Wednesday, April 27, 2016

Important Things to Consider Before Buying your Own Home


Buying your own home is a big step, especially if you’re a first-time buyer. There are a number of things to research and consider. Follow our tips before taking the plunge.

1. Work Out What You Can Afford

The first step when considering purchasing your own home is whether or not you can afford it. Go through your finances in detail and work out money coming in and money going out. Your bank or a financial advisor will be able to offer advice if you need it.

Keep in mind that interest rates may go up. Will you still be able to make your mortgage repayments if this happens?

When you have a clear picture of your finances, do some research into the property market. Work out if you can afford the type of property you want to purchase. This could be an apartment or detached house. Or you may decide to purchase small house plans and build a house to your specifications. Look at the area too.

Remember that you will need a down payment for the mortgage, and you need to consider all the bills you will be responsible for. In addition, there will be solicitor’s fees for the buying process and the cost of moving.

2. Be Aware Of What The Process Entails
If you decide to take the jump, become familiar with the buying process. Find out exactly what this entails and know each step. Speak to your realtor and your solicitor.
3. Location

When you’re ready to start looking, you will need to decide on an area. It may be that your first choice is too expensive. Check surrounding areas to see if house prices are a little lower.

When choosing a location, there are several factors to take into consideration. Is the area close to your work? Does it have adequate public transport links? If you have children, what about schools? Look at amenities too.

4. Furniture

If you’re currently renting, do you have your own furniture? Or are you living in a furnished apartment? If the latter is true, you’re going to need to buy furniture.


5. Decorating

One big advantage owning your home over renting is that you can decorate as you see fit. You can put your own personal stamp on the place, in terms of color and style. You will need to factor this into your expenses. Even if you decorate yourself, you will need to factor in paint, paintbrushes, wallpaper, etc.

6. Homeowner Responsibilities

When you own your home, you are responsible for all the bills and all the fixes if something goes wrong. If the roof leaks unexpectedly, you will be one footing the bill. Make sure you account for unforeseen circumstances.

7. Future Investment

When looking at property do your research. Check out what has been happening to property prices in recent years. Have they been increasing steadily? Have they been static for a while? This may provide some indication of what house prices will do in the future. Though there are no guarantees, of course.

Buying your own home can seem quite daunting. It is a big decision and a big responsibility. But once you’ve done the legwork and looked into everything thoroughly, you can enjoy the process. Though stressful at times, it can be an exciting and rewarding time of your life. 

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