I've just bought a house -here's what I wish I knew before I did10/01/2023
I’ve just bought a house – these are the five things I wish I knew before I did, from setting up an individual e-mail for correspondence to saving for extra costs
- A new home owner has taken to social media to share all the tips and tricks
- Liv Bamford, 24, posted a video with advice for first-time buyers
A new home owner has taken to social media to share all the tips and tricks they learned along the way, with the hope to make it easier for other first-time property hunters.
Liv Bamford, who goes by @lxvxgx on TikTok, posted a video captioned ‘things I wish I knew before buying a house/starting the process!’
The 24-year-old warned that she’s ‘not an expert’ and viewers should ‘take any advice or information lightly and ‘do their own research.’
Though, her advice seems to have proved useful since the video has been seen by over 38,000 people.
From money advice to organisation, here are her best recommendations.
Liv Bamford, who goes by @lxvxgx on TikTok, posted captioned ‘things I wish I knew before buying a house/starting the process!’
Set up a new email address
She told viewers ”The first thing I wish I’d done is made a new email account because oh my god, there’s so many emails, there’s so many different people to contact.
‘There’s life insurance stuff, home and contents insurance that you need to sort out.
‘All these different emails and when I tell you, they are getting lost it’s so hard.
I started flagging them, but there’s still things I forget to flag or things that I miss and I just wish I’d made a separate email for everything house-related, it would have made things so much easier.’
CC everyone into your emails
Off the back of the first piece of advice, she replied to a commenter who wrote ‘Also cc everyone into emails i.e. Solicitors and estate agents so you’re all on the same page and you have to insure the property the moment you exchange.’
Liv added ‘I completely agree. I wish I’d cc’ed people into everything.
‘Luckily we chose a broker and they pretty much sorted everything out and I think behind the scenes there’s been a lot of contact between all the different people.
‘But you don’t know that and you’re very much kept in the dark and it can be the same for everyone, so it is a good job to CC everyone into everything so everyone knows what’s going on – I wish we’d done that.’
She told viewers ”The first thing I wish I’d done is made a new email account because oh my god, there’s so many emails, there’s so many different people to contact’
READ MORE: Revealed: Price of London flats, country pads, coastal homes and Cornish cottages drop by up to £25,000 in the last year as Britain battles biggest house slump in 14 years
Know the help to buy ISA rules
Help-to-buy ISA’s are a government scheme designed to help first-time buyers save for a mortgage deposit to purchase a home.
The government promise to top up any contributions you make by 25%, up to the contribution limit of £12,000.
However, Liv wishes she’d been aware of this lesser-known rule:
‘I wish I had known that help-to-buy ISA’s only work for houses up to 250k, unless you’re in London and that’s 450k, because honestly there’s not that much that you can get for under than nowadays.
‘None of the ones we looked at were under that, so having a help-to-buy ISA for the last four, five years, maybe even longer, was completely pointless and that money could have been in a better savings account, getting more interest.
Be aware of extra costs
The TikToker also wishes she’d known that ‘you need more than just the deposit amount, adding ‘there’s so much more stuff you have to pay for’.
‘Not even just the deposit and the solicitors, which is another two grand on top, but you can buy your house and a week later you need to pay your first mortgage payment.
‘Ours is around £1450, so that’s almost £1.5k we need on top of all the other stuff we’re paying for currently, which I did not think about until last week.
Know what your priorities are
Finally, she recommended that buyers think about what their priorities are before beginning their search.
The influencer said ‘I cared more about location than the house and I wish I’d just known that before because we actually reserved a house that we didn’t even want in the end.
‘Luckily we got that reservation money back, but we weren’t supposed to I don’t think.
‘Knowing whether you prioritize location or home is such a big thing and I wish I had known that to start with.’
People in the comments chimed in with their own tips and tricks, with one person writing ‘Lifetime ISA’s are the better ones – you can save more per year and house up to £450K (recommend The MoneyBox) Congrats on the house!’
Another added ‘We bought a house which needed work doing it. We knew this but was shocked when we started getting quotes. Get trades people in before you buy!’
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