Buying your first home is an exciting and often daunting process. Dreaming of how you will decorate each of the rooms in your intended home. Watching Netflix and Amazon home interior shows to get some tips and pricing up furniture pieces is all part of the fun.
But along with the fun stuff comes some essential planning that will make the whole thing easier. Not every home purchase is straight forward; one of the most straightforward home purchases is usually buying a new build as there is less likely to be a chain for you to work around.
Here are a few things to do before you buy your first home.
It would be impossible to talk about buying a first home without discussing money. The first step that you should take is to work out how much you can reasonably afford. You should take into account your current income and your outgoings. This will give you what you can afford to spend on mortgage payments. When you work closely with your broker, Axiom mortgage solutions, you will get an even more in-depth insight into what a lender is likely to lend you.
A lender will consider things you haven’t even thought about like if you were to lose your job, have a child (if you don’t already), and some other lifestyle changes too. And how these will impact your affordability long term.
Once you have all of the rough calculations of what you can afford, you also need to know what you can save for your deposit. Depending on the country you live in, it is worth exploring first-time buyer mortgage options. Many banks provide this option to help people get onto the housing ladder.
If you opt for a first-time buyer package, you are usually required to have at least a 5% deposit. Some options have 100% financing or as little as a 3% deposit, but you will need to discuss your practical options with your mortgage broker.
Whatever you have estimated for your deposit, you will still need to keep in mind the cost of solicitors, moving costs, surveyors, and ‘unforeseen costs.’
Even if you have the deposit and you have worked out your affordability, and it looks to be in your favor, your track record with finances will be taken into consideration. If you haven’t been keeping on top of some payments, then it is time to tackle them properly and settle as many accounts as you can. Check your credit score report and fix any errors that you find.
There are, on occasion, errors on a credit account. If you have a lot of debt, it is a good idea to contact those companies and ask to freeze the accounts and make payments that you can afford.
If you try to rush the process, you will have a higher level of stress than you need. While there is a lot to arrange, you shouldn’t rush the process where possible. Some circumstances, like job opportunities, pregnancies, and more, can put time pressure on things. Where possible, take your time.
If you have found a house that you have to have, then you need to begin paying close attention. Walk around the home with the home inspector, ask questions, and take plenty of notes. A critical thing to do here is to do your own inspection.
Check the boiler make and model, check the faucets, skirting boards, and closely inspect the rooms for mold or evidence mold has recently cleaned away. These things can be a dealbreaker – or can be used to reduce the price in negotiations.
Your homeowner’s insurance is your protection. Ensure that you shop around for the best deal, and remember that the best deal isn’t always the cheapest deal. Look at what the policy includes, the coverage, and what the excesses or payables are.
If you want to get the best deal and the best homeowner insurance, look at the real value of your goods and then insure accordingly. Most homeowner insurance packages will be standard, and you could be seriously overpaying.
If you don’t want to bring the furniture you have, you should start selling before you find somewhere to move to. This will mean you can start saving money and pay less on costs because you aren’t going to require a large van to move everything.
After you have made all of the practical arrangements, you can sit back with a cup of tea and start picking out the handmade wall art and your plant pots – and that is where the interior decor fun can really begin.