So you’ve decided the time is right. You’ve saved up for the deposit, you’ve been scoping out locations, and you’ve spent many evenings scrolling through Rightmove fantasising about your dream home. And now – you’re ready to buy it! Congratulations, you have a truly exciting time ahead of you. But it’s also a journey with a lot of hidden potholes and challenges that you need to be aware of. So whether you’re buying solo or as a couple, it’s important to know what you’re getting into. To help you out, we have 4 things for you to consider before you take the plunge and buy your first home.
Set Down Roots
It’s highly likely that the first home you buy will be your base for the foreseeable future, so you want to make sure it’s the right area for you. So before you go house hunting, do some research on your target areas first. What’s the demographic like? Does it have good transport? Are there any big developments or building projects planned that might get in the way? What are the schools like? Will the house prices go up over time, so that you can get a good return when you sell? All of these questions will help you decide where would be the best place for you to put down roots, and make sure there are no surprises around the corner!
Are You A Mystic Meg
Ok, so we know that seeing the future isn’t really possible (unless you’re Mystic Meg), but you can make a few educated guesses. Buying a house is a big commitment, so it’s worth sitting down to think about what the future might hold for you, and how the house you choose will affect that. For example, if you’re buying as a couple, then nappies, screaming and 3am feeds might be in your future! If this is the case, then you need to make sure you buy somewhere with room to grow your family.
Do Your Mortgage Research
The mortgage is one of the most essential steps in buying your own home, even if it’s not the most exciting. It’s the lynchpin that holds it all together, and so it needs some careful research. You should speak to a number of different providers to find a plan and rate that works for you, and that you know you will be able to afford both now and in the future. After a bit of researching, you’ll know your fixed rate mortgages from your standard variable mortgages, and you’ll probably have bored your friends and family senseless with them too. But if you’re ever a bit unsure, it’s always worth getting some professional advice on your mortgage as well. If you want help with that, we work with several independent advisors – just ask!
Can You Afford To Buy?
Being emotionally prepared for buying a house is a very exciting time, but being financially prepared is a whole different ball game, and the last thing you want to do is get yourself into financial trouble by buying too soon. Unless the bank of mum and dad are helping you out (which is increasingly common), then this will probably be the single largest amount of money you ever spend. So while that dream home might seem tempting, it’s important to make sure you don’t stretch yourself too thin and cause problems later on. That chunky deposit you scrimped and saved for is just the tip of the iceberg, so don’t sell your soul for your home!
At Northwood, we work with a lot of first-time buyers who are trying to navigate their way through the muddy waters of buying their first property. Our experts are always on hand to answer any of your questions, put you in touch with independent advisors and generally support you on your journey to home ownership. We also have a wide range of buying guides on our website, so you can browse at your leisure! For more information or advice, please just get in touch with the team today.
