Thinking about buying your first property? Congratulations. This can be an excellent investment for your future and a smart financial decision. However, there’s no question that buying property comes with a steep learning curve. Here are some things you should know:
Get clear on the finances
One of the first things you’ll need to understand is how much you’ll be paying, and how much you can afford. Your deposit will need to be at least 5% of the total price of your property, however the more you put down the better. A larger deposit will mean lower interest rates and you’ll also be paying less over the lifetime of your property.
It’s not just the money for the property that you’ll need to think about. You also need to cover legal fees, moving costs, and more. It’s a good idea to contact a local conveyancing solicitor, so you should also factor this into your costs.
Look at other options
If you’re not having much luck getting the finances to make sense, there are plenty of other options that could help. There are a number of government schemes available if you’re a first home buyer, so be sure to look into these. You may also consider talking to a friend or family member who may be willing to act as a guarantor for your property.
Take your time
Once you’ve established how much you can afford to spend, it’s time to start your search. The most important thing to remember here is that you should always take your time. Make a list of the things your property absolutely must have and the things that you’d be willing to compromise on. Start your search online and look for properties that have the right location, number of bedrooms, and more.
View your favorites
Once you’ve narrowed down your favorite properties, it’s time to take a look. Make sure you bring a pen and piece of paper to note down anything important. Look for natural light, any areas that look damp, any cracks or problems with the guttering, the surrounding neighborhood, and more.
Don’t be afraid to ask as many questions as you need to so you can ensure you’re making the most informed decision. If you’ll be viewing a number of different properties within a short amount of time, it’s a good idea to create a chart or spreadsheet so you don’t get them mixed up.