How to financially secure your house before you buy it

It’s probably the most amount of money you are ever going to spend in life, and for that reason alone you need to take great care when buying your property.

One bad decision can lead to years of bad debt – and this is the reason today’s article has been penned.

We will now look at some of the ways you can safeguard your investment when you buy your home, to make sure that the purchase doesn’t come around to haunt you later down the line.

Are you paying the right price?

When buying a property, one of the principle mistakes that a lot of people make is letting heart rule over head. There will be the odd house that you instantly fall in love with as you look round, but you still need to make sure you get your numbers right as you progress to making an offer.

In other words, there’s no excuse for failing to conduct background research. Nowadays, it is easier than ever before for the Average Joe to find out how much nearby properties have sold for, and work out whether or not their offer falls within the current market.

If it doesn’t, it can lead to a lot of heartache down the line. You can fall into the trap of negative equity, and this can mean that moving home in the future is nigh-on impossible.

Are the properties appliances going to bleed you dry?

Something else which you need to keep an eye on are the appliances in the property. These days, the likes of fridges, freezers and ovens can cost thousands of dollars, and the last thing you want is for them to fail on you. If they are expensive in the first place you might have a massive liability on your hands, while if it is clear that they are aging and might not survive the next few years the same rules apply.

As such, mull over the best rated home warranty plans. Some of these can cover everything from plumbing to dishwashers – so they even include the internal systems of your home. Suffice to say, if something fails, you are properly covered.

How is the property structurally?

Next on the list is the structural condition of the property. Again, some property defects are no laughing matter and will cost a small fortune to fix if you are not careful. To coin a few examples, subsidence and roof issues are the two main ones, and the issues for these can lead to years of trouble.

For this reason, you cannot rely on your own eye to spot these issues in advance. You need a surveyor; a registered professional who will be able to assess if the structural condition of your home is satisfactory.

There’s another reason why you should turn to a professional as well; you will be legally covered. In other words, if they miss something, you can take legal action against them for any damages. While this might sound like a hostile action, let’s not forget this is part and parcel of the work of a surveyor and they are insured to safeguard themselves against such situations.

 

Subscribe Now!

Screen shot 2017 04 24 at 1.49.26 pm

Join the newsletter! Subscribe to get our latest content by email.

Powered by ConvertKit

Leave a Reply

Your email address will not be published. Required fields are marked *