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 tips before you take the plunge and buy your first home.
Do Your Research
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!
View, View and View Some More
It’s all too easy to fall in love with the first or second property you see, and decide that’s the one to go for. But while it might end up being your ideal home, it’s always worth doing more viewings than less. Viewing lots of properties will help you see how they compare (in look, functionality and price), and will help either cement your decision or make you reconsider. It will also give you a better idea of what you really want from a property. And when you do view properties, try not to be distracted by things like furniture or décor, you’re looking at the bones of the house, and how it will fit with your lifestyle. You should also be looking for signs of damp, cracks on the ceilings and walls, bad plumbing or any loose tiles.
Ask Questions
As a first-time buyer you might be a bit nervous viewing your first properties. It’s very common, and you might feel like you can’t ask questions, or that you don’t know the right questions to ask. The good news is, there is no such thing as a silly question, and we want you to ask as many questions as you want when viewing a property. But if you’re not sure what to ask, here are a few things to get you started:
- How old is the roof?
- When was the wiring last replaced?
- How old is the fuse box?
- What sort of boiler is it, when was it fitted and when was it last serviced?
- What is the rough cost of the bills for the house?
- What are broadband speeds like in the area?
What’s The True Cost of Buying?
Being emotionally ready to buy a house is very exciting, but the money side of things can be a bit tricky. So before you start looking, it’s important to work out the finances. After all, buying a house is more than just the mortgage. On top of your deposit, you will also need to pay:
- Mortgage arrangement fees
- Valuation fees
- Legal fees
- Stamp duty
- Survey fees
- Removal costs
- Home repairs
- Furnishing & extras
So you see, it can be much more expensive than you think! Some of these costs can be reduced, like using any furniture you currently have, or moving yourself instead of hiring a removal company. But most of the others are part of the package, and you’ll need to include them in your costs when saving.
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 homeownership. 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.
