Looking for your first home feels like an exciting new chapter. But it also brings its own pressures, especially if you’re a first-time buyer and have limited funds. Looking at properties can be a bewildering experience, with so many different house types and locations to choose from. Yet as daunting as this process can feel, there are lots of advantages to buying your first home in this climate. When searching for the perfect home for yourself and your family, there are several things that you need to keep in mind.
Research is Key
When you’re first house-hunting, it can be tempting to jump straight into viewing properties. However, you don’t want to rush into this without doing your research first. You can search for houses to rent or buy online, or you can use a high street estate agent. Check out as many properties as you can, even if you don’t think you’re going to buy. This will help you get a feel for the types of properties available on the market, and what’s out there in terms of location, prices, and house types.
Know Your Budget
The obvious but essential first step is to know exactly how much you have to spend. It’s easy to get carried away and think you can stretch your budget in order to get the house of your dreams, but you need to be realistic. Be honest with yourself about how much you can afford, including what you need to save for deposit, stamp duty and moving costs. If you apply for a standard mortgage and are accepted, you’ll need a 25% deposit. However, with a low-deposit mortgage, you could get onto the property ladder with as little as 5%. Make sure you’re aware of the different types of mortgage available to you and what you’ll need in terms of a deposit.
Make Sure It’s the Right Move for You
You might have your heart set on a Victorian terraced house with a garden, but is it the right move for you? When house-hunting, it’s easy to get carried away with what you want. This can cloud your judgment, so it’s important to step back and think about what makes the most sense for you. First-time buyers must also remember that buying a house is a long-term commitment. You need to be sure that you’re making the right decision for your future. So make sure you’re buying somewhere you’ll be happy in for many years to come.
When you’re first house-hunting, it can be easy to get carried away with what you want. Instead, it’s important to remember that there are lots of other factors to keep in mind. Not only does the property need to be right for you, but also your budget. You also need to research different locations so you can see if they suit you, as well as house types. Once you know what you’re looking for, you’ll be well on your way to finding the perfect home for you at www.janefischer.com/guide/northwood/.
