Valuable lessons for first-time home buyers
Sealing the deal on a home purchase for the first time can feel like a huge step in your life… but also, if you are yet to make that step, a distant dream. There are so many obstacles that can be thrown in your way, from high asking prices to a dearth of properties in appealing parts of the country.
However, by taking all of the following tips into account, you can help maximise your chances of not only buying a home but also making it look and feel great.
Calculate how much deposit you would need to pay
You should do this before you even start perusing the choice of properties. The Money Advice Service cites the general rule of thumb that you should attempt to save at least 5% to 20% of your ideal home’s overall asking price. Time to get the calculator out, then…
A home priced at £150,000 would entail you saving at least £7,500. However, by saving over 5%, you can broaden the choice of cheaper mortgages to which you would have access.
Check properties diligently when on viewings
Once you have booked a few property viewings, make a note of which things you should be careful not to overlook checking. Grazia Daily lists a few “imperative things to look for” – including any signs of damp as well as the roof’s age, a subject which you might not consider asking about.
A few other, easy-to-overlook aspects include whether storage space is sufficient, the number and condition of the electrical sockets and the quality of the plumbing.
Which issues can be changed and which can’t?
It’s inescapable that the home on which you eventually settle will still have issues, says Lifehacker. However, which of those issues you would be able to rectify can be a very different matter. For example, you can’t change a home’s location, so make sure it’s a pleasant and low-crime one.
You could source professional assistance with sorting out other problems, such as a damaged roof or broken windows. At Findley, we could offer just the help you need.
Don’t skimp the details when budgeting
When you do recognise what will still need improvement in your favoured property, it will be at the budgeting stage that you need to factor in the costs of such tweaks. In fact, in preparing to secure a mortgage, you will need to be precise about all of your outgoings and incomings.
It’s crucial to know of your future capability to keep meeting mortgage repayments on a monthly basis; after all, you might not be able to entirely pay off that mortgage for years yet.
Consider buying with someone else
If budgeting reveals that you would struggle to meet your financial obligations alone, consider sharing them by buying with a partner, friend or business partner.
Acting on this advice could even free up money for you to spend on improving the home. Our Newcastle, Sunderland and Durham roofing contractors could come to the rescue here.