Friday, September 29, 2023

How to buy your first home

Buying your first home is likely to be exciting and stressful in equal measure. It provides you with a great sense of freedom and comfort knowing that you are investing in something for the future. However, it can also be hard to navigate as a first-time buyer. Here are some tops tips to help along the way.

Speak to a professional

It can be difficult to know where to start when you begin your house hunting journey. Talking to a professional is a good place to start. Mortgage advisors are able to advise you on how much you will be able to borrow, which will also determine how much you need to save as a deposit. Some advisors charge for their services whilst others are free. Talk to family and friends to see if they have any local recommendations for who to use. The benefit of using a mortgage advisor rather than going directly to banks is a considerable reduction in admin, and many advisors are able to offer additional insight into the housing market, as well as other things you need to consider once you own a home, such as life insurance and income protection.

Establish a budget

Whilst an advisor will be able to tell you how much you can borrow and how much is required for a deposit, there are other costs to consider. Be sure to develop a list of all anticipated costs, including solicitors’ fees, furnishing a home, moving costs, and potential renovation costs. This will give you a truer indication of how much you are likely to spend, and this will allow you to determine whether you are in the position to buy now or whether you need to save for longer.

View as much as possible

Viewing houses is a really exciting part of the house-buying process. It is the most effective way to discover what it is that you really like in a home. It is advisable to view as many properties as possible to really understand what the market has to offer. Start with a search for homes for sale near me to see what is available and go from there. It is also worth trying to view multiple properties on the same day or close together to make direct comparisons between them.

Determine your must-haves

Many of us have a list as long as our arms for what we would like from a future home. Unfortunately, it is often impossible to find a property that satisfies all our wants. Therefore, it is a good idea to make a list of non-negotiables for a home versus things that would simply be a nice extra. This will be totally dependent on your own personal preferences.

Take a step back

It is very easy to get swept up in the house-buying process and become overwhelmed. Try to regularly take a step back and remember the end goal. Try to enjoy the experience as much as possible and speak with those close to you if you’re feeling stressed.

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