Buying a home is a really thrilling process – and never more so when it is your first home. Finally, you invest in your future, in a place where you control your environment, can decorate, upgrade and customise as you see fit. Owning your first home is among the greatest feelings in the world, but it can be too long road to get there. Even when you’re financially ready to buy a home, there are various different choices to make and preparations to undergo before you can finally sign that lease and the keys are hanging in your hands. This option can be both practical and idealistic. Where would you like to live? What kind of property would you like to live in? Are there compromises you need to make so you can purchase the perfect first property? Below are some of the considerations a first-time buyer should make, all of which will lead you to truly be ready to take that first step up the all-important residential ladder.
Location
Where would you like to live? This is the first big decision you’ll have to make. Now, this consideration operates on many levels. At this point, the world is your oyster. Which country do you want to live in? This may be where you already live, but you may additionally be considering moving to a utterly different place. What is your reasoning behind this? Can you find more upscale properties in certain countries? Once you have selected a general area, there’s further choice to make. Do you want to live in a city or a country town – and if in a city, in which city? Do you dream of a quiet suburban environment, or would you rather find an apartment right in the middle of the hustle and bustle? Even after this, you will want to consider another element – is there a school nearby? Would you like to live near a gym? Listing all your location requirements is among the first steps to preparing for your first home purchase.
Mortgage
Unless you can afford to pay for the house outright, you will need to be prepared for a mortgage. It’s important to know precisely how much you can afford every month, as this will affect the length and quality of the deal you will get, and therefore what sort of property you can purchase. Mortgage lenders will also want to see proof that you’re a committed and responsible borrower. Having a good credit score is particularly useful when buying your first home, so it is a good idea to prepare for this in advance and take steps to make sure your score is as high as possible.
Bill
Alongside your mortgage, you’ll have to consider bills. Energy, taxes and other expenses will all contribute to your monthly costs. This will vary depending on the home (larger homes may need more heating) so it is a good idea to be prepared by performing some research energy rating and price. It is also important to remember that this house will be utterly your responsibility! Whereas previously your landlord may have covered certain repair costs, including the boiler, expenses like these will now fall on you, and you’ll have to factor that in as you look at different properties.
Housing area
The best way to find the best properties and to be fully prepared to bid, is to work with an expert. There are some terrific real estate companies out there like Camijonehomes.com, who can consider all of your needs, and conduct property searches on your behalf. Great real estate companies will find homes and deals you may never have found on your own. Sometimes, the best way to be prepared is to let someone else help you. Especially as a first time buyer, the guidance and advice you’ll receive will be fundamental in helping you make the most suitable option for your personal circumstances.
Home Style
Location and price aside, style is among the most vital considerations when you are buying your first home. What kind of property would you like to live in? Do you like easy and modern designs, or are you in love with the idea of a older period property with heaps of characters? Even simpler, do you want a detached house, a bungalow, an upstairs apartment, or something else completely? The type and style of home you are searching for will have a huge impact on price, location and the amount of competition you may face when bidding. It’s worth being prepared by knowing precisely what you want, so you can enter the market with confidence.
Priority
As with all things in life, there will likely be compromises when you are searching for your first home. Sometimes, the perfect home can fall right into your lap, like a match made in heaven. However, there will often be many choices that you like, but each may not fully meet your criteria. Preparing to buy a home is all about knowing your priorities, what you are willing to compromise on, and what elements are established needs.
Value Prediction
You might imagine you will be living in your first home endlessly – but that does not appear to be the case. Most people move house at least once after buying a home, if not several times. Having said that, one area you need to consider is the strength the value of your home. There’s no point buying a house where it is likely to experience more flooding in the coming years, for example, because you will be losing money if you decide to sell it. Watch for upcoming areas, and try to buy someplace with an increased value prediction. It’s a smart way to buy your first home and invest in your future! By preparing for your first home purchase with all of these possibilities in mind, you will be doing yourself a big favor down the road.
