As well as checking a new potential property’s amenities, it is important to consider and research other factors when buying a property. Many new buyers don’t check everything beforehand, and this can lead to surprise costs that they don’t expect! We have outlined some things you need to be aware of.
Home Insurance Quotes
Before exchanging contracts, make sure to always get home insurance quotes. Ensure that suitable cover is available to you, as some properties may flag up issues that can heavily impact the price. We recommend getting as many quotes as possible to find the best one for you. Building insurance is a mandatory requirement for a mortgage, so it is a necessity to get this set up.
Council Tax Band
Council tax varies from postcode to postcode, so it is always beneficial to check how much you will have to pay month-on-month before buying a property, which you can do on the government website here. This will help you when calculating your budget.
Stamp Duty
When buying a new property, you will likely owe stamp duty which is a property transaction tax. You will need to pay stamp duty on residential properties that cost over £250,000, but you potentially may be able to receive a discounted rate on higher costing properties as a first-time buyer. You can find more information on the government website.
Consider Resale
One aspect that many don’t take into consideration is the resale value of a property if you don’t plan on living there for the rest of your life. Are you making a good investment? If this is a property that has been around for a while, there may be something that you haven’t thought about which could impact future prices. A good way to do this is to look at property websites such as Zoopla or Rightmove and check stats from the area. For example, looking at how property has gone up or down in value in the past can give you an idea of what may happen to your new home.
Mortgage Deposit
The mortgage deposit is likely to be the biggest payment that you will do when buying a new property. We recommend using a Mortgage Deposit Calculator beforehand to determine when you will have the money for a good deposit. There are also various Government schemes available if you are a first time buyers, so it’s always worth doing your research before you get started.
Energy Prices
As we are all aware, energy prices have shot up in recent months, and are due to rise even more. So, it is more important than ever to get gas and electricity quotes to find out the potential price of your bills to help you budget for the future.
Conveyancing Costs
When searching for a property, many forget that you will also be paying conveyancing fees. Many solicitors have hidden fees which can really take you by surprise when it comes to payment. At ONP, we provide conveyancing services with clear up-front costs, with no legal fees payable if a case doesn’t proceed to completion.
Using an experienced conveyancer from firms such as ONP will ensure that you know everything about the property you are buying and will help and guide you every step of the way. Contact the ONP Group today for more information or to get a quote for your conveyancing needs.
