Buying your first home is a rite of passage that everyone looks forward to. However, it isn’t always as easy as you assume it will be. Between saving for a deposit, finding a mortgage provider and searching for the perfect property, finding your dream home can become a stressful journey. If you want to make things easier and get on the property ladder sooner, rather than later, take a look at these top tips for finding the perfect first home.
Identify your ‘must-haves’
Buying a property often involves compromise, even for experienced homeowners. Although your property may not have every feature you’re looking for, it may be possible for you to modify it or renovate it to meet your requirements. Before you start your search, create a list of your ‘must-have’ features. Whether you need to be close to public transport, need 2 bedrooms or are desperate to have your own garden; make a note so that you know exactly what you’re looking for – and what you’re not.
Plan your budget
When people are buying property, they often focus on the cost of the house or the apartment. However, it’s important that your home remains affordable in the long-term. If you’ve got a variable rate mortgage, for example, it’s vital that you can afford increased payments if interest rates rise. Similarly, it’s important to think about the cost of insuring and maintaining your future home. While it may be tempting to max out your budget to secure your dream property, things could come crashing down if you don’t have the income to keep it well-maintained.
Consider building your own home
If you really want to have the perfect first home, why not build it? When you build your own property, you have complete control over how it looks and what features it has. What’s more – building a home can be substantially cheaper than buying an existing property. If building a home sounds like too much hassle, think again. If you build on your lot, for example, you can cut the cost of purchasing a new home and use expert builders to create your dream house. For first-time homeowners, this can be a great way to minimize the time it takes to get on the property ladder. With no deposit to save for, you can start creating your perfect first home sooner than you think.
Always inspect a property
If you are going to buy a property, be sure to have it professionally inspected first. It isn’t always easy to see potential problems, but an experienced surveyor will be able to identify them. This can save you a significant amount of money in the long-run and will ensure the property you’re buying is safe and secure.
Buying Your First Property
Owning your own home is important to many people and property can be a great investment. However, it’s important to consider all of your options when you’re first getting on the property ladder. By making savvy decisions now, you can invest your money well and find your perfect first home.