Buying your first home is an incredibly exciting milestone in any adult’s life. After years of saving,planning and preparation, the fun can finally begin when you’re ready to commence your search for the perfect property. But there’s also a huge amount involved in this decision process that can make the experience somewhat stressful, with studies revealing that 2 in 5 first time buyers describe purchasing a new home as ‘the most stressful event in modern life.’
But it doesn’t have to be! If you’d like further advice on how to help streamline your search for the perfect property, we’ve put together our top 5 things to consider when buying your first home.
Location
One of the first decisions that you need to make is where you’d like to live. To do this, you need to weigh up all the factors which are a priority to you. This can be things such as, having good travel links to work, local amenities such as pubs, restaurants and bars, parks and woodland areas to walk the dog, or perhaps you need good schools nearby for your growing family. Whatever matters to you most, we recommend jotting them down in a list of most to least important so that it’s easier if you need to resort to compromises later down the line.
Property Type
For some, this may be a flexible factor whilst for others this could be a dealbreaker. Think about the type of property that would best support your lifestyle. If you’re just moving in by yourself, flats can be a great affordable option. However, if you own pets or you’re planning on starting a family, you’re going to need somewhere with a little more space such as a terraced house or a semi-detached.
Budget
It’s vital that you set a realistic budget that is suited to what you can afford based on your household income. This will help to shape what mortgages become available to you dependent on what size of a deposit you can put towards your new home. You must also remember to include solicitor fees and stamp duty within your overall budget.
Funding
If you’re worried about what you can afford or you need a helping hand, it’s definitely worth looking into the Help to Buy scheme. This is running between now and 2023 and gives first time buyers the opportunity to buy a brand new home for less – with only a 5% deposit. There’s also a ‘maximum property purchase price’ limit on your selected home, depending on the location you choose to buy within.
Do Your Research
As with any big life decision, be sure to do thorough research first. From improving your credit score, and being aware of what checks need to be passed to be eligible for a mortgage, to understanding stamp duty, and the role that your solicitor has to play – knowing what to expect at each stage of the process will allow you to get organised in advance, which can significantly speed up the timeline of securing your first home.
