Buying your first home can be an
incredibly overwhelming experience. It is perhaps the biggest personal
financial commitment you will ever make, making it essential for you to know
the ins and outs of purchasing a property, including little hacks that can make
the experience a lot easier.
To give you a helping hand to get on the
property ladder, here are a few top tips for making sure you know everything
you can about buying your first home.
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Investigate the area around you
Buying a house is basically a commitment
that you will be staying in a particular area for the foreseeable future. As
such, you need to gather as much information about the surrounding area as
possible. Make sure you look at the transport links, especially if you are a
commuter, schools, leisure facilities and the general amenities. Pay particular
attention to any developments or future developments going on in the
surrounding area, as these can cause a lot of disturbance and often last a
number of years. Don’t just stop at the internet, read local newspapers and
talk to the neighbours to get an unbiased opinion on the area.
Find out the exact amount you are
eligible to borrow
The actual amount that you are able to
borrow relies upon a number of different things, including your income, your
deposit and credit score, along with a number of key influencers. Before you
start looking in any depth, find out the exact amount that you would be
eligible to borrow so that you can look for properties within your budget. Not
only will this help to avoid disappointment, but you will be better informed of
your monthly payments and how much you would have to pay upfront.
Speak to your parents
The housing market was incredibly different
back when our parents were young, however if they have been through the process
of buying a home they could have invaluable advice and guidance. They may be
able to help you overcome issues or help solve issues that you may not have
considered. Some parents may also be able to assist you in the financial sense,
so discuss this with them from the offset.
Calculate your overall living costs, not
just your mortgage
Don’t forget that its not just your
mortgage that you have to think about. Its easier overlook the additional
costs, but you have to take them into consideration when thinking about how
much you want to borrow. There are a number of additional costs to to add on
before you even move in such as conveyancing
solicitor costs, stamp duty and structural surveys. Once you have moved in
you will need to take your other monthly, quarterly and annual bills into
consideration, including council tax, utility bills, TV license, internet and
then of course you have the cost of furnishing a house in the first place.
Stay Focused
The likelihood of finding a property that
covers all bases is slim. In most cases, you will have to compromise on some of
your requirements. Take a look around a number of different properties and make
lists of the positives and negatives about each of them. It can be really easy
to become fixated on one feature that you fall in love with, so it is important
not to make decisions based on one element, such as a beautiful kitchen, or big
garden. The last thing you want is to buy a house because it has a nice
kitchen, only to find out that you have to replace the full central heating
system once you’ve moved in.
If you find a house that you do like, carry
out a thorough assessment of the state of repair the house is in, so you can work
towards estimating any future costs.
About Georgina Bullock
Georgina has been a freelance writer for
over six years, mainly focusing on property and finance. Working along side a
number of high profile names, Georgina has built a strong knowledge in these
areas, helping guide those trying to work their way up the property ladder. She
is currently working alongside conveyancing
solicitors in Manchester, to help first time buyers get the advice and
guidance they need to secure their first home.