Buying your first home can be a pretty stressful and daunting prospect but as long as you do it right the rewards will a lot greater. There are a lot of things that you will need to consider when deciding whether you are ready to buy, searching the market, and making the purchase and I have narrowed the list down to three categories that will help you to make the right choices when doing the house hunt.
One obviously important aspect of purchasing your first home is the money that you will need to spend on your mortgage and making your house a home. There are a few things that I would recommend to help the financial headache go away. First of all you should get yourself approved which will let you know how much you have to spend so you don’t waste your time in certain bidding wars. Once you have determined your spending you need to pick the best mortgage for you. There are certain lenders that will have benefits for first time buyers so this is something you need to consider to ensure that you aren’t being over charged.
Finding out how much you can afford to borrow and spend on a house is something that you need to sit down and work out because you really don’t want to be left paying out more than you can afford as this will have a detrimental effect on your credit rating. Consider you monthly finances, how much you have coming in and going out, and decide what sort of deal you can afford.
I would highly recommend that you don’t blow all of your budget on the house because there is likely to be some improvements that you want to make that will make your new house feel more of a home to you. Also paying the first few months of the mortgage can be the most difficult after letting go of a large sum in the buying of the house so bare this in mind.
Decide what you need from your home
Another important part about hunting for houses is that you consider what you need from it. This will narrow your search down and having a checklist will ensure that you aren’t left wishing you had waited for something bigger or cheaper.
Making a list of what you need will include everything from how many rooms you need to how much space you want in your kitchen.
A perfect location
Location is one of the most important things to look at when buying a home. You shouldn’t think about how nice a house is or any other details before choosing the location. You are likely to live at this house for many years so the location is important and there are a lot of factors that you should consider such as:
• How far is the house from your place of work? – You don’t want to be paying a fortune on petrol or public transport costs.
• What is the neighbourhood like? – Sometimes it is beneficial to have a smaller house in a good neighbourhood than a huge house is a bad one.
• The pros and cons of the house – talk to the owners about their experiences in the house. This can be anything from ‘are the roads busy’ to ‘which garden gets the better sunlight’.
If you bare these crucial points in mind when making a decision on your new home then you will find that the house hunt is actually an exciting part of life which will ideally see you content for many years to come.