Buying your first house is exciting, stressful, and confusing, not to mention very expensive, and you’ll probably find yourself getting more invested in boiler pressure and kitchen storage than you ever thought possible. It can be a lot nd many first-time buyers find themselves getting very overwhelmed with it all just because there are so many financial and practical things to think about before making such a big commitment.
To help you out, and to make sure things go as smoothly as they possibly can, here are four things you should consider before buying your first home.
1. Your realistic budget
One of the biggest mistakes first-time buyers make is focusing entirely on the maximum amount they can borrow rather than what they can comfortably afford long-term.
Mortgage payments are only one part of homeownership costs. Buyers also need to factor in:
- Solicitor fees
- Surveys
- Stamp duty (where applicable)
- Insurance
- Maintenance
- Utility bills
- Moving costs
It is important to leave financial breathing room rather than stretching every penny purely to secure a slightly bigger property. Because owning a lovely house feels slightly less enjoyable when your remaining monthly budget consists entirely of instant noodles and vague financial panic.
2. Location matters more than you think
A house itself can often change over time, and you can do all kinds of work on it to make it more to your liking, but occasions can, of course, be much harder to fix, so as a buyer, you really should consider the following:
- Transport links
- Schools
- Local amenities
- Commute times
- Safety
- Future development plans
Even if a property seems totally fine at first, if the location is inconvenient for you and the way you live your life, then you can very quickly get frustrated with it, and that is not ideal, so be sure to research the neighbourhood thoroughly before you even think about buying.
3. Think about future needs
First homes do not need to be forever homes, but it still helps to think ahead. Will the property suit your lifestyle for the next several years? Is there enough space for future plans such as children, pets, remote working, or additional storage?
People sometimes focus so heavily on simply “getting on the ladder” that they overlook whether the property will remain practical beyond the immediate future.
4. Understand different buying schemes
A lot of first-time buyers now look at alternative routes into home ownership because the price of property seems ot be ever-rising. Shared ownership schemes, for example, are getting very popular, especially in more expensive areas like London, so if you haven’t already asked yourself “what is a shared ownership resale property?” you probably should.
But, basically, a shared ownership resale property is a home that has been part-owned by someone else and the local authority, which they are now selling. When you buy, you will only need to cover the share of the property that the seller owns, so it is much more affordable than having to buy a whole house in one go. These kinds of options are often a great way to get that first foot on the ladder.
Take your time, think things through carefully and hopefully you will get everything right andf your first home purchase will be a huge success.
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