When it comes to buying a home there are many things to consider. In many ways it is very similar to a lot of the points we mentioned in our post ‘Things to Do Once You Have Decided to Sell Your Property’. So, in this article we will focus on the things you must do when looking for a new house, whether you are staying in Plymouth or moving elsewhere.
Explore the market with an open mind
By explore, we mean cast a very wide net. Sure you may want to buy a home in the coastal suburb of Barne Barton, but you'll have to be open to checking out neighbouring suburbs, too (Keyham, St Budeaux, and North Prospect). Reason being is you might not find a home that fits your budget in your preferred location.
Flexibility in this case will give you more options, and more chances of finding a property that is right for you. In this regard, Shout Out UK recommends that you use property finders. Zoopla and RightMove are your best bets as they can help you filter out homes that don't match your preferences.
Be thorough in your visit
When you do visit a home, scrutinise it. RubberBond shared in an Express article some things to look out for, notably the location and potential problem areas. In terms of the location, check the property's proximity to schools, shops, and transportation; the area's crime rate; and if there is a local dump (for convenient garbage disposal). When inside the home inspect the condition of the roofing, flooring, and windows; the location and condition of power points; and the condition of the locks.
Additionally, check if there are cracks and if there are areas that need to be renovated. If you can, bring along a trusted builder, surveyor or handyman to help you out. Being thorough at this early stage will prevent you from buying a home that could potentially lead you to spending more money than anticipated.
Study the housing market
If you have plans of buying a house, always keep an eye on the general state of the UK housing market. A Moneywise article on UK house prices reports that houses in several UK cities are starting to become a lot more affordable. In fact, house prices have been trending downwards even in expensive cities, like Oxford and Cambridge.
Additionally, the Nationwide Housing Prices (YoY) July reading on FXCM’s economic calendar shows a 0.3% increase. With house prices experiencing little growth now is a good time to consider buying. The caveat here though, is that this trend isn't being reflected in Plymouth at the moment.
In August, houses in Plymouth cost on average, £216,202. That means they are more expensive compared to January's prices. Therefore, it might be wise right now to hold off buying a house in Plymouth. Eventually house prices in the area will go down.
Find a good mortgage broker you can trust
Getting a good mortgage can be a minefield. That's why it helps to have a good broker. They will be able to identify all the various fees, term lengths and rates involved. Lastly they will be able to help you with all the paperwork that comes with buying a home, whether here in Plymouth, or anywhere else in the UK.