I've noticed a bit of a theme on a
couple of blogs, house buying and it's associated
costs. I agree with them both, buying a house is one of the biggest
decisions you'll make in your life. That's why you should take your time over
it. Don't be put off if someone swoops in and buys the one you had your eyes on
from under you.
It's not the end of the world. Also, although it is relevant to have a sizeable deposit and cash available for fees.
This isn't the most important thing.
So what is? You have to make sure your
buying a HOME, put aside the money for a few minutes (it won't make you happy
anyway), this building you're buying is going to be the place you spend most of
your life in from now on. Yes a lot of it you'll be asleep for but nonetheless
it needs to be right.
Growth
So your buying a place with your new
husband/wife, maybe your going to want an extra room or two? What's that I hear
the distant patter of footsteps?
Got a love for cars / building
insane stuff make sure you have access to a garage. Or even better
some space to build one!
Training to become an Olympic swimmer? Maybe an indoor pool would be of use.
The point
Anyway
the point is don’t get too wrapped up in the price you pay for a home. Yes,
ideally you get it at market rate, but paying a few extra thousand isn't going
to break the bank, as long as you are happy to stay there for a long time.
This
is the kicker. If you are forced to sell the house due to having / wanting to
move in a short space of time you open yourself up to a whole host of bad
things.
Like
the market moving in the wrong direction, or having to lower the price to bring
a quick sale.
Moving
again will also add on the transaction costs. Mortgage fees, removal vans,
solicitors, it all adds up. It can really be a drain on your short term
finances and stop you getting where
you want to be.
Holding
on to the property for a bit longer can help you increase your net worth as
well. Paying down your mortgage will reduce your liability whilst the general
increase in the value of property over the long term will increase the value of
your asset.
At
the end of the day, your probably quite intelligent and you know this all
ready, so it’s really down to me to say, don’t take the first quote given for
anything, always shop around and remortgage to a lower rate whenever it is
viable to do so.
These
methods will help you to reduce your mortgage expense as quickly as possible.
Then when your mortgage free, the fun begins!
Well that's the plan anyway :D
Do
you have any other tips I've missed?
If
you got stuck having to sell at a loss what would you do?