10 TIPS FOR A FIRST TIME HOMEBUYER

Useful Information About Buying a Home

Buying a New Home

There are a number of key things to consider when you are purchasing a new home. In this presentation we look at some of the most important.

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1. A Long-Term Budget

Take a realistic assessment of the ongoing costs of owning your first home. Ensure that these costs are affordable over time.

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2. Short-Term Savings

Along with a long-term sustainable budget, you also need a short term one that will cover associated expenses. These expenses include repairs, stamp duty, solicitor fees, etc.

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3. Freehold vs. Leasehold

If the buyer is purchasing the building and the property upon which the structure resides, the purchase is a freehold purchase. If the buyer is buying a flat or a share of a property, the transaction is a leasehold transaction.

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4. Obtaining a Mortgage Commitment

Obtaining a pre-qualification commitment will help a lot. Every first time homebuyer should also be familiar with the advantages of traditional mortgages and the advantages of incentive programs with low deposit requirements such as Help to Buy, Homebuy and New Build.

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5. Retaining a Contractor

Avoid surprises by retaining a contractor who is familiar with all home building systems like heating, plumbing and roofing as well as foundation inspections. Never purchase a home without a thorough inspection by an independent building inspector.

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6. Pest Control Inspector

Consider using the services of a third party pest inspector to determine if there is any rodent or bug infestation. Obviously, knowing that your new home isn’t infested provides great peace of mind!

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7. Estimate Your Moving Expense

As part of your short-term cash outlay budget, get estimates for moving. Don’t forget to insure valuables. Browse many different moving companies, review their reputation, and get copies of proof of insurance.

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8. Develop a Packing Plan

Disposing of unneeded items in advance will make moving into your new home a more pleasurable experience. When you pack each box, label the boxes so the movers know what rooms they should be in. Know what rooms need to be unloaded first and get those critical rooms set up quickly.

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9. Hire Cleaners

Get floors and carpets in your new home cleaned before you move. The same should hold true for windows and doors - to give you the best platform to move in.

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10. Activate a Comprehensive Action Plan

List your dates, build your to-do list and notify every party of their responsibilities. You are the general contractor for the purchase and for the move. Stay in touch with estate agents, solicitors and lenders throughout the purchasing process.

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Thinking of Buying a Home?

For more advice and information about planning for your first move, get in touch with Cotswold Financial Planning today.

Call: 01608 651608

Or visit: www.CotswoldFinancialPlanning.co.uk