Preparing to buy your very first new home is an exciting time, but there are so many considerations, plans and savings to make that it can often result in being more of a stress than being an enjoyable experience. You might not know where to start when it comes to deciding what you want your first home to be.
Buying a property can be the biggest investment you’ll make in your lifetime, which is why it’s important to get it right and make all the best considerations.
As a guide, here are four things to think about when narrowing down your choice for your first new property.
When hunting for your first property, prices can vary greatly depending on location. Searching for the right location vs searching for the right property can often be a difficult battle. It may be that you get significantly less for your money property wise in your dream location. Therefore, it’s important to decide what is more important to you, and where you can comfortably make a compromise. It may be that you need to forfeit a dream location if you need a larger property.
Your Mortgage Allowance
Planning for your dream property, and being realistic about the property you can achieve are two very different things. Understanding the mortgage that you can comfortably repay and the amount you will be accepted for is crucial for your first property hunt. You don’t want to begin viewing homes out of your budget before you’ve even considered the mortgage you can expect to gain.
When considering mortgage options, explore all options available to you. You might be able to get support through Help to buy new builds if your dream property is a new build that you otherwise might not be able to afford.
Potential for Earning Money
Property is an investment, after all, which means thinking about future gains is important. This depends entirely on what you’re looking for, however. Some people would love to renovate an older house and make a huge profit, while some are content to buy a home which needs nothing doing to it, but which will still retain its value.
Considering if a property is a shrewd investment either way is important.
As a final consideration: think about your future plans. Many first-time buyers are younger, which means you may not have thought much past the initial excitement of owning your first home and your short-term plans.
If you’re looking to be in your property for a very long time — or perhaps even the rest of your life — then all future possibilities need to be considered. How many bedrooms will you need overall? How much storage space will you need? Will you eventually need a bigger garden or outside space? What about parking? Any family plans? All of these are important questions to make sure the property you choose is set up for the future, too.