It doesn’t take much to notice that there is a slow but steady rise in demand for mortgages across the UK. But today’s would-be homeowners are savvier than they used to be. They’re now asking for the condition of the home, and they would like surveys conducted. This makes sense. In the recent report from reallymoving.com, the top concern homebuyers have when getting a survey are structural concerns.
But let’s go back for a moment. Getting the survey is just one part of the process, though it is one that some people feel that they can overlook. The factors behind skipping steps in the home buying process are often linked to a tricky situation. If you feel like you’re being pressured to move, try to find some way to slow down. Getting a survey is really the best way you can protect your investment.
While some would argue that a home isn’t a real investment, it is something that you’re going to be putting thousands upon thousands of pounds into. The home is something that you can hold onto for multiple generations, passing it down to your children and then to their children as well. It’s a smart move to think more critically about where you live for the long term.
The home that looks beautiful today may fall into decline faster than you think, sliding downhill in five or seven years. You can prevent a lot of unnecessary repairs simply by knowing what you’re dealing with in the first place. A house that has significant repairs to make isn’t a complete deal breaker. For example, you might get a seller that understands the state of their home, and is willing to make some of the repairs. The contract can be adjusted to require these repairs completed before the purchase can go through. A seller that truly wants to transfer the property to someone else will make sure that they do whatever it takes to get the sale to be completed successfully.
It all comes back full circle to the mortgage: the bank wants to make sure that the house is in proper condition, because they have to approve the mortgage in good conscience. They cannot finance a house that’s falling apart, as this is not a good return on anyone’s investment. Once you see how all of this is connected, then it makes getting a mortgage a far more satisfying decision. All you have to do is make sure that your basic requirements are covered thoroughly as you proceed deeper and deeper into the process. Good luck!