Buying Your First House: 5 Vital Tips to Consider
Buying your first house can be a daunting experience, not only do you need to find a property that’s within your budget but also meets your other needs, such as the right amount of rooms or space, and location.
It’s a big decision with a lot of variables to consider, thats why rushing into purchasing the first home you see is not advisable. You’ll want to take your time and carefully research your options as well as view multiple properties to make the decision that’s best for you and your circumstances.
We’ve teamed with Ecoline Windows and other professional to put together this list of useful tips to help you navigate the process of buying your first house.
Checking Your Finances: Determining What You Can Afford
Before deciding what house to buy, you need to check you can actually afford it. Your finances, from deposit to house price, will determine what you can afford. Getting a decent first house is definitely achievable with the right planning and budgeting. However, balancing the amount of money you use for a deposit vs. the amount the you may be borrowing will be crucial in determining the house you buy.
Choosing the Right House: Picking the Perfect Location
Location, location, location…. Location is another important aspect of buying any home, let alone your first.
One of the first questions you need to answer is where do you want like to live. Whilst we all may dream of a house in the sun on the other side of the world, by the sea obviously, the reality is do you actually want to move their – possibly far away from friends and family.
Another factor regarding the location is also a financial one. The cost of property in large cities is a lot higher than the suburbs or less populated and rural areas.
That’s because large cities are usually the hub of commerce and can be major industrial areas. This makes them popular among people as a perfect spot for working and finding high-paying jobs. – If the prices in these cities are too high, consider smaller areas around the city, where the cost of housing is relatively cheaper.
Reviewing the House Condition: Inspecting the Property Thoroughly
Typically the next choice to make it the type of property you’re interested in. Whether you’re looking for a flat, house or a bungalow. Once you have an idea of preferences, you’ll be able to start checking out possible home that are within your current circumstances and start booking some viewings.
If it’s your first home, it’s important to be thorough when viewing property as you want to be sure you’re getting the right property for you – it’s a big commitment after all. Key things to check and look for are:
- Windows: What type of glazed are they; single, double triple? Are they new? How long have they been installed? Are they energy efficient? – Answering these questions will give you a better idea of if they need replacing. Ideally you’ll want a house that already has energy efficient windows to help you save on energy bills.
- Exterior and patio doors: Like the windows, you’ll have similar questions but you’ll also want to know if they are durable and secure?
- Walls, attic, kitchen cabinets, and bathroom: With these rooms you’ll want to check the walls for mould, blown plaster or anything else that will clearly need replacing.
When in doubt, we always recommend taking someone with you. Preferably someone who has been in this position and will give you their honest opinion on the property type. Just ensure it is someone you can trust.
Ok, so you’ve check out a few properties and got a good idea of the ones you want to make an offer on, the next question is “can you afford it?”
For this you’ll have to look at what mortgage providers are out there, what your deposit is and what sort of loans and LTVs are available. You could be as lucky to get away with around a 5% deposit it might be higher.
The amount of money a lender with lend is typically dependant on your circumstances such as income, if you have any dependencies and you existing outgoings and credit commitments. These are all questions you’ll be asked so be sure to have a good understanding of your current finances.
If you want to save yourself some time and hassle with this, we’d recommend using a mortgage broker who can ask you all the questions once and then find you the best options for you and your circumstances.
Finder a Solicitor
Now you’ve made your offer and it’s been accepted its time to call in the legal professionals. You’ll want to find a quality conveyancing solicitor who can handle all the contracts as well as deal with conveyancing the property to make sure you’re getting what you’re paying for.
The best way is to ask someone you know for a referral if they’ve recently purchased a property. Alternatively a quick internet search will give you a rafter of solicitors to choose from.
Purchasing your very first house can be an overwhelming process. However, with proper research, a good understanding of your finances, and working with the right professionals, you can find the perfect property.
Take your time to review your options and make sure you pick the right location and property type for your needs. Remember that your home is an investment, so it’s crucial to make a decision that will benefit you in the long run. With the tips provided in this article, you can confidently embark on the journey to becoming a proud homeowner.