Buying a House?  Things to Consider

Buying a house, whether it be your first time or whether you're selling up and upgrading, can be very tiresome and time consuming, but very exciting at the same time.  There are many things to consider, so we at moneysupermarket.com have put together a guide of things that should be considered when moving to a new house.

One of the main things you should consider when buying a new house is your home insurance policy.  Your home is likely to be the most expensive thing you will ever purchase, so it is important to protect what you've worked hard for.  If you own your house it is imperative that you have insurance to cover the actual structure of your house, i.e. the bricks and mortar.  You should ideally get a home insurance policy from the day you exchange contracts and it is recommended that you insure your house for the amount it would cost to re-build as opposed to what the market price is.  This often works out a lot cheaper, so we recommend that you get access to this information.

You should also consider contents insurance, which covers your belongings including carpets, furniture, white goods, clothing, jewellery- everything that isn't fixed to the house itself.  You should calculate what you think all of your belongings are worth in detail, as many people underestimate what the value of their things and find themselves short if they have to make a claim.  It is important to notify your insurer if you purchase anything of value as you might not be covered if you have to make a claim- it's important to provide the correct information so you can be sure that you'll get paid out if the worst happens.

If your home needs work doing on it, consider your home insurance before you make any decisions on whom to contract the work to.  It may be tempting to carry out some work yourself, like a fixing a loose roof tile or tightening some screws under the sink.  However, your home insurer may be reluctant to pay out if they find out that the problem wasn't addressed by a professional if you need to claim as a result.  Insurers like to see that you have taken all of the necessary precautions.  Make sure you get any home repairs done by a professional if the problem poses a risk to your house or belongings, and keep the receipts as a form of proof in case you need to make a claim.

If your existing home insurance policy is due to expire, don't just renew your policy without doing some research.  On average, people save £131 when comparing home insurance policies at moneysupermarket.com, proving that being loyal to your insurance provider doesn't necessarily pay out.