3 Important Considerations for Buying a New Home
Preparing to purchase a new home can be an exhilarating yet nerve-wracking time. In the excitement of it all, it can be easy to overlook some important factors. Here are just a few of them:
- Set Money Aside for Conveyancing
Many people forget about the additional but essential legal costs of purchasing a house. Legally, you are required to hire a professional conveyancer or conveyancing solicitor to help with the settlement and title transfer process for the property. This is not only a legal obligation, it is also a protective measure to ensure both buyers are meeting the legal requirements for the transaction. If you’re searching for conveyancing solicitors in Leeds, you will need to find a firm capable of drawing up all of your legal transfer documents. They will also be able to provide legal advice on the terms and conditions of the Contract of Sale to ensure you understand everything and are not missing any important legal clauses.
- Shop Around for Your Mortgage
In the hurry to secure a new home, it can be tempting to go with the first mortgage deal you find. It’s easy to tell yourself that they’re all much of a muchness, but it simply isn’t true. A mortgage is a huge commitment, and one you’re likely to be lumbered with for a huge portion of your life, which is why it is essential that you get it right. By shopping around, you can make huge savings on your mortgage, which can really add up over the years. Many banks also offer additional extras which can be taken advantage of. If you have been a customer of a bank for many years, it is worth seeing if they offer any benefits to reward your loyalty if you take out your mortgage with them.
- Beware of Property Chains
If you’re searching to buy a new home, it’s likely that you’ve heard the horror stories about property chains. A home is likely to be one of the most important and expensive purchases of your lifetime, so it’s a horrible thing when a house sale falls through. Before agreeing to a purchase, you’re likely to have mentally moved in and envisioned your future life in the property. With close to a third of home buyers having experienced their purchases fall through due to a break in the property chain, unfortunately the possibility of a sale falling through is a very real problem for house buyers, and one that shouldn’t be ignored as a possibility. The property chain essentially refers to a linked sequence of house purchases, each of which is dependent on the other for the entire process to go through smoothly. With such complex odds at stake and with so many factors liable to disrupt the chain, it’s easy to see why this is such a prevalent problem. For this reason, you should always be mentally prepared for the worst – the safest position to take is that the deal is never done until the keys are in your hands. If you go by this mentality, you can be prepared and ease the heartache of a house purchase that has fallen through.
Buying a new home can be a troublesome time, with plenty of pitfalls along the way. Armed with this advice, you can be well on your way to a legal and well thought out house purchase.
