5 things to consider if you are buying a property for the first time

March 1st 2020
By: Intercounty
5 things to consider if you are buying a property for the first time

According to Rightmove* confidence among property buyers is returning after all of the uncertainty surrounding Brexit. Stating that newly listed property has pushed up the average home buying price by £2,589 since January 2020, which means that the average UK house price now stands at £309,399.

If you’ve decided that now is a good time to buy your first property here are 5 things you might want to consider:

1. Make sure you always carry out a survey of a property before you buy, this could save you thousands of pounds later. If you are properly informed about the state of a property or any issues flagged up in a survey means that you will make an informed decision about whether you are prepared to buy. It could also give you room to negotiate if you find any small problems with the property. 

2. Remember to add stamp duty to your overall budget if you are buying a property worth over £300,000. There is hope that this might be raised to £500,000 in this year’s budget on the 11 March. It’s important to remember that if you already own a property you will need to pay an additional 3% in stamp duty when you buy a property.

3. Make sure that you check the legal title on a property. A good solicitor will check out any issues concerning the property such as restrictive covenants, rules imposed by on the use of the property. If you are looking into making a property into two dwellings then make sure that there are no strict rules about making alterations. 

4. Access to your property is key. Most properties join a public road but if you are buying a property on a private lane for example then you will need to make sure that you have access over any privately owned land to access the public road. Check out if there are any annual maintenance charges.