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Purchasing a Property

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Perhaps the most important issue to consider is can you afford the mortgage repayments? It is stupid to agree to purchase something that you simply cannot afford as It puts you and your spouse/partner under tremendous financial pressure.  Always remember that properties can be repossessed if you don’t meet your monthly repayments. You also stand to lose everything as the mortgage lender is mainly only interested in getting back the money initially loaned plus any legal expenses.

Shop around to find the best mortgage deal on offer. Get some idea of the monthly payments on various loan amounts in advance of searching for a property as you should then be able to work out what you can reasonably afford.

Before you finally make the decision to purchase a property, one of the important things to determine is that it is structurally sound and that there is nothing hidden that can suddenly jump out and bite you, from an additional expenditure point of view that is. Although the government have introduced the Home Information Pack (HIP’s) details of the house condition is only an option on the seller’s part.

There are recognised structural surveyors who will carry out a thorough examination of the property and give a full report of their findings. The cost of such a survey may well outweigh any costs to put problems right following purchase. Always consider that if the purchaser has not provided this information in the HIP’s pack is there something that exists that he knows about but will plead ignorance of?

With energy prices at a peak and the view of the experts is that prices of  gas, oil and electric costs will only increase, energy conservation is a prime consideration. This however, is covered under the HIP’s pack and the property is rated accordingly. The rating runs from A-G with rating A being the best from an energy saving point. If the rating is below this, find out what you can do to improve this and more importantly how much it will cost as this might be a negotiable item in reducing the asking price.

 Are you a garden enthusiast? If the answer is no, look at properties with gardens requiring minimum or very low maintenance, otherwise you may face a neighbour rebellion if you ignore your garden and allow the grass to overgrow, weeds to flourish and trees to take over.  Weeds suddenly develop seeds which, by wind and bird aid, can easily be carried into adjoining gardens, hence the rebellion.

 

 


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