So you’ve decided to take the plunge and buy your first home. Congratulations! Whether you’re buying solo or as a couple it’s important to know what you’re getting into and what to look out for. Here are 4 things to consider before snapping up that first property…
Where To Lay Foundations?
It’s highly likely that your first home will be your base for the foreseeable future, so snagging a property in an area on the rise will pay dividends down the line – think Leicester City, not Aston Villa. Take time to discover what’s in store for the area. What’s the demographic like? How close is it to work? What are the transport links like? Are there any developments planned? Are schools being invested in? Ask these questions before anything and adapt your house hunt accordingly.
In case you didn’t know, seeing into the future is kind of impossible (unless your name is Meg and you’re mystic – then you can). Thankfully for us mere mortals, in using intuition, we can anticipate to some degree what will happen. For some first time buyers purchasing with their partner/spouse, the future may include nappies, sleepless nights and sterilising milk bottles at 3:30am. If your destiny looks broody, buying a home that will support more mouths will be necessary.
Sadly, researching and securing the right mortgage has never been the most exciting part of the property buying process. It is however the most important. By this point, you’ll know your fixed rate mortgages from your standard variable mortgages and have probably bored friends and family senseless with such talk. Nevertheless, it’s worth getting professional advice before jumping the proverbial gun. The kind folks over at the Mortgage Advice Bureau offer just that. Visit their website HERE or call them now on 0800 085 0118.
But Can You Really Afford To Buy?
So you’re emotionally prepared to buy? Great! Are you financially prepared also? Unless the Bank of Mum and Dad has generously opened its doors to you, it’s more than likely this will be the most amount of money you’ve ever spent. Stretching yourself isn’t half tempting when you find the perfect home, but staying realistic and spending what you can afford will be vital. That chunky deposit you shed blood, sweat and tears saving for is merely the tip of the outgoings iceberg. Solicitor’s fees, removal costs and outlay on new furnishings will hit your bank account harder than a Mike Tyson right hook if you’re not careful. For now, play it safe and buy responsibly. That mansion will be yours in time!