Colchester is a town in Essex and is the oldest city in Britain. It offers a mix of the classic English village and modern establishments, such as shops, restaurants, and museums. You can enjoy all of these if you plan to settle down in this town. There are several houses for sale in Colchester that you can choose from. If you are a first time home buyer, it can be challenging since you have to consider various things. We listed some tips on how to make the process easier for you.
Consider the costs
Save as early as possible if you wish to buy your own house in the future. While you can apply for a mortgage, there are still expenses that you need to pay out of pocket. One of them is the down payment. The down payment is the amount that you will pay outright, and the rest will be paid for by the mortgage. The percentage of the down payment you need to pay varies, but in most cases, it’s often 5% of the total amount. However, if you can pay more than that, the better because the interest rate for the mortgage will be lower if you opt to pay for a higher down payment. Other costs to consider are closing costs, moving costs, and house and contents insurance.
Compare mortgage options
There are different types of mortgages available, but the two general types are fixed-rate and variable rate. Fixed-rate, as the term suggests, is where you pay the same rate for a specific number of years like two or five years. After that, you can remortgage and choose to keep it fixed or make it variable. With a variable mortgage, the interest rate can change, although the advantage is that it offers more flexibility when it comes to payment. You can also choose to change your mortgage plan anytime.
Search properties for sale
As mentioned, there are several properties for sale around the Colchester area. Beresfords is one of the sites that you can check out to browse for houses available in the said town. Type in the information required and you will get the results. It also comes with options where you can connect with their agents in case you have any questions. Have a list of the things that you want for your home. It will serve as your guide to make it easier for you to shortlist your options. However, be flexible since not everything on your checklist might be in one property. Consider the most important, and the things that you can let go of.
Request to view the property in person
Although there may be photos of the house listed online, it’s still best that you visit it in person. You will have a better view and feel of the property if you explore it personally. Set a schedule for the viewing with the real estate agent, and check on every detail of the house. Ask any questions that you have to help make the best decision.
Apply for the mortgage once you decide on which property to buy. Consider the monthly mortgage payments too because failure to keep up with the payment may result in foreclosure.