What you Should Know Before You Buy Your First Home

Estimated read time 3 min read

Being a first-time buyer in today’s worrying economic times can be an especially stressful prospect. Despite the furlough scheme and other Government lifelines to people, unemployment in the UK has soared and is only set to ride thanks to the global pandemic.

Buying a home of your own is a big stage in your life, and it offers more stability and security being on the housing ladder rather than being in rental accommodation, so if you are in a position to buy, it should be something that you do seriously consider.

The first thing you should do is speak to a mortgage adviser who will be able to let you know if you can buy a property, and if not what you need to do to get into a position where you can. You will also need a deposit – the larger the deposit, the better your mortgage offer will be. Usually it is around 10 per cent of the property you wish to buy as a minimum, but due to the financial problems currently some lenders are saying the deposit needs to be higher before they will consider giving a mortgage offer.

Once you have a deposit together, you also need to have some money aside for things such as legal fees – these are the fees paid to solicitors to ensure that things go through legally with the sale, as well as for dealing with documents such as your ID1 form.

All in all, as long as you know beforehand roughly what you need to be paying for, you can be prepared for it and sit back and look forward to your very own home. When you by your first home  you have to be careful about a lot of things and you have to do your research well. You can also take the help of a broker to guide you in the right way and to make you realise what is the best choice for you. You should always go for a house which is in a locality that is suited to you specially if you are either in school or college or you need to go for a job. It is not wise to take a house in a place where you cannot be able to access your school or college or your workplace easily. Also when you’re buying the home you should consider your options so that you do not go for something which is overpriced. The best way to choose your first home is after you see some options and take your time.When you’re taking a first home you have to be careful that it has all the qualities that you’ve always wish for. Do not compromise on big decisions or things that are very vital such as the space or the location because you will then have to compromise lifelong and you might get irritated. Also do some research about your neighbourhood and what kind of people are living in the area and whether it is pet friendly or not and also what are the rules of the homeowner Association. There a lot of things that you need to be careful about.

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