“Prediction is very difficult, especially if it is about the future” (Nils Bohr – Nobel Laureate) Normally the market and economic commentators react favourably to interestRead More
“Buy land – they’ve stopped making it” (Mark Twain)
So you’ve decided to buy your first house – exciting! There’s nothing like owning and living in your very own dream house, and if you choose wisely your home could well be one of your most important investments ever.
Get started with these tips –
First, understand how much cash you will need
Make a list of all the costs you need to plan for (there are plenty of convenient online calculators to help you figure out what your transfer and bond costs are going to be so Google for one that suits you) –
So what’s your price range?
You now have your figure for one-off costs, but before you finalise your budget make provision also for all your new ongoing costs as they will all affect long-term affordability –
The end result – you have your budget, that gives you your price range, and you can move on to…
Lots of questions to ask yourself here of course –
Approach your choosing and purchasing decision as though it’s the most important financial decision you will ever make (it may well be).
Making an offer, and the legal bits
So now you’re ready to make your offer on a house. Excitement mounts – will the seller accept? Or perhaps counter-offer? You can’t wait to find out. You are presented with a Deed of Sale, a pen and a cheerful “just sign here, we’ll do the rest”.
Hold on a second!
Take no chances here. Before you sign anything, have your lawyer check the paperwork for you, with a Deeds Office search for anything that may affect your decision-making such as restrictive title deed conditions, servitudes (giving other people rights over your property) etc, etc.
Remember also that with property sales what counts is what’s in writing so tell your lawyer about any verbal undertakings or disclosures given to you.