Getting on the property ladder is an ideal position to be in, but it’s not always as easy for some as it is for others. If you’re lucky enough to find yourself in a position to be able to buy your first house or want to get into that position, there are certain things you will need to think about and steps to take to get there. Below are a few tips on how you can prepare yourself for buying your first house and becoming a proud homeowner.
Finances
Of course, the first step is making sure you have your finances in order. It’s no secret that properties don’t come cheap, so it might take you a while to put enough money aside for a deposit. You can also look into different help to buy scheme which might be able to get you onto the property ladder quicker. Other useful ways to help you stick to your saving routine is by opening a separate savings account and keep little reminders of your goals around the house to keep you motivated.
Research
Buying a house is a larger commitment, so you must do your research before you even begin to start viewing properties. You need to be realistic about your budget and don’t forget to factor in additional costs like surveyors, solicitor’s fees, stamp duty and so on. You should also think about what kind of location you can afford to live in, too. Certain areas will be more expensive because they are more desirable, but you need to make sure you’re living in an area that is safe and can meet your needs. For example, has a good healthcare clinic, transport links or schools. Don’t rush into buying a home; take your time to do thorough research into things first.
Compromises
Another thing you need to be aware of when buying a home for the first time is that you’re going to have to make some compromises. For example, your ideal home might have a large garden, but the ones within your budget that are in a decent area might only have a small year or no outdoor space at all. Or perhaps you wanted a three-bedroom house, but there are none in your price range that can offer three good-sized bedrooms. It can be disappointing but be willing to make compromises. Make a list of the things you have to have, and the things that would be nice but aren’t essential to help you with this.
Surveyors
As mentioned earlier, you will need to put money aside for a surveyor to come and inspect the property before you finalize the sale of a house. This is important because although you may not have seen any obvious signs of damage or potential repair work when you viewed the house, which doesn’t mean these things aren’t there. A surveyor will be able to look thoroughly all over the property, as it trained to identify signs of structural damage, damp, rot, etc. The surveyor’s report will let you know if and how much money will need to go into these repairs, and you can use that information to negotiate the selling price or pull out of the deal if necessary.
Buying your first home can be exciting, but make sure you’re taking the right steps to get the best deal.
