Setting out to buy your first home is an adventure filled with endless excitement, and worry. As excited as you are to own your own home there is an equal amount of anxiety. After all, you want to make sure that things go smoothly in every way. That’s why this article is packed with top tips to help you out as a first time home buyer!
1. Establish Awareness of Your Finances
Finances are an important aspect of any home purchase, there is no way around it. Before you buy your first home you will need to keep in mind several different financial aspects. These include the actual cost of your new home, upgrades and property taxes.
Prior to even setting out on your house hunt make sure to take stock of your financial situation. A good way to go about this is to figure out how much money you have available for a down payment. Then, it is also important to find out what your credit rating is and determine which financial institution you want to have your mortgage with.
Once you have these aspects figured out then you need to evaluate how much you are willing to pay for upgrades and repairs later on. Are you open to a fixer-upper or do you want to be able to turn the key and settle in immediately? Answering this question will help you to determine whether you even want to bother with renovations, financially or otherwise.
Lastly, you will want to find out how much a given property will cost in taxes. It is essential that you make sure to choose a property that has taxes which won’t push you over budget.
2. Hire a Property Surveyor
When you start hunting down specific listings your next most important step is to hire a property surveyor for a valuation.
A property surveyor will help you to assess the property for any potential issues. It is easy to miss small signs that could lead to a problem that is potentially much larger. Yet, when you hire a property surveyor they will be able to pick out potential problems that you might miss otherwise. That way you won’t be caught off guard.
Being aware of these problems will allow you to determine whether your budget has enough room to accommodate these renovations. So, you won’t need to waste either your time or money if remodeling wasn’t something you were planning on.
3. To Remodel or Not to Remodel?
Remodeling can be either a blessing or a curse depending on your plans. If you don’t plan on renovating your new home, then discovering an issue that will force you to renovate can seem like a curse. The best way to avoid discovering the need for a surprise renovation is to work with a property surveyor as discussed in the previous tip.
Alternatively, if you are looking forward to transforming your first home then a fixer-upper is a great option. If you do plan on purchasing a fixer-upper then it is especially important to make space in your budget for the cost of these renovations.
Once you have made that space for your renovations in your budget, your next step is to get in touch with a remodelling specialist, like a kitchen renovator. While you can attempt to tackle some home improvement projects on your own, most of the time it is simply better to hire a professional.
A professional renovator will bring the experience to tackle the project efficiently and effectively. That way instead of spending your first weekends and evenings in your new home stressing about renovations, you can settle in all that much sooner!
4. Location is Key
The location of a house is also a highly important factor to consider when you are hunting for your first home. Here are some good questions to ask yourself to determine where you want your house to be located:
- Do you prefer a quiet countryside home?
- Is the city your favourite place to be?
- How important is it for you to be close to a grocery store?
- Do you want to be within walking distance of restaurants, pubs or shops?
- Are you willing to sacrifice a larger living space for a better location?
Once you’ve answered these questions you will be one step closer to figuring out the best location for your first home.
5. Take Your Time
The last tip you need to keep in mind, though certainly not the least, is to take your time. There is no need to rush when deciding on the best location, or property for you. It is far better to take some time to figure it all out rather than rush into a purchase that you will regret.
If you do have a time constraint or a particular date that you will need to move out by then it is important to plan ahead of time. Planning well in advance of your move out date will ensure that you have enough time to make the best decision possible.
Once you are all set to begin your house hunt or even renovate your home, Bidvine can help connect you with trusted, local service professionals.