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When you are looking for the perfect home to buy, there are many things that you have to consider. You want a house which is not too big or too small, in a good area with lots of amenities nearby and generally at an affordable price. Several other important issues need to be considered when buying your first home.
What will it Cost Me?
The first thing to consider is the costs that you will incur by buying your property. You will need to save up for a deposit of at least 5% – 20% of the value of your chosen home. Then you must factor in all the other possible expenses; legal fees, stamp duty, survey fees, moving costs, and buy-to-let mortgage fees.
In addition, if you are buying a newly-built home, you will also have to pay a reservation fee which is a charge equivalent to 1% of the value of your chosen house. This is in case you change your mind and back out at the last minute.
Have I Settled My Debts?
Besides having a deposit saved up, you will need to be in a position where all your debts have been paid off. When renting a property, it is commonplace for the rent payments to cover the mortgage on the property. However, you will also be expected to pay the mortgage monthly when you buy a house yourself, so your other debts must be taken care of before buying a home.
Paying Off the Mortgage?
Once you have bought your property, you will have to pay off both interest and capital on your home loan each month. The total amount that you will be expected to pay each month depends on how much the bank has lent to you and what type of mortgage deal you have been given. In addition, if your income is variable or unstable, you should ensure that your repayments will always be made each month simultaneously.
Where Should I Look?
When looking for a new house, try not to be swayed, particularly by the view from the window or the garden size. Instead, think about what’s most important to you, such as the location of your nearest school or transport links.
You should also look at all three aspects of your potential house when deciding where to buy. The exterior is essential for obvious reasons, but so are the interior layout and design. You may well have to spend lots of time in your house, so it’s vital that you like the layout.
Am I Ready to Settle Down?
The most crucial aspect to consider is whether you are ready to settle down and buy a home. After all, once you have made your purchase, there is no going back. You will want to make sure that you have a stable job with a good income and can afford the repayments on your new house before signing any contracts.
After thinking about all these issues, you should be able to make an informed decision about whether you are ready to buy your first home. If you believe it is time for you to move out of the family home and become a property owner, then go ahead!