buying your first home

4 Essential Tips When Buying Your First Home

Purchasing a house is a monumental achievement and one of the most exciting purchases of a person’s life. Even so, that doesn’t make the process any less daunting for first timers.

Being such an important decision, meticulous planning is vital to ensuring that the whole procedure is as smooth as possible. House viewings, mortgage applications and layout arrangements are just some of the stressful elements faced by first time buyers.

Securing a mortgage and committing to buying a home is a huge responsibility. Repayment spans decades and as a result, a high degree of job security is a necessity.

Make certain that you are buying at an ideal time for you. Don’t feel pressured into buying before you’re ready; renting is perfectly fine under many circumstances.

It’s vital to be fully prepared and informed when making such a significant decision. This article details four tips to consider when looking to turn that dream home into a reality.

Tip 1- Improve Your Credit Score.

When it comes to saving for your first home, the sooner the better. This will allow you to consciously build a good credit rating and receive the best mortgage offers possible.

The best way to do this is by being punctual when paying bills, preferably by direct debit. Furthermore, try to reduce the amount you borrow through credit cards and overdrafts.

Even seemingly trivial things can boost your credit score. Registering to vote and having any accounts registered to the correct address are some examples of this.

There are plenty of ways to reliably check your credit score for free online. Generally, with a higher score, you’ll be eligible for lower interest rates on your mortgage.

Tip 2- Research Costs.

This is imperative. It would be heart-breaking to move into a home only to find out you can’t financially maintain it.

Don’t take it for granted that the previous tenants’ energy suppliers will be the cheapest. Look for alternatives to guarantee that all utility bills remain as low as possible.

Investigate regional living costs too. Council tax rates differ across the country, and you’ll want to check that local pubs and restaurants are affordable.

There may be unexpected fees such as removal or maintenance costs, so be sure to budget for these.

Help to buy schemes also exist which can reduce the overall cost of first time buying.

Compare mortgage rates and fees from multiple lenders to get the best deal.

Tip 3- Plan Interior Layout.

Although the financial aspect is important, ultimately, you’ll want a house that matches your vision and truly feels like home.

Furnishing a home isn’t cheap, and important furniture such as sofas, beds, and dining tables should be prioritised. However, more expensive doesn’t necessarily mean better and for a great selection of affordable, high-quality beds, visit Divan Beds Centre.

It may also be beneficial to create a floorplan of each room. Doing this will ensure that the house can adequately accommodate each room’s envisioned look.

Tip 4- Make the Most of the Viewing.

Viewing what is potentially your future home is exciting, but don’t get carried away by first impressions, and investigate thoroughly.

Checking the loft, for signs of damp and for adequate phone signal are just some suggestions. Talking to a neighbour may also provide extra details about the area that the estate agent hadn’t told you.

It may be useful to take measurements and pictures to be sure all furniture will fit without having to compromise.

Conclusion

Everybody looks forward to finally buying their first house and the whole process is as exciting as it is scary. Although a massively rewarding purchase, something so significant will always take a lot of planning and careful forethought.

It’s important to remain prudent and ensure doing so is financially viable. Time is most certainly your friend.

It’s hard to plan for all the challenges that first time buying may entail. However, these tips will make doing so that little bit easier.

Similar Posts