Buying your first home is such an exciting adventure, from the process of viewing different houses to getting the keys and making somewhere your own. Having a house gives you the freedom to decorate as you please while offering the financial benefit of building up equity. As well as the freedom that comes with owning a home, it also provides you with structure and predictability with regular mortgage payments and other responsibilities.
For many people, homeownership is a major goal but getting there can often seem like an impossible task. Despite the challenges of getting onto the property ladder, there are plenty of things you can do to make your journey easier.
Speak with a professional
Having never bought a home before, chances are you might not know too much about the buying process and the ins and outs of getting a mortgage. Speaking with a professional mortgage advisor is the easiest way to learn more about how much you can afford to borrow and the sort of deposit you are going to need.
Having a good mortgage advisor will also come in handy further down the line when you are looking to get a mortgage in principle and apply formally for a mortgage.
Assess all your options
Now that you know roughly what you can afford and need to save you can begin assessing different options. You may already have an idea about the type of property you would like, but it is worth keeping an open mind and taking a look at everything that is out there.
Think about what you’re looking for from a first home. If you want something ready to move into that requires very little work, a new build home could be the perfect option for you. If you are wanting more of a project then an older property may be more appropriate.
Create a plan
It is now time to start putting a plan in place. It may be that you already have your deposit saved and ready to go, or you might not have started saving yet.
Put together a plan of how you are going to save for both your deposit and the additional money you will need to move. There are often hidden costs when it comes to moving home such as solicitor fees, as well as the cost of furnishing a home. Create a realistic monthly budget that will help contribute towards your savings goals.
As well as finances, your plan should include a rough timeline of when you are hoping to move. From here you can start to book in viewings and register your interest with various estate agents around your desired location.
Keep the end goal in mind
Buying a home can be challenging and take a significant amount of time. Throughout this is it easy to get down and feel disheartened. While it may be hard, it is important to keep your end goal of owning a home in mind and try to enjoy the search as much as possible.
Make sure to speak to your family and friends about how you’re feeling and ask for their advice too.
