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Timescale For Buying A House
April 15, 2015

Timescale For Buying A House

Timescale for buying a house will differ from several weeks to several months. Typically, house hunting is the longest stage, and it will be impossible to put a timeframe on that - after all, a lot will depend on your expectations, budget, and simple luck. Plus, even before you start house hunting, you will have to talk to your bank to determine if you can be approved for the loan, and how much money you can expect to borrow. Unlike house hunting, which is a time indefinite process, this will not take you more than a couple of hours. As soon as you find a house you would like to buy, there are a couple of other stages that determine the timescale for buying a house. The order and timelines are as follows: Week 1: making an offer After you find a house you like, you make an offer to the seller. If he /she accepts, the property in question is considered under survey. No one makes any commitments at this stage – both you and the owner can cancel the deal any time, without any explanations. If you are really interested in the property you should start looking for a solicitor –...

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Work Out The True Cost Of Buying Property
April 15, 2015

Work Out The True Cost Of Buying Property

No doubt, buying property requires some money. Whether it is a huge house, or a tiny apartment – it is still a serious investment and before you can start looking for a new home, you should better work out the true cost of buying. Purchasing property is associated with an entire range of different expenses, which include: Mortgage fees First if all, you will have to find out if you can be pre-approved for the mortgage. Normally, there won't be a problem with that - especially if your income is stable and predictable. The consultation with your bank representative is free, but reserving the mortgage may require a booking fee, varying somewhere between £100 and £250. Also, apart from the first deposit (that should be covered by your current savings), you might have to pay mortgage fees. Some creditors do not charge them, but some of them do. If your property cost exceeds £125 000, your initial mortgage fees can reach up to £2000. Solicitor’s fees Then, there are the solicitor’s fees that vary between £500 and £1500 plus 20% VAT. In most circumstances, you will be asked to pay 10% of the fee upfront. One of your solicitor’s tasks presupposes providing property evaluation...

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Solicitors Fee For Buying A House
April 15, 2015

Solicitors Fee For Buying A House

If you want to buy a house, you will have to hire a solicitor – that is just how it goes. Of course, his/ her services will not be free, so you have to brace yourself for some additional expanses – not only the house value and mortgage fees. Solicitors fee for buying a house can vary, and the entire cost of working with a solicitor will depend on the services you order. Normally, it is important to differentiate between bare solicitors fee for buying a house and additional property valuation reports he/ she might prepare upon your request. Bare solicitor’s fees Bare solicitors fee for buying a house starts at £500 and may reach up to £1500 - depending on your region, solicitors reputation, etc. In addition, 10% of the sum should normally be deposited upfront. Note, that this is the cost of solicitor working on your contract - that's it. If you want to order property survey, the solicitor will charge you extra £250-£300 - simply for working on these reports for you. Valuation surveys The reports in question can be quite expensive, too. The total of cost of most common reports starts at  £1250. Even though it is not necessary to...

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Top Tips on Buying A House For Investment
April 15, 2015

Top Tips on Buying A House For Investment

There are plenty of ways to secure your income with the help of reasonable investments, and buying real estate property is one of those ways. If real estate is the area you are interested in, here are several tips on buying a house for investment that can prove useful to in you in the future. Usually, houses as means of investment are bought either to resell or to rent out. The latter one is a longer-term investment; so, if you are looking for a house to rent, make sure that you: Meticulously calculate every penny Most buyers will have to borrow money from the bank to buy a house. So, you have to make sure that the rent will not only cover your mortgage fees, but will also add some positive ratio to your investment. Otherwise, the whole purchase loses its sense. Even if you can afford an upfront payment, which is relatively rare, you should still calculate how soon you will get your money back, and how much profit you will be gaining each year. Find your target audience Like any other product, a house for rent has its target audience. Your goal is to determine what kind of a tenant you are...

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Are You Thinking Of Buying A House – The Things You Will Have To Consider
April 15, 2015

Are You Thinking Of Buying A House – The Things You Will Have To Consider

Are you thinking of buying a house? Well, in this case, there is an entire range of things you will have to consider. Yet, the most important stages are figuring out your budget and making sure that the house you buy is worth its cost. Each of them has a set of things that have to be done /considered, so make sure you take them into the account. Figuring out your budget If you are thinking of buying a house, you have probably made some initial research on the property price range in your area. Yet, you should not forget that the cost of the first deposit is not the only thing that should be covered by your savings. Unless you can afford an upfront payment, which is rarely the case, you will have to get a loan. Most banks will also charge you extra fees for initializing the mortgage. The fees will not exceed £2000, but you should consider them in your budget calculations. Then, of course, there are the solicitor’s fees, which normally vary between £500-£1500 – they will also have to be covered by your current savings. Ordering property evaluation reports from the solicitor will add an extra £250-£300 fee...

