10 Things to consider when buying your first property

Buying your first property and taking that first step on the property ladder can be extremely exhilarating but also intimidating. We all recognize that buying a house is the largest purchase we will make in our lifetimes and the decision to take that huge step should not be taken carelessly. So to make things that bit easier for you, we have compiled a list of matters that you should take into consideration when buying your first home.

 

1. Is buying a property the right decision?

Prior to you proceeding, and committing to any monetary dealings, make certain you have weighed up the pros and cons of buying a property and renting one.

Buying a property is, potentially, a healthier long-term investment but you have to make sure that you have cautiously measured all of the expenses (even the hidden ones!) involved in buying a home and make sure you are in a comfy financial position to be able to do so.

2. Do you have enough money for it?

Different in days gone by, these days you are expected to obtain a 5% – 10% deposit to put down on purchasing your first home. With the average deposit being paid by first time buyers considerably more than it used to be, you must make sure that you have saved sufficient funds to get you past the opening hurdle.

3. Will you be able to get a mortgage?

Generally mortgage lenders base their decision on whether to loan you the funds to buy a house on your earnings, or your joint earnings if you are buying the house with, for example, your partner. Carry out some research first to make sure that you earn enough to meet the criteria for the mortgage amount you need. Finding out how much you are likely to be able to borrow, will deem what type of property you will sensibly be able to afford. This is a level-headed thing to do to shun the dissatisfaction of discovering you cannot in fact afford the dream home you have set your heart on!

4. Familiarise yourself with hidden costs

Do not be fooled into thinking that the lone cost involved in purchasing a house is the funds you have saved for the deposit. Unfortunately, there are plenty of additional expenses involved in the process of moving house counting stamp duty, legal fees, insurance costs, land registry fees, and removal fees. Familiarise yourself with these fees and make sure they have a position in your budget.

5. Do your research

Before you go forward and make an offer on a house, keep in mind the enormous commitment you are about to make so make sure you have completed your research into the property and the location in which you are buying. You can find out what to look for when viewing a property by visiting our blog post, 10 Things to look for when viewing a property. Don’t hurry into putting down a deposit on the first house you see, take the time to look at heaps of properties so that you find the one that’s right for you; if you are too busy with the kids, work or your jet set lifestyle, then find a good agent to do the leg work for you.

6. Question the sellers

What glitches are they conscious of that the house had previously – even if they’ve been fixed? An ice dam five years ago may have instigated water damage that has since been mended. But it’s good to know that the house may be prone to ice dams so you can take precautionary actions rather than find out the hard way. Learning the basement flooding was resolved by building up the landscaping in a specific area will stop you from leveling the ground there in future years. For more information on selling do’s and don’t, take a look at this…  (Click)

7. Ask for utility bills

You may admire the Cape Cod architectural elegance or the high ceilings and walls of glass in a contemporary home – but those winter heating and summer cooling bills may thrust your monthly expenditures past affordable. Ditto for the water bills you’ll pay to uphold an immaculate landscape.

8. Pay close attention to taxes

Don’t just ask what the seller’s most recent tax bill was; ask what numerous recent tax bills have been. In certain areas, houses are re-appraised and taxed at higher rates often. That fantastic deal and decent investment may not appear quite so outstanding if the property taxes rocket year after year. Again, look at newspaper archives or talk to your Realtor about the way taxes are used in this area. In certain cities, schools are considerably funded through property taxes – which means you can count on yours increasing frequently. For more information on buying do’s and don’t, take a look at this… (Click)

9. Use the right property finder

Gone are the days when looking into estate agents’ windows were the solitary way to see how much people were selling a house for.
There’s an overabundance of property search sites out there. Remember asking prices are frequently madly optimistic, presenting what the seller wishes for the property, not what they’ll get.

Property Property Property

Property Property Property lets you compare homes on the market, including pictures, asking prices, descriptions and floor plans. Go to the Property Property Property website and search for an area and click on a property for details or register for instant alerts.

10. Get home insurance quotes before buying

Always get home insurance quotes before you exchange contracts to guarantee appropriate cover’s obtainable. This might flag up problems, for example, if the property’s in a flood-risk area. Comparison website like confused.com offers a good way to get the best price on the market.

Don’t think you need use your mortgage provider’s cover. If you pay for buildings and/or contents insurance together with your mortgage, it’s frequently a dreadful price.
No one home insurer’s cheapest, so the key’s capturing as many quotes as possible.

 HAPPY HUNTING!!!

