Your first home: The key considerations

by Susan Paige
0 comment

Nowadays, it could be argued that there’s no such thing as the “traditional route” in life. In other words, while there used to be a set path for couples to follow, now this isn’t so much of the case. Some will get married first, before purchasing a house, while others might have children before getting married. There is no “normal”, so to speak.

Nevertheless, there’s no doubt that buying a house is still on the mind of a lot of couples following their wedding day. It’s something else that unites them, and allows them to continue building their life together.

If you have not ever bought a property, it can be a daunting situation though. Through today’s post, we will touch on some of the factors that you should keep in mind just before you start your house buying journey.

The finance-factor

In truth, we could pen a whitepaper on the issue of financing your homes. Some of you might go down the traditional mortgage route, while others might even opt for something like a loan in New York.

Regardless, you obviously need to understand your borrowing limit. This will allow you to filter through the types of homes you should be looking for, as well as understand if your monthly finances are going to allow you to cover the repayments.

Don’t forget the hidden fees

In truth, this next section could have been combined with the previous one. One of the big surprises for a lot of first-time buyers is that they only think about the purchase price. If their new home has a price tag of $100k, this is the amount they think they have to cover.

Unfortunately, this isn’t the case. You have to think about solicitor fees, legal registration fees and even the cost of physically moving your belongings. This can account to a few percent of the overall purchase price – so it can be a deal breaker if you haven’t considered this in your figures.

It’s not just finances where you need to budget

So far, we have focused a lot on the finances when purchasing a house and of course, that is for very good reason.

However, there is another commodity you need to be careful with; time. That’s right, this is something that you can’t overestimate by any stretch of the imagination.

They say that buying a house is one of the most stressful life events you will experience. When you go through the process, this is something you’ll realize. Solicitors will take an age to resolve issues, while you will have countless other obstacles which will make the weeks pass by.

The message we are trying to highlight here is that you need some leeway on your moving dates. Don’t for an instant think that you can schedule moving out of your existing rental property on the same day that you are due to complete your purchase. You need to budget some leeway here, as all sorts of things can go wrong which might leave you temporarily homeless.

You aren’t just moving belongings

Finally, when you do complete your purchase, don’t forget that it’s not just your belongings you need to move. You are moving your life, and this means moving your address, energy suppliers and everyone else that has a vested interest in where you live.

Fail to plan for this, and you’ll find that you are still feeling the repercussions of moving house a long way down the line.

Related Posts

Leave a Comment