How To Buy Your First Home

Overhead view of a row of houses.

Buying your first home is a big step for anyone, and it is important that when you are taking those steps to buy that you are getting the best possible home for your first home.

So, here are some things to remember about buying your first home.

 

Do Your Research

One of the most important things that you need to do before you even start looking at houses is to do your research. Start by simply talking to people you know that have bought or had experience in buying property. Look online for first time home buyer tips and take advantage of any free resources you can get your hands on.

Talking to people you know who have bought property before will give you some idea of what’s involved and the process that you will need to go through. This may also give you an inside look at how to handle estate agents, what to look out for a viewing, what questions to ask and how to haggle over the price.

 

Set A Realistic Budget

It is important when you are house hunting that you have established a budget for your first home beforehand. This is important for a few reasons.

Firstly, it will stop you from getting yourself into serious debt by borrowing more than you can afford to repay. Secondly, it will help you narrow down your house pool of possible houses and thirdly, it will stop you from being disappointed by falling in love with a house that you cannot really afford to buy. 

 

Get Saving and Look for A Mortgage

Usually, the minimum deposit that you need to secure a mortgage is 5% of your total cost. However, the higher deposit you can pay the more likely you are to get better mortgage rates.

Typically, 10-15% is the amount that people aim to have for a deposit in order to secure the most affordable mortgage rates.

 

Viewings

It is important that when you are viewing any potential property that you undertake at least one viewing and preferably with an impartial party. Viewing are important for seeing the property in person and getting an idea of space, layout and overall feel.

There are many things to look out for when viewing a priority. For example, is the building's structure sound? Are there any issues with mould and/or damp? Is there a lot of storage? Are the space and layout good enough for what you need?

Be sure to take into consideration all of these things and anything that you cannot determine right away, be sure to ask the seller or estate agent.

 

Making an Offer

Once you have decided that this property is the one for you, you need to take steps to make an offer on the house. There are some things to bear in mind when it comes to making an offer.

For example, you will want to downplay how much you are willing to offer at first, and if you seem overly keen or automatically want to offer the asking price, then you won't be able to haggle too much over the price. If you try your best to remain neutral, you will more than likely be able to haggle a lower and better price.

Also, ensure that you get – in writing – what is included in the price of sales such as fixtures, furniture, and land.

 

Buying your first home is an important step for anyone. It is important that you are prepared for this big life event, and the advice contains ed in this article will help you do be more prepared when that time comes.

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