Finding the home of your dreams can be challenging, especially if you’re moving in with others. Whether it be your partner, family, or friends, you may need to do some compromising in order to seal the deal. Here are five important factors to consider before hunting for your first home.
Buy or Rent?
The first question that you will face is whether you plan to buy or rent a property. There are pros and cons to both, so there are various questions that you should ask yourself, such as whether you want a place that belongs solely to you, or whether you’re happy living in a home that’s owned by somebody else. While owning a home can give you more freedom, it’s down to you to fix anything that goes wrong (such as a broken boiler).
Have a Budget
While many of us dream of living in sprawling mansions, the reality is somewhat different. When finding your first home, it’s important to be realistic with what you can afford. There’s no point going to view properties that are out of your price range (whether it be to rent or buy outright). Having a plan in place from the get-go can enable you to work out your finances, which can help you when it comes to finding your dream property.
Saving for a Deposit
The more money you save up for your home, the less you will have to pay back to the bank. Saving up for a deposit can be hard work, especially if you have a lot of outgoings. A typical deposit tends to range between 5% – 20% of the value of the house, however, this will differ from lender to lender and will be influenced by the current lending rates. There are various tips that can help when it comes to saving for a deposit.
Getting a Mortgage
If you have decided to buy a property, you may need to apply for a mortgage to foot the bill. Buying a home can be an incredibly lengthy process, so it’s important that you have a mortgage in place before selecting your dream home. There are various types of mortgages available, such as a repayment and interest-free mortgages. You can use a mortgage calculator, to help you work out your repayments.
Once you have everything in place, you will need to find an estate agent who can work with you to find a selection of properties to view. If you’re unsure of who to work with, we’d suggest looking at Prospect who are a local independent Estate Agents and experts when it comes to buying and renting property and can help you throughout your property journey. If you’re unsure of the steps needed to buy a home, a good estate agent can help you every step of the way.
Before you contact an estate agent, you should already have an idea of what sort of properties suit you best. You should also know whether you plan to rent or buy. To make sure things go as smoothly as possible, make sure you have a budget in place, have a deposit ready to put down, as well as getting a mortgage if necessary. Finding the right home can take time and effort, so as long as you stay patient and motivated, you should eventually find your forever home.