Buying Your First Property
A Guide To The Things You Should Consider When Buying Your First Property
Buying a new home is generally considered to be one of the most stressful experiences that you will encounter in your adult life. It’s not hard to understand why. After all, this is certain to be one of the greatest financial decisions you are going to have to make and it will impact your monetary situation for years. There are the lifestyle changes to consider too, particularly if you are moving to a brand new location. Finally, there’s the practicality element and how much effort it takes to move to a new place. So, let’s look at all these details of the things to consider when buying your first property and hopefully find a path that makes things easier.
The first factor to consider is always going to be cost. Do you have the money you need to buy that property? Let’s start with the deposit. Remember, you should be aiming to save towards 20% as a deposit for your new home. Anything less than 5 and you will struggle to get any mortgage at all. Many people think this is the only financial consideration when buying your home but this isn’t true. Alternatively, you could consider making the most of the governments help to buy scheme.
You also need to shop around for the best mortgage deal. To ensure you find one, it’s important to fix your credit rating, particularly if it’s been damaged by loans that need to be repaid and substantial levels of debt.
Beyond this, there are services you must pay for including removal teams, legal assistance and home surveys. You should also consider whether you will need to pay for any changes to the home once you move in.
A New Location
If you are moving to a new home in a brand new location, think about commute times and transport links. How long will it take you to get to places like your office or your child’s school? Consider the crime rates in the area as well. Crime rates for different areas can be checked online. This will help you determine whether you want to buy a property in a certain location or whether you need to think about additional security measures for your home.
Education standards will be an important factor if you have children or you are planning to start a family. Alternatively, entertainment and dining options may be more significant for single buyers and young couples.
Finally, think about how long it will take you to move and the process you will need to go through. Usually, there will be a few months between the accepted offer and the final handing of the keys. Particularly if the person selling had not yet found the place they are moving to.
During this time, you’ll need to start packing your items and arranging a removal team to transport them. If you are moving from a single bedroom home or a flat, you might get away with hiring a van and completing the work yourself.
We hope this short guide helps you understand some of the important considerations you need to think about when buying your first property. Our new build houses and apartments are ideal first-time buys and are available to reserve online – if you wish to discuss any of our properties, feel free to contact us here.