Steps to Getting Your Mortgage Payments Under Control

Finance is a foremost concern when it comes to buying a new home, and here at Property Property Property, we’re aware of the strain that some people can be put under (just to rent in London alone, can be enough to keep people off the property ladder longer than they originally hoped for). This ever-present problem becomes even more persistent in times like these, where shrinking wages and rising bills combine to create an unfortunate financial situation. Read on for a great discussion about how to manage your mortgage.

A lot of homeowners are having a hard time coping up with their mortgage payments. If you happen to be one of them, chances are, your finances are already stretched to a point that they might break down. While things are tough on you at the moment, there are steps you can take to get your mortgage payments are under control. The process is not easy but you can be assured that by doing so you will be able to avoid foreclosure. Here are some tips for you to stay on top of your mortgage payments.

Look at your repayments and get everything covered

Evaluate your mortgage repayments and see how you can pay off when something happens unexpectedly. For instance, if the interest rates go up will you be able to afford them? What if you or your partner lost your job or fall ill, would you be able to handle the repayments on your own? Do you have an emergency fund you can use up in case something happens out of the blue? Knowing all these things will allow you to know what considerations you have to take in order to set a mortgage repayment budget that will work for you no matter the situation.

Set up a realistic budget

Once aware about all your repayments, create a realistic budget. First you need to monitor your spending habits and cut back on areas that you deem are not too important. Then, work your mortgage repayments around the money that you have, but do leave a wiggle room for adjustments in case your financial situation changes.

Make extra payments

If you receive extra cash every now and then, one good way to use it wisely is to make extra payments for your mortgage whenever you can, which in turn will go to the principal and not in the interest rate. This will help reduce your mortgage payment duration.

Negotiate with your lender

If you are really struggling to pay off your mortgage despite the budget you have set, your next best move is to speak with your lender. You might find this stressful and embarrassing or you might think that doing this can have a negative impact on your repayments. However, keep in mind that by taking actions quickly, you can stop the problem from getting worse. When you communicate with your lender early on, they can provide you options for your mortgage repayments and possibly make changes in your loan’s terms, especially if your problems can be sorted out in a short period of time. For example, they may give you a pay interest-only option for a few months until you are able to get your finances back on track.

Avoid throwing yourself in situations that can make matters worse

If your mortgage payments are already putting a strain in your finances, do not attempt to make the situation worse by borrowing money from family or friends, using up your credit cards for purchases and switching home loans. Doing these things will only put you further into debt and do you more harm than good.

 

Author:

This mortgage advice was provided by one of the regular contributors of Financial Wise-Mortgage Advisors, a company that specialize in providing expert advise on mortgage and protection as well as other financial solutions for clients.

Young Professional Home Seekers Look East for London Living

Online property website, www.propertypropertyproperty.co.uk conducts monthly analysis of the most popular searched for borough.  Hackney has proven to be one of the most popular searched for borough amongst home seekers between 28 – 35 years. Hackney has undergone a period of intense regeneration turning into one of the 21st Century’s most exciting boroughs of London. The regeneration and popularity of the obvious haunts such as Shoreditch, Hoxton and Stoke Newington have contributed towards the borough’s rising property prices. However, new development plans highlight that buying or renting in this diverse and lively area is set to be an even more wise and lucrative decision if you can compete for the space.

Dalston, Hackney Central, Hackney Wick, Manor House are set to gain from most of the new regeneration plans and will add value to this bustling and promising borough.

Here are Top 5 Reasons Why Hackney is Worth it.
1. Over 70% of Hackney residents* said that they were proud of living in Hackney with Shoreditch and Stoke Newington as the most favourite areas.

2. Considered a thriving hotspot for creatives and start-up businesses, Hackney has been chosen to receive funding by the Arts Council to boost and support creativity in the region.

3. British Actor, Michael Fassbender, Singer, Leona Lewis still live in one of London’s liveliest and characterful boroughs whilst a host of historical figures famous faces such as Marc Bolan, Michael Cain, Ray Winston and Barbara Windsor were Hackney born and bred.

4. It was voted the ‘coolest place in Britain’ in Italian Vogue, whilst according to Halifax research, property prices in Hackney rose by 320% between 1996 and 2006 – the biggest rise in London. Since the Olympics the average price of a Dalston property is just over £303,000 compared to £249,000 in 2002.

5. Practicals: You can be outside Liverpool St in 10 minutes (walking), Oxford Circus in 20mins (tube), with recent developments allowing commuters to travel direct from Dalston to New Cross Gate in 20 minutes.