Home buying tips from the experts
Home buying is a tricky road sometimes and if you aren’t in the know navigating it can lead you down paths you’d much rather avoid. However, we’ve got some great tips from some of the experts out there.
Property mogul Sarah Beeny, who has a string of properties under her belt as well as a successful TV presenting career talking about housing, suggests that before you start looking at property you have a mortgage agreed in principle: “Find out how much you can borrow based on your income and then look around for the best mortgage available,” she said.
Phil Spencer, property expert and TV presenter for hit show Location, location, location, believes house buyers overlook one crucial thing when viewing their dream property: “…storage! I know it sounds obvious but it’s so important. It’s easy to overlook it if you’ve fallen in love with a place but you really need to know where you’re going to put the ironing board!”
Property website Rightmove recommends you check your credit rating when considering buying a home. A representative for the Money Advice Service wrote on the blog: “When you apply for a mortgage, the lenders will be looking at your credit history so the more you can do to improve it the better.” They also advise to “… make sure you are registered on the electoral roll as this helps to prove your identity.”
Buying agent, Henry Pryor – considered the ‘BBC’s favourite property expert’ – believes that many people buy with their heart and not their head. “You may love the view,” he said, “the garden or your dream kitchen, but don’t forget that you need to be able to keep up with your mortgage repayments.”
Michael Bruce of Purple Bricks recommends making the most out of your property viewing by choosing the right time of day to visit. He said: “In the first instance I would always suggest viewing a new property in natural daylight. The light will bring any problems to your attention quickly, whether it is a large external structural issue or simply a stain on the carpet.” He also recommends not going to a viewing hungry: “You never pay as much attention on an empty stomach!”
Lynne Blaney, an estate agent based in Spennymoor, noted that it is important you check whether the property is freehold or leasehold, “In some areas of the country you may be offered a house at a cheaper price if you buy it with a leasehold,” she said. “If you are tempted, check for charges that might be attached to the deal. Also, find out the length of the lease and its effect on getting a mortgage.”
Home buying is a tricky task to navigate in our current climate – as property prices are expected to rise by up to 4.5% this year it might be time to take on some of these experts’ advice and jump on the ladder to secure your dream home!