Personal Finance

4 Things You Should Know About Buying Your First House

With all this talk of travel, I thought it would be a welcome change to discuss all things home. Maybe I am feeling a little homesick during my Southwestern USA tour, but either way, I think the advice I am going to share with you is very useful if you are buying your first property. The entire process can be quite daunting, and there are a lot of things to consider, but these 4 quick tips should be on the top of your list.

Find out how much you can afford

Get a mortgage agreement in principle before you start looking for a home. If you start looking for properties before you know exactly how much you can spend, you might be wasting your time. It’s quick and easy to find out roughly how much you can afford. Always be completely honest when answering questions.
Once you know the budget you are working towards; you can start assessing what you can afford. If you have a pre-approval mortgage offer, estate agents will take you more seriously and offer you more attention. This might even mean that they show you properties before they go on the market, too.

Reserve some cash for fees

When buying a house, people just think about saving for a deposit. Of course, this is going to be the largest amount you’ll need to save. But there are other costs you need to consider, too. From account mortgage fees to legal fees – there are so many costs that quickly add up. Work out exactly how much the move is going to cost you and make sure you have a bit extra.
Use an online comparison site to get an idea of account fees and a removalist quote. You might even want to put a bit more aside for home improvements and furniture when you first move into your property.

Look beyond the decor

When you’re looking for at properties, try and look past the shabby paint and old furniture. Seeing past this is incredibly important and may completely change your perception of a property. When you move in, you won’t be keeping their furniture. You’ll most likely be giving the property a lick of paint, regardless.
It can be hard to see the potential in a property. But when looking at properties, keep an open mind. You might find it easier to look at the ceiling of the property when looking at a cluttered property. This will help to appreciate the size of a room and what you’re working with. Buying a property that needs a bit of work is also a good way to make a bit of money, so don’t be quick to judge.

Don’t sign anything you don’t understand

When you’re buying a house, you’ll be signing lots of paperwork. From contracts to mortgage agreements and broker fees, make sure you read everything. It might be annoying to read every single page, but it’s certainly not optional. Buying a house is one of the biggest moments of your life. You should never sign anything that you haven’t read correctly.
If you’re not sure, get a second opinion. Ask your friends or family to read it through with you. Most importantly, take your time and don’t rush it. If you are still unsure, then seek independent legal advice. There is nothing wrong with getting some help, and it’s not worth the risk.

What are your tips for first-time buyers?