Starting the search for your first home is exciting, but don’t jump straight in. There are a few things that you need to do first. Here are five things you will need to consider before you begin your search to make the process go smoothly.
1. Saving Up for a Deposit
The first thing to consider is your deposit. Have you saved up any money yet? You are going to need to save up something.
If you have, start researching what sort of mortgage you could get with your deposit. You may find that in order to get the mortgage you want, you have to save a bit more. This can be frustrating, but it’s worth spending some more time saving if it will help you to get the type of home you are looking for.
If you have a sizeable deposit saved up already, look around to find out how much you will be able to borrow. This will give you a good idea about the types of properties in your price range so you don’t waste your time looking for properties that you cannot afford.
2. How Much Can You Afford in Mortgage Payments?
Even if you have a deposit and you can afford to get a mortgage, make sure you work out how much you will be paying in monthly mortgage payments. The worst thing you can do is take out a mortgage and then struggle to repay it. This can lead to all kinds of problems and be incredibly stressful.
Plan a budget to work out how much money you have coming in and going out. This will help you to find out what sort of monthly payment you can afford, and you may find that you need to cut back on some expenses.
3. Choose Your Ideal Location
When you know that you can afford a property and you have a good idea in mind of how much you can afford to spend, you can start thinking about location. This is one of the most important factors to consider right at the start, and it helps you to narrow down your search area and makes the property search a lot easier.
4. Decide on Essential Features
Once you have decided upon a location, make a list of all the features that you consider essential. This may include the number of bedrooms, a garden, a garage, public transport links and more.
Divide features into those that are desirable and those that are essential. Again, this can help to narrow down your search so you avoid looking at properties that are not suitable.
5. Timing Your Move
It’s no point starting to look for your first home if you cannot move yet. You may be renting a property and still have 12 months left on your contract. In this case, it may be best to talk to your landlord and explain your situation.
You may be able to move to a rolling contract that gives you more freedom. By letting the landlord know your plans, you will be helping them out, and they can start planning to find the next tenant.
Start Looking for Your New Home
Once you have considered all of these details, you may be ready to start your search. Now the fun part begins! Start looking for your new home, and take your time looking for the perfect place to settle down knowing that you have taken all of these important considerations into account.