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Simple Step By Step Guide To Buying A House
April 14, 2015

Simple Step By Step Guide To Buying A House

The process of buying your own property can be quite confusing. First time buyers tend to get especially frustrated, since there seems so many things that need to be done, and it is not exactly clear where to start. So, this simple step by step guide to buying a house may help you wrap your head about the whole thing. Talking to a bank to define your budget First of all, you have to figure out exactly how much money you have and how much you can borrow. Your current savings should cover the first deposit and the mortgage fees (sometimes there are none, but sometimes they can reach £2000). Plus, you have to consider your income - the more stable it is, the more you can borrow from the bank. You should negotiate these details with your bank. The representative will also give you relevant information on the potential mortgage plans and will advice you on the best options to choose from - provided, of course, your income presupposes loan pre-approval. House hunting The step is quite simple – start looking for houses and do not rush into any conclusions. Define what you what and stick to the plan while looking. Making an offer If...

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Just Bought A House: Now What?
April 14, 2015

Just Bought A House: Now What?

So, you just bought a house - now what? On the whole, there are two different things that have to be done - getting ready to move into a new house and getting everything in order in the old one. Most of these things can be done simultaneously, and the primary aspects you should pay your attention to are as follows: Make sure previous utilities bills have been paid This moment should be negotiated immediately after closing the deal. Make sure all red tape details are in order before you move in. Also, do not forget to pay your own bills before you move out. Consider renovating the house Take a good critical look at your house and think what you would like to change. Most likely, you will have a whole range of ideas but you should not hurry to carry them out –wait a little, as ideas often change. You want to be 100% certain that those are the renovations you want – whether it is new wall colour or an extra window in a living room. Order the furniture you need for your new home Renovation or no renovation, it is quite likely that you will need new furniture for your new...

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Frequently Asked Questions When Buying A Home
April 14, 2015

Frequently Asked Questions When Buying A Home

Buying a house is associated with an entire range of questions. Most frequently asked questions when buying a home could be roughly subdivided into three categories: before looking for property, during the search, and after closing the deal.   Before Do I need an estate agent to represent me? As a rule, estate agents represent sellers, not buyers. However, buyer’s representative may also be a wise choice. Yet, you should note that the represented person is the one paying the fees, so you might want to think twice about this. Should I look for ‘for sale by owner’ property? This can be the option, but it comes with a kick. First of all, there are few real estate properties that are for sale by owner; and, next, it would be quite difficult to find out all the relevant details about the house you are interested in. Estate agents, even if they represent the seller, come up with an objective evaluation of the property, so it is often a safer and more reasonable way to look for houses. When do I talk to the bank? Ideally, you should talk to a bank even before you start looking for houses. They will tell you what mortgage plan you can be...

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Buying A House Process – Money Timeline
April 14, 2015

Buying A House Process – Money Timeline

Everyone knows that buying a house is a long and expensive process. Yet, not everyone realizes that apart from the property cost, there is a set of other expenses. Without them, it would be simply impossible to go through the complete process. The detailed buying a house process – money timeline typically goes as follows: Estimating your budget Even before you start looking for the house of your dreams, you should carefully evaluate your budget and figure out what you can afford. Your savings should be enough to cover the first deposit and the mortgage fees, which may be as high as  £2000. Then, you should check your credit report and talk to your bank representative – he/ she will be able to tell what mortgage plans you are eligible for (the consultation is free). Making your offer After that, you can start looking for houses. If you find something you like, you can make an offer. The offers are typically made via real estate agents. As a rule, agents represent sellers and, consequently, sellers pay the fees. If you want to hire a buyer’s representative, which is not necessary, you will be the one paying for your agent’s services. Hiring a solicitor While hiring a...

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What To Do When Buying A House
April 14, 2015

What To Do When Buying A House

What to do when buying a house - this is quite a common question for many first time buyers. Normally, it goes like this: Preparations For starters, you will have to carefully consider your budget. Perhaps, you have already made some initial research on than one. Yet, you should note that your savings should be enough for the first deposit, and possibly - mortgage fees. Sometimes there are none, but in most cases there are, and they may reach up to £2000. Also, you shouldn't hurry into spending all of your savings at once. You cannot take off the count the simple fact that a house you buy might need repairing, or some new furniture  - so stay reasonable. If you feel that you have enough money to cover all of it, you should still consult your bank - the representative will tell you if you can be pre-approved for a loan. If you have a positive credit history and your income is predictable, you will most likely be pre-approved. After the visit to a bank, you will know exactly how much you can afford to borrow, and you will be able to move on to a next stage - that is, looking for...

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