It is often advertised as one of the great moments in a person’s life. It is certainly true that it is a big one – buying your first house, after all, can only happen once. But the problem with house buying is that there is a lot of conflicting information around. It can be hard to know who to believe. Given the scale of buying a house, you want to ensure that you know exactly what you are doing. In this post, we will look at some of the questions you should be asking yourself before you decide to buy that first home. Have a read through this, and don’t rush into anything!
Should You Buy?
It might sound like an elementary question, but it is the most important one. The housing market is famously one of the most unpredictable in the world. For that reason alone, you should consider carefully whether or not now is a great time for you to buy a house. Of course, it depends mostly on your own financial and personal situation. If you have weighed up the pros and cons, and you feel that now is a fine time – then great! Go for it!
How Much for a Deposit?
The next thing to look into is how much you reasonably have to put towards the deposit. There are a lot of properties for sale out there, and they all have wildly different prices. It is important that you look honestly at how much money you have saved. The more you are able to put down for a deposit straight away, the better. For this reason, it is always a good idea to continue to save if you don’t feel you have enough. However, don’t put it off forever out of fear. Otherwise, you’ll never get your foot on the ladder!
Get a Mortgage
You should ideally be spending just as much time on finding a mortgage as on buying a house. Maybe even more! It is really important that you don’t rush the mortgage decision. A lot of people do, and they usually end up regretting it. There are lots of different types of mortgage available. The kind you end up with will depend hugely on your personal situation, so it is well worth spending a decent amount of time looking into it. You might be with it for a long time, so tread carefully.
Look Into Location
Once you have the financial side of things arranged, you need actually to look for that dream house. When it comes to that, the age-old saying is correct: location is key. It is also, quite simply, an essential first question to ask yourself. When it comes to the location of your new home, how close is it to local amenities? Are there any hospitals nearby? If you have kids – or you are planning to – how close are the nearest schools? There is a lot to consider here, so it is important that you don’t rush it.
So, when it comes time to buy your first time, make sure you shop around. Your house is where you will be living, possibly for many years to come. So take it slowly and enjoy the whole process!