The Property Buyers Checklist - Key Things to Consider Before You Start Bidding
Buying a flat, apartment, or home in Belfast City is a big decision, and is one that requires a massive financial investment. For many people, acquiring a home is the most expensive undertaking they will ever have to make.
There’s a lot a buyer needs to contemplate, which is why it’s essential to have a checklist. It helps to ensure the buyer will consider everything, and not skip over or forget anything important.
Below is a property buyer’s checklist featuring all the key factors to consider before buying a house in Northern Ireland.
1. How Much Is Available
Considering how much money is available for use in buying a home is by far the most important. It’s also one factor buyers have to consider before they can start searching for a home.
Start by using readily available online tools such as online budget planners. Such tools are meant to help buyers get a feel of how much they will spend each week, every two weeks, or a monthly basis.
Apart from the acquisition price, there are also other extra expenses to factor in the budget. They include Lenders Mortgage Insurance, stamp duty, and the realtor fee.
2. Factor in Forgotten or Silent Costs
For first time buyers, there’s a need to note that it’s the extra cost that will arise during the buying process that may cause budgetary mayhem.
Commonly known as forgotten or silent costs, they include:
• Building and pest infections
• Council rates
• Stamp duty
• Loan fees
• Additional insurance
• Lenders mortgage insurance
3. Research, Research, Research
A buyer can never be too prepared when they are looking to buy a home. The first step involves narrowing down on the specific areas in Belfast where they would like to move into.
During the research, homebuyers must also consider the recent sale prices, as well as the suburbia profiles as listed on the local real estate websites.
When they are sure they have undertaken enough research, the next step involves having a chat with the local realtors. The chat is meant to provide them with a glimpse of the prevailing trends in the areas they want to buy a home.
Every buyer has to consider what’s important to them, while also keeping an eye out for things that are likely to help in enhancing the value of their properties when the time to sell comes.
Here, essential things to consider will include:
• Access to amenities
• School zoning
• Future building plans
• The neighbours
4. Compare the Costs of Buying Vs Remodeling
Renovating vs buying is a decision many home buyers have to make. For those with enough space to remodel, they can avoid the additional hassle of having to look for a new place. All they need to do is to renovate or expand the current residence.
For homeowners who decide to sell and look for a new house, they must begin by realistically establishing what they are likely to get for the current residence. It’s recommended to have a word with lending specialists to get an idea of all the financials involved in a buying exercise.
5. Negotiate Confidently
Whether buying for the first time or not, the worst mistake one can make is to rush the whole process. Consider the money involved before making any impulse buying decisions.
Even though buyers can negotiate firmly when they already have a price in mind, it’s also important to note that one can also walk away. Buyers shouldn’t have to settle when there are other properties out there for them to see.