Top Tips You Need To Know Before Buying A Home

Top Tips You Need To Know Before Buying A Home

First Time Buying A Home?

Buying a home is one of the most exciting and daunting things that you can put yourself through, in fact, the only thing more exciting and daunting is having a child. If you are looking to buy your first home, it can be easy to get swept up in the excitement of it all, and not properly plan your future and finances.


This could result in you having your home repossessed in the future, which is the last thing any homeowner wants. If you’re planning to buy your first home, then you might as well plan everything thoroughly and do it right. Here are some important tips to help you do this.


  1. Make Sure You Can Afford It

The last thing that you want to do is get your hopes up too much when looking for a home to buy, especially if you haven’t really taken your finances into account yet. You should always make sure that you can afford to buy a house before you start looking for properties. There is a lot that you need to pay for when buying a house, like a stamp duty, solicitor’s fees, and surveyor fees, as well as your deposit and mortgage repayments. If this is getting you all confused, then it is always sensible to speak to a financial advisor.


  1. Improve Your Credit

Unless you have a lot of money saved somewhere, you’re probably going to need a mortgage to buy your home. Unfortunately, mortgage lenders are unlikely to lend to you unless they can see that you have good credit. If you don’t, you need to think of ways to improve your credit score. Luckily, there are countless ways to do this. You can start by paying off any debts you have, before putting yourself into anymore and by registering to vote.


  1. Know What You Want

When you are looking for a property to buy, you need to know exactly what you’re looking for. Are you looking for houses or apartments for sale? How many bedrooms are you looking for? How big should these rooms be? Where are you looking to buy? Answering these questions and more is going to make the whole process a lot simpler.

you need to know exactly what you’re looking for.Click To Tweet
  1. Get To Know Your Agents

These days, you can easily find a home to buy online, but you should not overlook the importance of estate agents. Make sure to visit an estate agent at least once and let them know exactly what you are after. They are paid to find people homes, so they might find one before you do.


  1. Don’t Rush Anything

The last thing that you want to do is try to rush the property buying process or try to buy a home when there’s a lot of other stuff going on in your life. Plenty of couples decide to buy a home when they get pregnant or engaged and try to have the home bought and sorted before the baby is born or the wedding comes around. This will only get you really stressed, and will probably result in you missing something important.


  1. Have An Emergency Fund

You should never spend all of the money that you’ve budgeted for your home on buying your home. There are a lot of costs that can crop up when buying a house, and you don’t want to not have any money when these appear. For example, you could find your dream home, but it might need a few repairs, or some furniture could get damaged in the move. It’s always better to be safe than sorry.

You should never spend all of the money that you’ve budgetedClick To Tweet
  1. Have A Home Inspection

First-time buyers like to skip home inspections for one reason or another, but it’s usually to save some money. Of course, you could spend hundreds of dollars on a surveyor, and there could be nothing wrong with the property, but there is always a chance that the property could have some serious damage that you can’t see. A home inspection will inform you of this damage and will stop you from paying tens or even hundreds of thousands of dollars on a property that isn’t worth it.


  1. Avoid Fixer-Uppers

Fixer-uppers seem like a great option for young couples that don’t have as much money as others. However, unless you have experience with fixer-uppers, which you wouldn’t as a first time buyer, it’s sensible to stay away. Without experience, you could end up costing yourself a lot more money than you’re saving.


you could end up costing yourself a lot more money than you’re saving.Click To Tweet


  1. Research The Mortgage Market

When applying for a mortgage, lots of people make the mistake of settling for the first or second lender that they come across on the internet. If you want to get the best deal possible, then you will want to do as much research as you can. If you go through a mortgage broker, they will do all of this research for you. They will also offer you impartial advice and will do all they can to find a mortgage that fits your circumstances.


  1. Be Sure When You Apply

When you find a mortgage that you’re happy with, make sure that you read through all of the terms and conditions and the small print before you apply. Another mistake that first time buyers often make is making multiple applications, just to see the sorts of offers they will get. While this seems sensible in theory, it will leave a mark on your credit report and can harm your credit rating, so is something that should be avoided.


Buying a home, especially your first home, is an amazing adventure, but it’s an incredibly big decision and should be treated as such. It is not something that you can walk into it with your eyes closed; You need to do lots of research and planning and take time working out exactly what it is that you want and need. As long as you do this, and follow the tips above, then you should be just fine buying your first home.

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