Things to consider when you have selling buying a house in Northampton
Great! You have brought your house in Northampton. Most of the hard work has been done, but there are still things you need to keep in mind while your house is purchased.
• Mortgage repayments
If you purchased your property in Northampton then your lender to ensure that you will be able to afford the mortgage repayments, however, it is wise to have a reasonable back-up fund for times when your property and your house is not let.
As with any property, there will be expenses that you need to budget for. You will need to think about how you will pay to fix things that go wrong in your new property. Think about the minor fixes as well as they can mount up. You will also need to consider any expenses involved in bringing the property up to, and maintaining, your standards. Any white goods you have purchased will need maintaining.
• Insurance fees
While building insurance is not a legal requirement, it is strongly recommended. Buildings insurance is an insurance policy that covers a property owner from financial losses connected with the properties. Make sure you have read the small print and that you understand exactly what the insurance covers.
• Repairs and maintenance
While all of the above are important areas to budget for, this is an area that can really leave unprepared owners unstuck when it comes to their new house upkeep. You really must have a contingency fund for all of the minor repairs that crop up in a property. These repairs are often for things that we may not fix straight away in our own homes, but homeowners will expect them to be fixed quickly. Happy wife equals a happy life, so make sure you have budgeted for these areas.
If it is an investment property, it is vitally important that you understand where you stand in regards to tax. You need to plan carefully and make sure you have read and understood all the relevant and up-to-date tax law regarding investment properties.