What You Need To Know Before Buying Your First Home

Buying Your First Home

There comes the point in everyone’s life when they begin to think about buying a home. Some people think it over and decide that no, it’s not for them — or sometimes, that decision is made for them by various other factors. Others conclude that yes, the time is right, and they begin looking into the process of transitioning from property renters to property owners. Deciding to get on the property ladder, however, is one thing: doing it is another. If you’re in this boat, take a read below, where we outline a few things you’ll need to know to complete your journey.

It Takes Time

Anything worth doing in life takes time. You’re not going to decide to become a property owner and then, in no time at all, find yourself with the keys to a property. It’s a long-term ambition, one that may take years to realise, depending on how much money you’ve already got saved up. If you’ve been saving for a long time and have more or less the money needed to get going, it could still take a year or so. This is the right approach — it’s not something that you want to rush into!

Where You Want To Live

Some people get too preoccupied with the house – as in, the four walls and the roof – and fail to give enough consideration to where the house is located. This is arguably just as important as the condition of the property. If you’re moving away from where you currently live and buying a house somewhere new, make sure you’re spending enough time in the area to get a true sense of what the community is like. It’s a frustration to love your home but dislike where it’s located, and more difficult (/impossible) to change too.

Financial Factors

For most people, the cost of a property is the biggest barrier to becoming a homeowner. Building up enough cash for a deposit is one thing, but you’ll also need to look at your long-term financial health to ensure you’re able to comfortably afford the monthly payments. Be aware, too, that the cost of the mortgage is only the starting point, in some cases at least — older homes can have problems that’ll need fixing, which will also eat into your finances. If this is a concern, look at new homes for sale, as they’ll be ready to be moved into without needing to spend extra cash to bring the home up to scratch. You’ll also want to think about the cost of furniture (the bigger the home, the more you’ll need to buy), and the proximity to your place of work (further away = more on petrol).

It’ll Be Worth It

There’ll be times when you may wonder why you began this process in the first place! But it’s worth overcoming that line of thinking.  Once you’ve finalised the deal and have the keys, the pride and joy you’ll feel in owning a home will make all the temporary frustrations fade into memory!

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Written by themoneyshed

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