Buying your first home is a huge milestone in life. You are finally having a property to your name, a place to establish your roots privately away from the chaos of apartment living. But the property market is quite diverse with its secrets. That’s why you must do due diligence including considering your financial sources. So, what are the 5 things to consider when buying your first home?
1. Affordability
Just because you have found your dream house doesn’t mean that you have to spend every penny on it. Besides that, you don’t want to choose a mortgage that you can’t effectively service. When buying your first home, go for affordability. Consider your financial health and if it can effectively cater to the initial purchases and ongoing expenses. Look at your savings, your future financial prospects, and your credit score. If you are in the northeast of London, Mortgage Broker Essex has one of the best mortgage intermediary services that you should consider.
2. Type of Home
We all have different needs and preferences. Do you want to live in a multi-family building, a townhouse, a condominium, a duplex, or a single-family home? When it comes to residential properties, there is a wide range of options and each type of home has its own pros and cons. The goal of finding a home that suits your needs depends on your homeownership preferences. Choose a property that you like because you need to stay in an environment that you love.
3. The Buying Process
This isn’t something that a lot of people consider but it’s actually an essential factor. Unfortunately, buying a property isn’t something that you can wake up and decide to do in one day. It’s a demanding process that requires planning and some paperwork. Once you have reviewed your financial health and you are good to go ahead with the purchase plans, consider the contract. There should be room for negotiation, especially if you need more time to review the property.
4. The Type of Realtor
Realtors will definitely take some cut off the sales of a property. That’s why some home buyers are usually hesitant to work with them since their charges can significantly increase the overall cost. However, there are high chances that you could end up spending more money if you decide to do everything yourself. Choosing an experienced realtor to represent your interests can help to reduce the overall costs. This is because realtors are not only familiar with the current property market but also experienced in dealing with different types of property purchases.
5. Repairs and Maintenance
Hidden property costs are usually in the form of repairs and maintenance. You might think that you have won a lottery by buying a cheap house but the amount of work needed to fix the existing damage may be more than the purchase costs. Consider the current real value of the property based on its state and then assess the charges that are associated with repairs and maintenance.
The Bottom Line
Buying your first home is a journey that requires ultimate preparation. You need to take time and research what’s best for you and you’re your family. Besides that, you need to consider your financial health and your ability to effectively handle the repairs and maintenance associated with the property of your choice. While the process can be quite challenging, don’t forget to have fun exploring this new and lovely chapter in your life