves the best meal and which takeaway is your favourite. From exploring your surroundings to trying out small coffees and gastropubs, most new homeowners dedicate up to 40% of their annual income in the first months to get to know their new town.
In conclusion, buying a home is an investment in the future. But it’s not an investment that stops at the cost of your house. Legal processes, renovation works, essential personal decoration, moving in, and local exploration are all part of your homeowner’s budget. These are the essential costs you need to take into account on top of your mortgage payments.
Disclosure: This is a featured post.