Buying your first home can be a dream come true, or your worst nightmare. It all depends on how prepared you are for your first purchase and how much ground work you do before signing those papers. This is unarguably the biggest purchase you will ever make, so take your time, shop around and find the house that you can call home for many years to come.
- Save up for a deposit
Try to save between 5% to 20% to put down on your perfect home. Remember, the more you have the better your mortgage rate will be. You will also need to consider all the extra costs for solicitors, removals, buildings insurance etc.
- Do your homework
Now that you have established what you can afford, you need think about the location. This is the one thing you won’t be able to change so make sure you are familiar with the area and that you are happy to live here. Then make a list of things you require your home to have, and things you could live without.
- Create a list of questions
Once you have secured the services of an agent and you’re happy with the budget and location, the viewings can begin. Create a list of questions for the agent. You’re looking to find out if you would need to spend any additional money on the house and if it will be cosmetic changes or a major repair. Also try to view the house during different times of the day and night to gauge how busy the neighborhood is and if you may have any noise disturbances.
- Be aware of defects
Don’t let a beautiful façade fool you. The house may be perfect on the outside, but when you start to look closely, you notice things that may costs a lot to repair. Roofing issues, damp, poor ventilation, poor drainage and diy repairs around the home are indications of problems. Ask questions and if you’re still not sure, hire the services of a certified home inspector to get a professional opinion.
- Have patience
You have a picture in your mind of your perfect home, so don’t settle for less than that. Be realistic in your expectations, but don’t just make an offer on anything that comes along because it fits your budget and location. The right house will come, if you give it time. And it will be well worth the wait.