6 things to reconsider before you make an offer on your first home

Last updated on November 25th, 2021 at 09:44 am by Bill Tsouvalas

House hunting is an equally exciting and demanding experience. With the abundance of options on the market, it may be hard to make a decision. However, when you finally come across the perfect home for you and your family, you need to make sure you approach the matter correctly. This is imperative, especially if it’s the first time you’re going through this process. Thus, keep on reading this article that focuses on what you should reconsider before actually making an offer on your first home.

How much money can you borrow?

First of all, you need to act reasonably when purchasing a house. Before actually making an offer for the home you’ve set your mind on, make sure your lender accepted your loan application.

Verify your eligibility for grants

When buying your first home, you might be able to benefit from receiving a first-home grant. Thus, you ought to consider verifying your eligibility for it. Additionally, having a family member as a legal guarantee might be helpful in aiding you purchase your dream home.

Establish the accurate worth of the property

Before proceeding to make an offer, be sure you know the appreciative worth of the house. In this regard, there are specialised sites that in exchange for a minimal fee provide their clients with accurate information concerning the estimative value of properties.

However, you should also compare the property with other similar ones. For more accurate information on the subject, you may take this issue to a real estate agent. You shouldn’t make an offer if you’re not entirely positive that it’s worth your money and it’s the right place for you and your family.

The assistance of a solicitor

In the overwhelming process of filling in all sorts of legal documents and papers, the assistance of a solicitor is essential. You need to understand the process you’ll be going through and a specialised person will explain all the issues thoroughly. Thus, you’ll get acquainted with every section of the contract before actually signing it.

The inspection of the property

The decision of purchasing a home is a very important one. In this regard, you should thoroughly inspect the property. Make sure you visit the property on different occasions and make notes concerning traffic, noise, parking, the feel of the neighbourhood. You can even talk to a couple of people in the area before actually moving there. You might also consider taking a couple of photos to analyse the house more attentively. And lastly, hire a professional inspection team to make sure you’re making the right choice.

Information about the area

Investigating the area’s council plans will indicate important information. For instance, the frequency of flooding – this might lead to increasing insurance costs – rights of access that might prevent you from renovating your home, plans for the infrastructure of the neighbourhood, etc. These are all important factors that you need to find out before actually making an offer.

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