Moving into a new home is great, excitement bubbles over as you work where you’re going to move and start thinking about how you’re going to decorate it, but there are financial hurdles to get over along the way that all but the most rich need to spend time deliberating and worrying about. There are ways around this, ways that require perseverance and a willingness to learn. Sure, saving takes some time, and parting with that cash can be tough, but you need to see it as an investment, only then does it make it all worthwhile.
The Mortgage
Getting a mortgage can be an extremely demanding and painful process. You need to stack the card in your favour before going for one, otherwise you could be turned down, which is a stressful process. If you are turned down, there are places that can help and give you more advice such as at 1stukmortgages.co.uk/declined-or-refused-a-mortgage-advice. You should seek all the advice you can prior to the meeting and make sure you have saved up enough of a deposit. This will be the largest outgoing but don’t worry because you aren’t under pressure to save, just save bit by bit and as much as you can. Know what kind of properties you want and save accordingly.
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Government Taxes
Don’t forget there are government taxes you may have to pay too, so don’t put everything into your housing deposit. Remember you are going to have to save up some extra money for this. The tax such as the stamp duty tax is a tax that varies depending on the price of the property. It is an non negotiable fee which you need to pay. You can calculate how much your duty will be here. You need to set this sum aside because you don’t want to be caught out and end up having to pay it out of cash reserves you have set aside for other things, such as renovation.
Renovation
You’ll need spare cash for renovation. There will be many things in your new property that either need fixing up or changing to suit your own needs. Before you purchase the house you should get a building survey done, which will show you any issues that need to be rectified, Don’t be afraid to offer a lower price because of these issues. Or, ask them to sort the issues out before making an offer. They may take the financial hit or pay out for the work to be done themselves. Whatever they decide, it’s win win for you. You don’t want to end up with a property that has severe structural issues. Set aside money for the home, after you’ve viewed it you’ll know roughly how much you’ll need to spend to do what needs to be done. You don’t want to end up in the situation where you have spent all your money on the deposit with nothing left to buy shabby chic coffee tables and other furniture or make the necessary changes.
