Buying your first home is both nerve-wracking but exhilarating and is probably one of the biggest financial decisions you will make. Due to the importance of getting our first property perfect, we place enormous pressure on ourselves to make sure everything is right. Poor financial decisions made before stepping on the property ladder for the first time can be detrimental as you need to ensure your house will never lose value and only appreciate in the future. Read on for some helpful guidelines to ensure your home buying experience is a positive, memorable one.
Costs are the most important factor when purchasing a property; if your costs don’t add up, then your purchase may not provide you with the greatest returns in the long run. Properties from companies like RW Invest provide investors with a solid form of investment that is guaranteed to produce high performing returns over the forthcoming years. Investment is something to consider in the future, as often the income produced from this form of investment can act as the first form of income if you become successful.
Make sure you are debt free before you start planning to buy a property, and then you can build a successful budget plan without any payments outstanding.
Calculate what you can and cannot afford, and stick to looking for a house that fits into those requirements. If you have any money left over then building an emergency fund is a great idea, so you can draw from in a few months if any sudden charges occur or bills arise.
Don’t forget to factor into your budget, solicitor fees and any stamp duty owed. If you purchase outside your means, you may find yourself becoming stuck in the future and fighting a losing battle against your finances. Be strict on what you spend so you don’t run short in many areas of your outgoings.
Don’t commit yourself to the first property you see, as it is important to shop around to make sure you get the best deal and avoid paying over what it’s worth. Although shopping around doesn’t only apply to your chosen property, you should also shop around for a suitable lender in order to get pre-approved for a mortgage. Lenders should be able to provide a whole host of information that will help you make decisions regarding your purchase. Also, seeking professional advice from a mortgage broker is ideal as they help you compare the rates for the best deal available.
Perform a thorough home inspection
Once you have found a home and you are perfectly happy with it, you need to inspect it to make sure everything is as it seems. Even though an estate agent can recommend a licensed inspector, asking around will do no harm as it may give you more reassurance that they are acting in your best interest, rather than just a quick check.
Attend your inspection to ensure all your concerns are addressed properly, the last thing you want is to move in and find that there is a long list of repairs that need to be made which you haven’t factored into your budget.