Five key points for the new home buyer


As a responsible bank, we want you to get the most for your money in every situation. Nowhere is that more important than when buying a property. For many of us, buying a property is the single largest financial transaction we make. We also don’t make it that often, so even if this isn’t your first time, you may still be out of practice.

That’s why we put this five point guide together. So you can get up to speed quickly and make a sound buying decision.

1. Property is a long term investment

We have said it before on this blog and we’ll say it again. Any property purchase should be viewed as a long term investment. Buying a home is an expensive business, especially when you consider fees and taxes.

Move within five or six years and any equity you have built up is wiped out by moving fees. We would always advocate planning to stay in your new home for a minimum of five years.

2. Get ready for the purchase

Preparation is the key to success in almost any kind of venture you can think of and buying a home is no different. Before you begin looking, before you get your hopes up or fall for a particular property, it pays to get your affairs in order first.

Assess your financial position, talk to one of our mortgage advisers and see how much you can comfortably afford, put enough money aside for fees and do everything you can to prepare for buying that property before you begin shopping.

3. Take your time

Time is a commodity that we are always short of but that shouldn’t influence your buying decision. A decision made in haste can have long term ramifications, especially a decision as expensive as buying a home!

Of all the things that will influence your decision to buy a home, don’t let time be one of them. Rent for a bit longer if you have to, stay with family if you need to, but take your time and only proceed when you’re ready.

4. Stick to your budget

As a lender, this point is obviously close to our heart, but it’s an important point that cannot be overstressed. Setting a budget before you begin viewing property is essential. You need to be able to comfortably afford the payments as well as live happily in your new home.

Overpaying for a property or borrowing at the very limit are two things we would definitely advice against. Both can have serious repercussions on your long term financial wellbeing!

5. Remember who the real estate agent works for

The job of a real estate agent is to sell property. As a buyer, they may be your best friend, offer sage advice, and be more like a family member than an agent. However, that is so you buy a house from them and nothing more.

Agents are generally nice people, but their sole aim is to sell property. They will do everything they can to help you buy one, but they work for the seller not for you. Therefore, they will have the seller’s interest at heart over yours. It pays to bear that in mind when dealing with agents.

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