Buying Your First Home – What You Need to Know
Buying a home for the first time is a very exciting prospect but also a very daunting prospect. It often means the first time that an individual or a couple will live totally independently which is exciting enough in itself. On top of this, the new homeowner will experience the expense associated with real independence including paying a mortgage and various utility bills, as well as investing in additional upgrades for the property. For instance, the homeowner may wish to consider something like Verisure Alarms for Home & Business to ensure their home and family are as safe and secure as possible. Buying the house itself can often be a long and difficult process that will consume a lot of time and energy as well as money. By being prepared for this process the prospective homeowner will know what to expect and how to manage the home buying process.
Calculate what is affordable
The first thing to do prior to even beginning to look for a first home is to work out what is affordable. This will be a combination of the wage earned by the prospective homeowner and any assets that are available to be put down as a deposit. The prospective homeowner obviously must earn enough to be able to afford the monthly mortgage payments. However, it is wise not to push this to the limit. Having a little left over every month is certainly a good idea rather than being drained each and every month by substantial mortgage payments. By making this calculation at the outset the prospective homeowner can work out what is affordable prior to having the heart set on a particular property. This emotional attachment would make it particularly difficult to make a rational and disciplined decision even when the property cannot be afforded.
Do not get attached
The process that lies between making an offer on a house and actually being given the keys can be a long and arduous one. Many couples or individuals make the mistake of falling in love with a property straight away and then being exceptionally disappointed when the sale falls through. It is best to assume from the outset that the sale will not be taken to its conclusion until the keys are in the new owner’s hand. In this way the prospective homeowner can keep their options open until the sale is definite.
Inspect the property
While numerous inspections are often carried out on the behalf of parties involved such as solicitors and estate agents these inspections tend to be very specific and narrow in their approach. This can lead to a nasty shock when the new owners move in and discover that the home is not nearly in as good condition as they had imagined. It is therefore important to inspect the property as thoroughly as possible to make sure that there are no underlying issues such as damp. Moreover, it is well worth checking fixtures and fittings such as windows and doors and other items that come with the house in a sale. Any defects found may be a good basis for making a lower offer than the current owner is asking for.
