When we think about buying a house or apartment, it is common that we become infatuated with it. But this does not allow us to consider any inconveniences that the chosen property could have, or that we might be putting our savings at risk.
According to experienced building surveyors in Chelmsford, there are two key things to deal with when choosing a property to buy. First, you should take into account the physical state of the property. There are also the legal aspects which should be checked. These two things will allow you to know if the house of your dreams really is worthy of your investment.
Experts recommend that of your monthly gross income you use only 30% or 35% for the payment of the mortgage. This is so that you won’t neglect other basic needs or end up drowning in credit.
Here are some recommendations when thinking about buying a property:
- Identify your needs
Select a property that meets your daily needs, one that has the size and the number of rooms you need and if possible is close to your workplace.
- Make an assessment of the physical structure
If you decided to buy a used house or apartment, for example, in Essex, then ask a firm of Essex surveyors to help you verify that the house is in good structural condition. If you do not, you could end up paying a much higher cost at a later date!
- The location
If you are going to invest in a property, look for the amenities or services that you require, such as, education, health, commerce, security, transportation, and recreation, etc. Avoid high-risk areas, for example, the property is under high voltage lines, close to fuel tanks, underground pipelines, near a ravine, or in a high flood risk area.
- Verify the deeds
Examining the property deeds is the only way in which you will have the legal certainty about the rightful ownership, and right to sell, of the property.
Define how much of what you have saved can be used, because banks or other lending institutions typically only lend on average up to 80% of the value of the property, so you must have around 20% saved as a deposit, and 5% more to cover the initial costs (appraisal, insurance, deeds, legal, etc.).
- Find out about any debts
As a general rule, the seller should be up-to-date with payments for services, such as any mortgage on the property, electricity, water, and gas. You do not want to discover problems after moving in! This also should be considered on the interior portions of the house. You may not want to spend lots of money on home renovations if the house needs a lot of work done.
- Choose a mortgage
Compare at least three mortgages from different institutions. This will give you a broader view of the options available. Take into account interest rates, the term, arrangement fees and commissions, and the cost of insurance, etc.
- Do not despair
Remember that the average time to finalise the purchase process can be from 20 days up to 2 months … so breathe!