For many people, buying a house will be the biggest purchase they’ll make in their lives. In order to make sure you’re making the right decision, it may be helpful to follow some house-buying tips.
When buying a new home, don’t let emotions take over your decision; it should really be the head that guides the process, housing expert Henry Pryor says in a post for property-website operator, Rightmove. No matter how much you like the view, the garden or the kitchen, make sure you leave emotions at the door when considering a property deal; most importantly, you must be sure you’ll be able to keep up with the mortgage repayments.
If you come across a property that suits your tastes, but you feel that the asking price is too high, don’t abandon the sale to look for cheaper options, but try to negotiate a better deal, Pryor also advises. It’s a good idea to research online for the price of similar properties to check whether the cost of the home you want to buy is reasonable and realistic.
When house hunting, prospective buyers should also be aware of what’s included in the sale and whether there is an additional sum to pay for white goods, curtains or garden furniture, for instance.
Buyers should be also aware of the yield they could generate if they decide to rent the property. The rent can be calculated by dividing the annual value that could be achieved by the asking price, with Pryor advising to aim for a rate of 6% or more: values lower than 4% should be a sign to back away.
Are you an experienced home-buyer? Are there any other tips you would suggest to first-timers?