6 Questions Every First-time Buyer Should Ask | Real Estate Manchester

Buying a home for the first time is a big step. No doubt you have been making plans and saving money for it for years. Now that you have sufficient finances, you are ready to take the dip into home-ownership. However, before you spend your hard-earned money into what is probably the largest investment you ever make, you need to be sure that you have selected the right property. Real estate manchester has listed some questions that you need to get answers before making a final decision.

1. Do I have sufficient resources to afford the property?

The very first rule is to set your finances and have a clear idea of a budget-range you need before you commit to buy your first house. What are your monthly earnings and spendings? How a good deal could you with no trouble pay off each month? Most importantly, Analyse the unforeseen circumstances that would affect your budget like illness, unemployment, divorce etc. and leave sufficient headroom. 

How much you can borrow and what deposit are you able to put down? In case you save extra than 5%, you’ll get your way to a wider variety of cheaper mortgages. You can also see an independent dealer who will explain all the options to be had to first-time buyers. They help you get a good deal, and secure a mortgage. 

2. Leasehold or freehold?

Real Estate Manchester Property is normally sold on a leasehold or freehold terms. In the former, you should pay an annual service price to the freeholder. It is for the maintenance of the building and communal regions. You can also be asked to pay ground rent. So make sure you know or have an idea of how much these payments are going to be! Ensure you read all of the paperwork to know what can cause an increase in the future. Also, if the lease contracts have any hard clauses, without realising what you have put yourself into.

3. Is the location right?

The selection of the area for your home is important for two motives. One, it’s in which you will be residing in the near future, so the location needs to offer precisely what you want. 

Second, the area will play a major role in increasing your house’s resale value. If you’re in the location for a very good college, as an example, this could boost value to the property, even in case you don’t have any children your self.

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4. Does the property suit my requirements?

Whether you are searching out a home for yourself, with a partner or a friend, your price range and the region will largely decide the size of the property you need. It includes:

  • The number of bedrooms
  • Natural daylight coming in from, west or south-facing room
  • Are there any trees or building nearby that can compromise the light
  • Does rooms come with a beautiful view
  • Light and airy can increase the potential resale value
  • Does it has ample storage space to store your items
  • Is the property in good condition?

Without any doubt, the property ought to be thoroughly scrutinised. It is to make sure it is in good condition and worth the money you are investing in. Don’t assume that you may be capable of telling a good from a bad one for a minute since many construction problems won’t be obvious to the eye.

6. Are there any projected developments in the area?

Last but not least, it’s critical to find out about any development plans that might have an effect on the value of the house, apartment etc. Are there propositions for major developments nearby, new road layouts planned or long-term construction works in the pipeline? It could dramatically transform the look and feel of the location.

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