Buying a home is a big commitment. In fact, it’s probably the largest purchase you will ever make. As such, buying your first home can be nerve-wracking, especially when it comes to applying for a mortgage and making an offer.
To relieve the pressure and help you feel more relaxed, here are some tips to help you buy your first home.
The Must Haves
When you think about buying your home, you may have a dream vision that includes a large dining kitchen, or outdoor entertaining space. However, many first time buyers have a limited budget, so you may not find everything you want in one property. Be realistic, create a check-list of essentials and luxuries, and be prepared to compromise.
Don’t Be Afraid to Ask
Buying your first home can be intimidating, but keeping quiet about anything that you don’t understand or that may be troubling you will only add to the stress. You may be nervous about speaking up and asking questions but it could save you a lot of sleepless nights.
Similarly to asking questions, the idea of going in with a low offer can be terrifying. You may be worried about causing offence or annoying the seller, but remember: the worst that can happen is a no. You can work your way up from a low offer, so always start below the asking price. After all, if you don’t ask, you don’t get.
Account for Costs
You’ve probably been saving a deposit for quite some time, however, buying a home also includes other costs that some first time buyers fail to take into account. This includes solicitor’s fees, mortgage arrangement fees and moving costs. To be safe, calculate how much everything will cost and allow a little extra.
This one can be really hard but being patient is so important. It can take months of viewings and property searches to find the right one, and several months to exchange. If the property you buy is in a chain, this can take even more time. A lot of this process is out of your hands so worrying won’t change it. Try to relax and be patient.
And Finally, You Only Need One
You may have seen hundreds of properties with online agents like Hatched and not yet found the one, or perhaps you’ve had offers fall through – in both instances, it can be easy to become disheartened. Remember, you only need to find one. It may take a while but you will find your first home.