House Hunting Tips, Tricks & Best Practices
66Needs verses Wants
Thinking of House Hunting?
If you are thinking of house hunting in the near future, the next thing to do after assessing your immediate housing needs is to assess your budget and your credit worthiness. These are some of the most important things and should be at the top of your priority list when considering buying a new home.
Word of advise: Never-ever start at the top of your budget, but it is more realistic to start at the very bottom and work your way up from there.
Reason-1: You should never want to buy a new home that you don't have the pleasure to enjoy for the very reason you have to work overtime, or work more than one job just to pay your mortgage.
Reason-2: It is recommended that you do not over extend your debt ratio more than 30% of your monthly income. You will need cash flow for other things like recurring bills, entertainment, and emergency expenses. Always leave enough money from your regular pay to enjoy the life you choose to live.
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The other important thing to think about is deed transfer when getting a house. A lot of people initially overlook conveyancing from place like this; https://www.in-deed.net/
but it helps to get it sorted early!
Mel 20 months ago
I think the problem is, so many people have an idea of their dream home and they're not willing to settle for anything less than that. And you can't go in with that attitude. Sometimes, you'll even have to rent first, to be closer to a job that'll pay you more. (I'm doing that at the moment, found a place on http://www.homesnow.co.uk/main/property-to-rent/ if anyone's looking for a helpful site)
Unfortnately, you have to compromise. You may have to compromise a lot. Make a list of what you need and be honest. Then make a list of what you want. And if you find a house with everything you need but nothing you want, don't turn it down. You can work upwards.