Buying your first home is probably one of the most important purchases you will ever make, so you will want to make sure you make the right decision.
Due to the current economic situation in the UK many people are saying that if you can afford to spend then now is the time to buy, but if you’re buying your first home do you know where to start?
Remember, your first home is also an investment in property. When you think of it like that, it can make more sense why people are happy spending such large sums on a house.
Ask for advice
Probably the most important tip I can give you is asking someone who has done it before. Whether you decide to ask your parents or a friend who has bought their own property, it’s important to ask someone with experience in the property market. They will have invaluable experience that should help to answer some of your questions.
Do your research
You would never spend a small fortune on a property without doing your research would you? By the time you make an offer on a property you should know everything about it. You should know about the location, the property itself, the type of mortgage you would need and you should make sure that you are following all the latest market news and advice from financial advisers.
Working out your budget
You won’t be able to make an offer for a property without knowing how much you can realistically afford to spend. A mortgage calculator is a great way to work out whether you can afford the repayments on a property. There are loads of free mortgage calculators on the web which can be found via a quick Google.
Don’t make any quick decisions
Buying your first home can be one of the most important decisions you make and shouldn’t be taken lightly. Try not to panic and you should never put in an offer for a property without knowing what you are actually buying.
Before you decide to apply for a particular mortgage you should make sure that you have evaluated all of the options available to you so that you get the best deal for you. Use a price comparison site like moneysupermarket.com to compare the different products available and make sure you speak to an adviser before you commit. Investing in property requires you to get a good price to increase the likelihood that you will see a return.
Consider moving away
When you are looking for your first home, you won’t want to pay too much money and when it comes to price, location is critical. If you consider moving to a different area, even just a couple of miles outside of a city or town centre, then your money could go a lot further.
When you decide that the time is right and you want to take your first step onto the property ladder, you should make sure you’ve done it the right way. By researching and asking other people’s advice, it can really make you feel at ease, good luck!