Buying a home can lay the foundations for a successful future. For example, buying your first home together could pave the way for a happy marriage. Or upgrading to a larger place could be key to raising a family. Yet getting it wrong could leave your plans in ruins.
Because houses are such an expensive investment, you need to ensure you have everything under control before moving ahead. Here are some things to consider:
Are you aware of any issues with the house?
All houses have some faults. You just need to make sure you are aware of them before agreeing to buy. Getting a full survey is crucial, as not all issues are visible to the untrained eye.
Do you understand all the financial implications?
The house price is the biggest cost, but there are many more fees to pay when purchasing a property. You also need to understand all the terms in the mortgage contract as failing to could ramp up its cost considerably from what you first thought.
What are your backup plans?
You must put contingency clauses in before signing your contract. They allow you to back out of the purchase if specific things occur. You must also look further ahead. What would happen if you lose your job or fall ill. Do you have enough breathing room to still meet mortgage payments? Could you rent part of it out?
Repairs are another future cost you need to budget for. Every house will need work at some time, and failing to do it on time could seriously harm the value of your investment.
Getting legal help to ensure you understand all you need to can help you ensure house purchase is money well spent.