Buying your first home can be a very exciting experience. It means the end of shared accommodation, the end of questionable rental properties and the end of dealing with dodgy landlords. You will finally have a space you can call your own; a space that you can do whatever you like with. However, owning a home means paying a mortgage and dealing with repairs and improvements. There are certain considerations that every new homebuyer should be aware of.
It’s a long-term commitment
Owning a house is a long-term commitment so you should be looking for a property in a location that you plan to spend a considerable time in. If you buy a house only to move out a couple of years later, you are likely to lose money. Think about the longevity of the house and the location. Do yourself raising a family in this area? Are there good schools nearby for your children to attend? Is the home close to your family and friends?
However, if you are looking for a project home that you plan to do up and sell then you will need to ask yourself different questions. Is this project that you financially, physically, mentally manage? Are you likely to get a good return on this investment?
It is very important to work out your budget from the outset. There are many mortgage calculators online that will help you work out what you can afford. Remember to factor taxes, maintenance, estate agents costs and solicitors fees into your calculations.
In order to be approved for a mortgage, you must have a good credit rating. Before going ahead with any applications, get a hold of your credit report. With your credit report, you should be checking that it is accurate and sorting out any problems that
It is a good idea to get pre-approved before you start viewing properties. This way you won’t waste time looking at homes that are outside your budget. You also be in a better position to make an offer on a property if you have been pre-approved.
Get advice from professionals
There is a lot of helpful information online for first-time buyers, but this is overshadowed by the amount of incorrect and misleading information. When looking to buy a home, it is safer to work with a reputable estate agent, for example, Levein Team, and solicitors. It is a good idea to ask around your family and friends for a recommendation. This way you are more likely to find professionals who are trustworthy and have your best interests at heart. A good estate agent will provide you with advice and guidance on properties, neighbourhoods and the bidding process.
Once you have taken all the necessary information on board, and you are happy to proceed, the fun can begin. View as many properties as you can to get a feel for what is available and what you can get for your money. But once you have found your perfect home, you will know!