8 Things to consider when buying a home for the first time

It goes without saying that buying a home is one of the most stressful and simultaneously important, and rewarding things most of us will ever do.

The road to being a home-owner can be paved with complications, confusion and concern, but don’t worry we have some tips for you and anyone considering purchasing a home for the first time.

Be open to new things.

There are between 50,000 and 100,000 homes on sale in the United Kingdom each year. It’s easy to enter the market with an unbudgeable idea of your perfect home, but there may be something that you’ve not yet seen that is actually the thing you have been looking for. Be open to viewing properties that you may not have considered a year ago.

Research the final cost of buying.

The sad reality of purchasing a home is that it isn’t as easy as it looks from the outside. There are many costs which are sometimes less visible than others. You should consider the ‘final’ cost of homeownership before settling on a price range for your search.

Things like Mortgage arrangement fees, Legal fees, Stamp Duty, Survey Costs, Valuation Costs, Removal Costs, Property repairs and Furnishing could be out of your mind but are important to remember.

A timeline is your friend.

Create a realistic timeline will not only help you stay on track when the purchase slows down but also will help with arrangements and give you a list of things to do to ensure a fluid and less stressful experience.

Research, Research and Research.

 You may have the perfect home in mind, on the perfect street with the perfect neighbours but do you know where the nearest hospital is? Where the closest primary and secondary schools are? Have you looked into crime statistics and environmental surveys for that area? If you don’t drive, do you know how frequent and available the public transport is? What about the internet and TV? What signal and service will you have on your mobile phone?

The more research you do the more equipped you will be when it comes to making the best choice for your new home. There is no maximum level of research you can do when it comes to making a 30+ year financial and personal decision.

Get insurance quotes before buying.

 Anyone who’s had insurance on a property before knows that it can be a varying market and costs can fluctuate for seemingly no reason. Getting insurance on a property before you buy can help you get a firmer grasp on any issues it may have. Gather as many quotes as you can.

Be a smart utility customer.

Shop around and look into the area you’re hoping to purchase a property in from a utility standpoint. What deals can broadband companies give you? Could you be paying less on water bills and electricity bills? Moving can be a great time to reconfigure your spending habits incoming vs outgoings.

Are you ready to be a home-owner?

 Being a home-owner is essentially flying solo. The responsibility to maintain your home no longer rests with a landlord or housing association but with you. Are you ready to fix any broken appliance over the next few decades?

Are you certain you’re ready to live in the same home for the length of your mortgage payments? Of course, moving once you’ve bought a home isn’t impossible but the difference between moving while renting is substantial.

Is everyone happy?

It may seem like a given but when looking into properties with a partner, whether it be life or business, a pleasant combination of the two, you should be in agreement when it comes to location, cost and timescale. Entering into this commitment with any misgivings are very ill-advised.

Contact The Mortgage Specialists at 0333 666 666 3 or use our form and we’ll help you find the best local mortgage advisor. 

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