We bought our first home at the young age of 19 when I was bright eyed and bushy tailed. I've had LOTS of dealings with the process of renting,selling and buying over the past few years and now we are settled in our forever home, I hope it's a process we don't have to go through again. Talk about stressful!
A nice snap from our housewarming party in our first home!
When it comes to buying your first home it’s important you enter any agreements or make decisions with careful thought and consideration. Purchasing a property is a huge but exciting step in anyone’s life and here are the five things you must keep in mind:
1. Save as much money as you can
When it comes to buying your first home you can get overexcited and put down a deposit on a new build without thinking about the rest of the fees and costs that will be required, meaning you’re scrambling for cash later.
Think carefully before you put any money down and ensure you have plenty saved before you begin. If you’re currently renting, see if you can move in with a relative to save more money and cut back on unnecessary spending. You could place your current belongings into storage to keep them safe, look into a storage solution service such as Ready Steady Store, who has storage in units in Heathrow, Leeds and even as far as Poole. Saving for your first home requires a little sacrifice when it comes to spending but it will be worth it.
2. Workout how much the move will cost
Buying your first home isn’t as simple as handing over a deposit and being handed the keys. There are numerous things to pay out for from solicitors’ fees to Stamp Duty to removal costs. Check you can afford it all with this helpful guide from the Money Advice Service.
3. Think with your brain, not your heart
A property might appear perfect and you could fall in love instantly but bear in mind that those freshly painted walls and large picture frames could be hiding more serious issues. Take along friends and family to viewings for second opinions on places you are considering, they might be able to spot bigger issues that you glazed over while looking around because you love the place so much.
4. Get your best bartering face on
When buying a property its always important to try and lower the price, especially if you don’t feel the property is worth as much as the seller is asking for. Aim for somewhere in the middle, between what you can definitely afford and the asking price and be prepared to move around while you haggle.
Look at what other homes in the area are going for and base your offer around those, some estate agents and sellers put properties on the market at a higher price expecting it to be bartered down so don’t be afraid to go lower and save some money.
5. Do your own inspection
It’s necessary to have a surveyor visit the property to inspect that all is in order and to pick up on any potentially serious issues that could arise but don’t rely on their viewing alone.
Ask questions as they go round and take some time to really look at the property yourself, something that might seem minor could turn out to be a big issue and never trust somewhere that has been freshly painted recently. Sure it could be to brighten up the room but it could also be hiding a big problem.
Do you have any tips for first time buyers?