Buying your first home is probably among the most important decisions in life you will ever make. It goes without saying that investing the effort to make it right is of utmost importance, especially when you can make so many mistakes along the process.
Once you zero in on an area you are interested in, your property search is ready to begin. After all, having the right property in an area you don’t really want to live in is probably not ideal. In any case, the following tips will help you out.
Plan long term – as a first time buyer, you may feel tempted to just get your foot on the property ladder, only to move on in a few years’ time. Yet, even if you feel like the place you are buying is only temporary, there is a high chance you will end up there living for a long period. Do keep that in mind, in order to buy a future-proof home that you will not need to move out of soon. It needs to be a place you are okay with growing into. Consider how many bedrooms you have, whether the space is appropriate for all of your family members and what changes you can make to the property accordingly. All of this requires long-term planning, which you will have to do, in order to nail your perfect property.
Can you weather the financial storm initially? – a lot of people worry about financing their home, but the most troubling period is the initial one. After time, owning the place becomes more affordable, with each passing year of you living there. The home improvement and furniture costs get cut down after the first few years. The cost of mortgage remains a constant. Overall, the property will be more affordable a few years later.
What are the trade-offs – finding a property that checks off every box on your search list is very difficult and pretty much impossible. You will need to consider some trade-offs, which you should view as opportunities, rather than hindrances. For instance, if the property is next to a busy road, you will find the price for it is actually lower and if you are okay with the noise, then there is no problem. If the place is next to a school, you will be worried at first, but if you are out during school hours, then it should be no problem.
The fundamentals – there are fundamental things about a property and then there are also superficial aspects. For instance, some ugly features will drive down the value, but they may be very easy to remove. There may be nothing you can do about the limited area of a first floor flat for example, but you may be able to change the colour scheme to introduce the illusion of more space.
Learn all you can about the property – as soon as you set your eyes on a property, you should learn all about it. Ask your estate agent what they know about it and make sure you make a strict list when you visit to view it. If you believe there might be some hidden problems, you can try contacting previous owners. Alternatively, you can also ask the neighbours – most people are very interested in sharing information about it, especially when you tell them you are planning on buying the place. Well, if they are not – then that is another thing to consider.
By keeping all of these factors in mind, you can easily nail down the best property for all of your needs.
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We live in Western Australia. Open Estates have managed the rental of our property in Borehamwood on our behalf and recently marketed the house and gained a successful and swift sale. We have...
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