Many people rush to seal the deal on a property with an affordable price tag without doing the proper research. Unfortunately, this leads them to make costly mistakes that put their properties and the deal at risk.
Successful property buyers understand the value of addressing the smallest of details when committing. Glossing over taxes, solicitor’s fees, and stamp duty taxes can prove to be problematic. Thankfully, you do not have to rely on rough estimates of such important fees.
You can use online stamp duty calculators for UK properties, as it can estimate all the costs of the property and help you make informed decisions. Here are some other measures that ensure a successful property buying process.
1. Do not ignore the lease on the land
Before committing to buy a property with an affordable price tag, you should investigate the property. They are either leasehold or freehold properties, so make sure you know the conditions for each category. With freehold, you can own the property and the land.
Under a leasehold, you only own the property but not the land. In such a case, you must pay a fee to the landlord for the length of the lease agreement. It, therefore, follows that properties with fewer years left on the lease might come on the market with super friendly price tags. Avoid properties whose lease is below 80 years as they might prove problematic in the end.
2. Don’t rely on standard expectations
Many homeowners rely on expectations they heard from friends and relatives. But every house sale is unique and so are the payment terms. If you come across a property that fulfills your expectations, you should consider your budget and the lender’s payment conditions. Even if you collect enough money for your deposit, the deal might fall through if the lender comes across some inconsistencies in your documents and credit history. Missing too many payments puts you at risk of foreclosure where you lose both your money and property.
Buying a home or property can be a difficult undertaking that requires you to make careful calculations. Prevent costly mistakes from happening and buy the home you have wanted for a long time.