Buying your first home can be a hugely daunting process, and is one of the biggest decisions a person will make in their lifetime. With so much to take into consideration, there is no denying that taking the first steps to purchasing your new home will be overwhelming…but remember, it will all pay off in the end, even more so if you follow our top tips for first time buyers!
Ah, that time-old phrase, knowledge is power; it couldn’t be truer when looking to purchase your first home. It is imperative that you know and understand the market in the areas you are wishing to buy in. Will you be close to the amenities you need? What are the transport links like? Research the area, and read up on the jargon used by estate agents and mortgage lenders. Put yourself in the best position possible!
More often than not, you will already have a loose idea of what your upper limit will be when looking to purchase a house. The huge commitment of buying a house can be really stressful, and so it is vital that you stick to what you can afford. Don’t view properties that you know that you won’t be able to afford; it isn’t worth it! And remember, you need to take into account all the other added extras that come in each month when you are settled in your new home; council tax, water and electricity rates, etc.
It is a great comfort to know that you won’t be the first, or indeed last, person to buy a house; and take advantage of the knowledge of people who have already bought. Whether it is parents, relatives or friends, knowing what those around you have experienced can be a great way to increase your buyer’s knowledge.
Ensure that you really shop around when you start looking for your new home. You may have already decided on the area you want to buy in, but sometimes increasing those boundaries a couple of miles can really increase your buying potential. You may even find an amazing deal just outside of your target area.
It is vital to understand the layout of the home you are wishing to purchase. Don’t be shy and take a tape measure along with you when viewing properties; knowing just how much space you have to work with is paramount. It is also worth considering whether the layout of your new home is suitable, should you be looking to have children.
More often than not, as a first time buyer, you will be working full time. As such, consider the amount of time you will need to commit to improving the home you wish to buy. Taking on a momentous project for a first time buy can be both stressful and overwhelming; best to stick with a relatively new build, or a refurbished home which doesn’t need too much doing to it to be comfortable.