If you have recently decided that you are ready to buy your first house, you may wonder what needs to be done to start the process. You may want to start writing lists of everything that needs doing. Finding your dream home may not be as easy as you think; there are a lot of factors that come into play.
It is also worth remembering that you may have to compromise on some things when it comes to houses. For instance, you might like to buy a home with four bedrooms and a huge garden. You might find the perfect house with a small garden; this would be your compromise if you wanted to buy that home. Look at the list below to learn more about what you need to consider when buying your first house.
Budget
One of the first things you need to consider is how much you have available for your new house. You may already have a chunk of money saved for your deposit, some governments have a help-to-buy scheme, and they will give you extra money when you put down a certain deposit. When working out your budget, you must figure out your monthly incomings and outgoings. This will tell you how much you have left after all your major outgoings to put towards your mortgage repayments.
You must apply for a mortgage on the house you wish to buy if you don’t have the cash funds available. If you find a nice house that is £350,000 in price, then you will need to find a mortgage lender for that amount. You can search for a £350k mortgage here.
Area
Something else to consider when starting the search for your dream home is where you want to live. Some areas will be more lucrative than others; of course, these house prices will also be more expensive. You get what you pay for when it comes to different areas of the country. If you head up north, you can get a lot of houses for a little bit less than you would down south. You also need to consider schools and nurseries if you have little ones at home. Look into schools before you move. The last thing you want is to send your child to a school that doesn’t cater to their needs.
It may be a good idea to head to different areas and get a feel for them before you settle on one. Look at them during the day and take a trip when it gets dark. An area can look lovely during the day, but it can be met with gangs and violence when night falls. You can also look at the crime rates online to find out more.
Size
You will need to determine the house size you wish to purchase. If it is just you, you can buy a smaller house, saving yourself some money in the process. If you buy a family home, you may need to look at a bigger house with more rooms. The more house you need, the higher the price will become. There are ways to save money while getting more rooms for your home, and adding a loft conversion into a smaller house costs between £20,000 and £50,000. This will not only give you more space to play with, but it will also add a large chunk to the asking price of your home when you come to sell it.
Repairs
If you wish to buy a home that is on the cheaper side, then you could look into buying a fixer-upper. This house feels a little sorry for itself and hasn’t received the love and attention it deserves. You can pick up a wonderful bargain at home auction sites; they shave a huge chunk of money off the asking price. However, be prepared to fork out many repairs on any auction home you purchase. If you have a team of contractors under your belt, you could do the repairs on the cheaper side. There are always ways to save money; you must shop for the best deals.
Security
Whenever you move into a new home, it is always worth changing the locks. You never know who has kept a set of keys, and the last thing you want is someone wandering into your house unexpectedly. As soon as you move in, or even before you move in, hire a locksmith to change all the door and window locks on your property. You can also get some good quality CCTV installed and a house alarm to give you that extra piece of mind and security. Make sure you shop around for the best deals on CCTV; you don’t want to pay over the odds for something that isn’t very good. Alternatively, you can also invest in a ring doorbell to record all people and deliveries that come close to your door.
Transport
If you are going to be travelling to and from work from your new home, you will need to look into transport links before committing to a house. Some houses boast of being close to train stations, bus stops, and motorways. These are wonderful as you will never have to travel very far. However, this will also add to the cost of the house. If you are okay with travelling a little bit further for work, think about buying a home that isn’t near any transport links. Many people tend to buy houses about ten minutes from local train stations; they then cycle to the station to catch their trains. This is something you might like to consider to save some pennies.
We hope you found this article helpful and gave you some insight into what you need to think about and consider for your first home. Good luck finding it, and we hope you have many happy years there.
