Tips for Buying a Home in Essex

By admin / April 27, 2021

The county of Essex is an ideal place to live in if you are into the great outdoors. There’s plenty of woodlands, farmlands, and coastal villages that await you. If you decide to settle down in this county, there is a wide range of houses for sale in Essex to choose from. Buying a home is a big decision. Here are some tips to consider if planning to purchase a property in Essex.

Get mortgage pre-approval

Getting pre-approval for a mortgage will let you know how much the lender could approve you for the loan. It will help you decide on how much you could spend on your home purchase. However, do not make this your only basis when deciding on your budget. You also need to consider your monthly income and ensure that you can pay the monthly mortgage payment conveniently without putting yourself in hardship.

Consider all the expenses involved

Your mortgage is not the only cost involved in buying a home. There is also the down payment that you need to pay out of your pocket. The percentage of the down payment varies, but it can be as low as 5%. However, if you can pay a higher down payment, that will be better because you will have a better interest rate on your mortgage. Also, aside from the down payment, other expenses involved in the purchase include a lawyer’s fee, closing fee, and house insurance.

Create a checklist for the things you like

There are several properties available for sale in Essex. It is easy to get lost with all the options out there. To make it easier for you to find the right home to buy, create a checklist of the things that you want to have on the property. It will help shortlist your options and choose from there.

Compare prices of similar properties around the area

The price on the listing is not necessarily the final amount that you need to pay. You can still negotiate with the seller about the price. To get a better idea of the market value of the house, look around for similar properties around the area and see how much they are listed.

Visit the property

Don’t make your final decision without seeing the property in person. Set a schedule for viewing the home, and explore every area to determine if it’s something that will work for you. You need to take a look at the entire place to determine if you will see yourself living there.

Get a professional home inspection

If you are interested in the property, hire a professional to do the home inspection. You may need to pay for this service, but it can help save you a lot of money from a misinformed purchase. There might be problems in the house that you missed, and the inspector could detect those faults. The result of the inspection will help you make an informed decision.

Keep these tips in mind if you decide to buy a property in Essex. Consider your moving costs too once you purchase a property, as well as any home upgrades or repairs that you need to make.

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