$700K House: What You Need to Know Before Buying

Thinking about a property around $700,000? You’re not alone – many buyers see this price as a sweet spot between starter homes and luxury estates. It’s enough to get a good size, decent location, and some extra features, but it’s still doable with the right planning. Below you’ll find the basics you should check before you start looking.

How Much Can You Borrow?

First thing is to know how much a bank will lend you. In the UK most lenders use a loan‑to‑value (LTV) ratio of 80‑90 %. That means if the house costs $700K you’ll likely need a deposit of $70K‑$140K. Your credit score, income stability, and existing debts also shape the final figure.

Use an online mortgage calculator to run a quick test. Plug in the price, expected deposit, and a realistic interest rate – you’ll see monthly payments pop up instantly. If the payment feels too high, consider a longer term or look for a lower‑interest mortgage.

What to Look for in a $700K Home

Location still matters most. In the Florin Court area, a $700K house usually offers a good balance of transport links, schools, and green space. Check the local council’s planning portal – new developments nearby can boost value, but noisy construction could affect short‑term enjoyment.

Inside, aim for at least three bedrooms, two bathrooms, and a decent-sized kitchen. Open‑plan living areas are popular and tend to keep resale value high. Look for energy‑efficient features such as double glazing and modern boilers; they lower utility bills and appeal to future buyers.

Don’t forget the outside. A tidy garden or private driveway adds convenience and can be a selling point later. If the property comes with a shared garden, find out the service charges – they can add a few hundred pounds each month.

Another practical tip: ask for the property’s Energy Performance Certificate (EPC). A rating of C or better indicates lower running costs and often smoother mortgage approval.

When you spot a property you like, arrange a viewing as soon as possible. Bring a checklist and take notes – it’s easy to forget small details after a few viewings.

Finally, factor in extra costs. Stamp duty, legal fees, survey fees, and moving expenses can add up to 5‑6 % of the purchase price. Budget for these ahead of time so they don’t surprise you at closing.

In short, a $700K house can be a solid middle‑ground purchase if you understand the financing, pick the right location, and check for key features. With a clear budget and a bit of homework, you’ll be ready to make an offer confidently.