When it comes to buying a property, most people know the basics – they have the money, they need to find a good place and then get the paperwork in order. But there are a few things that aren’t so obvious when it comes to becoming an owner in the UK property market.
Here are 10 things they don’t tell you when you buy a property:
1. Property prices can vary widely. Depending on where you live and what type of property you want to purchase, prices can vary significantly from one area to another. It’s important to research your local area and talk to estate agents or surveyors for advice before committing to an offer.
2. Stamp duty is payable on any property over £250,000 – unless you’re first-time buyer. Stamp duty is charged at different rates depending on how much your house costs over £250,000, so make sure you do your research before making an offer.
3. You may need additional surveys and inspections beyond the usual mortgage valuation surveyor report. Some properties may require additional surveys such as damp reports or building regulation checks in order to meet legal requirements and ensure that everything is up-to-scratch with the home before you commit yourself financially too much.
4. Local authorities levy council tax on all private owners – but don’t forget about service charges for flats or communal areas if applicable too! Council tax rates depend on where in the country you live – these rates are set by local authorities and can be researched beforehand online if necessary.
5. You may also need planning permission for certain types of alterations or extensions – it pays off to do your research ahead of time! Some types of alterations or extensions will require planning permission from your local authority – check with them beforehand so that there won’t be any nasty surprises down the line.
6. Moving day could end up costing more than expected due to services such as removal companies, conveyancers fees etc., so plan ahead and make sure you have all of the funds ready beforehand. This includes not only solicitor's fees but other added costs such electricity meter readings etc, which could be easily overlooked otherwise.
7. Don’t forget about safety regulations. Make sure all smoke detectors and fire alarms are working correctly and comply with current regulations prior to moving in. It might cost a bit extra now but it could save lives later down the line if something goes wrong during a potential fire emergency situation.
8. Always shop around for insurance policies and compare quotes. It’s important to take out the correct insurance for your new home as it will provide financial protection against any potential future risks you may encounter.
9. Have your mail redirected before moving day. Nothing is worse than having important letters sent to your pervious address, so make sure you have everything in place.
10. Always make sure to research the local property laws and regulations before entering any agreements. This can prevent misunderstandings and ensure a smooth buying, selling, or renting process.
In conclusion, buying a property isn't always straightforward - even experienced buyers can overlook things along this journey without realising until much later down the line. That said, doing proper research into all aspects of purchasing/renting/selling properties will help reduce potential headaches caused by lack of information further along the process.