Buying Your First Home

In The UK we love to own our homes, but there is no doubt that this is getting more difficult for the generation that is coming onto the housing ladder.

However that doesn’t mean they can’t afford to own their home. Affordability is obviously a major factor when you’re looking for the perfect home to start sharing your life with that perfect partner in life. More often than not it’s usually new builds that they go for, but there are bargains to be had in buying a run- down property at a cheaper price. If you’re both DIY enthusiasts this is the perfect route to take in owning your first home.

Here are my tips when making that big decision to buy your first home.

1. Finances

It’s vitally important to work out all your finances. How much are all your bills, and what available money do you have left to save for a deposit? You also need to work out your wages, and a visit to a financial adviser will help you find out how much you can borrow for a mortgage to purchase your new home. The FCA can help you find a financial advisor in your area

2. Location

When picking a home you want to make sure that you find an area that’s close to where you possibly grew up and is close to family and friends. It’s also important to not live too far enough away from your place of work. Mainly because this will help you in saving money on transport costs, which will consequently allow you to spend more money on your new home.

3. Mortgage

When you have found that perfect home to start and share your lives together, it’s important to get the right mortgage to suit you. My advice is to shop around and get the mortgage that is not only affordable, but suits you financially. There are many mortgages out there today, and I’m sure you will find the perfect fit for your needs.

4. Home Warranty

It doesn’t matter in my opinion whether you are buying a new house or an older house. It’s absolutely a must I think to get yourself a New Home Warranty.

This so often may not be something that people think about when they’re buying their first home. Of course I understand they’re all loved up and excited about moving in together and setting up their new home.

In my experience, houses have problems and before you know it a few months after buying your new home things can go wrong. You have used all your money for the deposit and the costs of moving in, it’s an expensive business, so when your central heating boiler breaks down and it’s out of the manufacturers warranty, you’ll have to foot the bill which is where a home warranty comes into play and helps you in those early days of owning your own home.

That is just a few tips for you when buying your first home. It’s a big moment in any young persons life, so making it a trouble free time will help you enjoy your first home.

I would love to hear what tips you have for somebody buying their first home.