Taking the leap onto the property ladder is an exciting but daunting time for any first-time buyer. It will probably be the most expensive purchase you ever make, and with house prices hitting a record high, it’s even more important to get it right.
Priorities
Before you head out to view potential properties, make a list of what you require from a house, breaking the list into sections:
- Essential – things that can’t be compromised on: for example, the number of bedrooms.
- Desirable – areas that you are willing to compromise on: for example, the size of the outside space or having a garage.
- Bonus – extra features that would be a bonus but are not essential: for example, a downstairs toilet or fitted home office.
If you know what you must have from a property, you can search for homes that meet these criteria before going to view them.
Budget
Knowing your budget is important from the beginning. Sit down and work out your finances, what you can put down as a deposit and what you are able to borrow. Having a mortgage in principle is a good way to prove to estate agents that you are serious about the property you wish to look around.
Remember that maxing out your budget is a risky game: if interest rates rise, or the property requires emergency work and you can’t afford the payments, you can risk losing your home. Purchasing a property well within your budget is always advisable.
If you are willing to buy a property that needs work doing to it, make sure you budget for the work that needs doing as well as the cost of the property. It would be a difficult position to buy the house but not have the funds to renovate it.
Take a tape measure
You may already have certain pieces of furniture you wish to take with you to your new home or dream of having classy fitted storage. But ask yourself: will they fit? Taking a tape measure is an easy way to find out. A note pad and pen are always a good idea too. It’s easy to forget details, especially if you are looking at more than one property.
Check out the area
If the area you are looking to buy in is new to you, it’s important to do your research. Start by walking around and making sure you like what you see. Look out for local amenities such as shops, pubs, parks. Ask yourself whether the area looks well presented or the pub looks friendly and welcoming.
Viewing the area during different times of the day will give you more insight and research can also be done online. Look at police crime mapping websites for the area to get a sense of how safe it is. School league tables can also be found free online and may be an important consideration for families.
Buying a house is a major investment. Take your time to research exactly what you require and find an area that you love.
