Advice For Purchasing Your First Property
There’s no denying it, buying your first property is one of the biggest things you will ever do, both in terms of the cost and also the actual process itself. Whether you are currently renting and looking to move into your first purchased property, if you’re fresh out of college and need a place to live, or if you’re moving in with a partner, it’s such an exciting time. In this article we take a look at some top tips for purchasing your first property that should help make it that bit easier. Keep on reading to find out more and get inspired.
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Plan far in advance
When it comes to purchasing your first property, it’s not something you can just decide to do on a whim. It requires a lot of forward planning and knowing what you want to do budget-wise, where you want to live and so much more. It can help to have a meeting with a mortgage advisor who can let you know about your affordability, what you can realistically get on the money you make and how much deposit you’ll need. Once you have an idea of all of this, you know what to aim for. It’s worth checking out a reputable real estate company who can help you through all aspects of the process and make it much easier for you.
Keep an eye on the market
The housing market can be a volatile place that changes regularly. Keep an eye on house prices in the area you’re wanting to move to. You should keep yourself updated on the trends and if it is anticipated to be a market crash. As a first time buyer it is actually good for you if the house prices go right down as you’re not trying to make money on a property you already own, so this can be a great time for you to get on the property ladder. You can read regular updates in the news, keep up to date with expert blogs, as well as follow relevant hashtags on social media. This can all help you to know what is going on and what you should look out for.
Know what you can afford
Affordability is really important when it comes to buying a house as the amount you can borrow will really influence the sort of property you can buy and where you buy it. The more you can borrow, the more affluent areas you can move to and the larger property you might be able to purchase. You need to consider what sort of place you want, thinking about things like the size and how many bedrooms you need, or if you want a space for a home office, a nursery or perhaps a games room. You also need to think about buying things like furniture and accessories which can soon add up, so create a spreadsheet of everything you will need. Don’t forget to consider your monthly commitments and payments such as your water and electricity bills, groceries and more too.
Gradually purchase the small items before moving out
It can be overwhelming when you need to buy everything for a new house. You might have a few items if you’ve lived in a rental property, but this might have been furnished or much smaller than the place you’re moving to so what you have won’t quite cut it. To avoid this being such a big deal, you should look to gradually purchase the smaller items before moving out, so when you see something is in the sale, or just setting aside a monthly budget for ticking small things off your list. This can really help you to spread out the cost and not leave you with a huge bill once the moving out day comes.
Keep location in mind
Location is super important when it comes to moving and you need to think about what purpose it will serve. Do you want to move somewhere in the suburbs, or perhaps somewhere right in the city. Do you need to be near things like schools and a leisure centre? Do you want to be near bars and restaurants if you go out a lot? If you drive, you need to check out the parking situation, and if you don’t, it’s worth ensuring there is plenty of public transport nearby so it’s easy enough for you to get to and from places, including to work.
Think about the future
When buying a property for the first time, you need to think more in terms of the future than you do when you are renting. Moving is a costly process, so you don’t want to do it too often. While you might be happy with a studio apartment now, in a few years, are you going to need more space? Are you hoping to have a family in the near future? While you’re happy in a city now, will you want something a bit more low kep and chilled?
Decide on the sort of property you want to live in
There are so many property types out there, from apartments to houses, you need to think about what you want from your home. Do you want somewhere with outside space and a pool? Or a swanky penthouse apartment somewhere with floor to ceiling windows? These are all things to think about.
These are just a few things you can do that can help you purchase your first property and make it as seamless as possible. It’s always going to be a big deal buying your first home (and every house after that!) but by being as prepared as possible ahead of time and knowing a realistic budget, as well as getting help from others, it can really make it a lot easier. What are some top tips you have for purchasing your first property? Let us know in the commentsA below, we’d love to hear from you.
