Buying your first home can be an exciting time. But with so many properties on the market and with prices still on the up for 2021 and as we head into 2022, it can be a tough market especially for first-time buyers who may have little to no experience with how the property market works and what they need to do concerning securing their dream home.
This post has some easy tips for new buyers to help them succeed in a demanding market.
Secure Funding First
It can be tempting to head out to the estate agents or browse listings online, but there is little to no point if you do not have the funds secured for your mortgage. The property you are looking at will likely be gone before you can get the necessary requirements in place.
Can You Afford The Fees?
There are many fees associated with buying a house that aren’t covered by your mortgage and will be required to be paid upfront out of any savings or deposits you might have.
The following are costs you can incur;
- Conveyancing fees
- Survey costs
- Mortgage broker fees
- Estate agent fees
What Is Your Maximum Budget?
It can be easy to get carried away with the process, but buying a house can have massive implications for you financially if you do not have set limits on what you can and cannot afford. Know your figures. What you can afford to put down as a deposit, what price point you can go to when looking at houses and what you have for other expenses. This isn’t the time to be incurring additional costs you can’t afford.
Know What You Don’t Want
If you have ever watched any property shows, you will know the main theme is finding a property people love. For instance, if you are nearing retirement age, you are likely to look for new homes that are a part of a 55+ community. It will ensure you live a luxurious life in a spacious house without compromising comfort. This cannot be quantified. You can have a wishlist for ideal aspects of your home, but knowing what it is you don’t want or where you really do not want to live can help you narrow down your search. Check out this company that wrote a blog post on homes for sale.
Know Your Costs
When you move into a new home, it is good to ask the current owners about the cost of living. Knowing this can help you budget for day to day living expenses and figure out if you can comfortably afford your mortgage repayments and your bills, too, from council tax to energy bills, any maintenance fees or service charges etc.
Lastly, when looking for your new homes for sale in the carolinas north south, be open to the possibilities of how the home could look like with your furniture and decor.. Often, people can’t see past the current styling of property and are put off by the current occupant’s belongings. The fact is once all of this has been removed, you can make any structural (with appropriate permissions, of course) and cosmetic changes you wish to make the home into what you want it to be.