Acquiring your first house will always be one of the proudest and most memorable moments in your life. You may have rented places on your own, with friends or a girlfriend but this is your first proper home. A home that you can call yours. Before buying your first home however, here are six things to consider.
1.Don’t just buy the first house you see that looks reasonably good. Shop around and take your time. After all choosing your first house is a very big decision. This could be the place you live in for the rest of your life. It could be the place you bring your children up in. The first house you look around may seem brilliant but there could be another out there that is absolutely perfect.
2. If you’re wanting to move out of your home town, research the area you’re looking at moving to. The house may be brilliant. It might have everything you’ve dreamed for in a house but what about the place you’re living in? Is it the sort of place you want to bring your children up in? What are the job prospects like? Is it safe?
3. Stick to a budget. We’d all love to live in a five bedroom house with a jacuzzi and a football pitch in the garden but you need to find something you can afford. There is plenty of excellent real estate available for a very reasonable price. It’s recommended that buyers should spend no more than 28% of their income on housing costs. Remember you have to consider things such as electricity bills, council tax, any maintenance costs.
4. Research the market. What are house prices like in the area you wish to move to? Are they likely to come down, are they likely to rise or do they look like levelling out for a few years? If prices are likely to come down there is no harm in waiting and finding a better price.
5. Look at the bigger picture. As in point one, this could end up being a home for life. Perhaps you fancy yourself as a bit of a property developer? In that case you’ll want to buy somewhere you can extend and/or work on. You need to bear in mind that your family could well be extended-a two bedroom house could be good at first but will it be good enough when you’ve got a family?
6. Make sure you can afford repayments on your mortgage. With house prices in the USA on average $188,000, most prefer to use a mortgage rather than buy outright. Can you afford the mortgage for the house of your choice on top of not only bills and essentials, but enjoying yourself too. You don’t want to have no enjoyment in your life at all because all your money is going on the mortgage plus the essentials. Setting up a payment plan may be a good idea.
Happy house hunting!