Are you buying a home for the very first time? Congratulations! There’s nothing so wonderful as being a homeowner! However, there’s a lot to keep in mind when you’re buying your very first property, and knowing what you should consider can make all the difference.
1. A Long Term Investment
When you buy a property, you’ll probably want to live in it for some time. That means that you need to think in the long term. Will your property still meet your needs ten years down the road? It takes about 7 – 10 years for a buyer to see any return on the investment, so you need to ensure that your chosen apartment or house can meet your needs for all that time. If you’re planning on starting or expanding your family, you need to think about whether your chosen property can accommodate that need. Also, are you buying in a location where you’ll see an increase in value over time? Always buy a property in the best location you’re able to afford and ensure you’re getting a fair price so you can maximize the chances of making a profit in the long run.
2. Consider All The Costs
Your home loan isn’t the only cost to figure into the cost of running your new home. You need to think about all the other expenses you’ll incur as a homeowner. Your property will need ongoing maintenance and there will be lots of extra bills to pay when you own your own home. You therefore need to make sure that you’ve figured all of those financial extras into your budget when determining which property you can afford. You also need to ensure that every feature of your property is in good condition and will last for as long as possible.
3. Any Ongoing Problems
A large part of choosing the right property involves looking for any faults, damages or long term problems which may become evident after you’ve spent some time living in the house. Some problems can be rectified easily. For example, if the house has a problem with damp and excess moisture a dehumidifier will resolve those issues effectively at a minimal cost. Check this page to find out more about how to choose the right dehumidifier for you. On the other hand, if the property has more serious defects such as subsidence, this is going to be something that will cost you a lot of money to fix in the long run and which could cause you some serious problems further down the line.
4. Check Out Large-Ticket Items
When you buy a property, remember that every element of it will wear out eventually. If the floor, roof or windows are in decent shape right now that doesn’t mean that they’ll stay in good shape in the long term. Look at the condition of everything from roof to floor and then work out when these elements are likely to require replacing. Knowing roughly how long you can expect these large-ticket items to last will help you make suitable plans for your future finances.
5. Is It The Right Property For You?
The biggest and most important thing to consider when choosing any new home is whether or not it suits your needs and lifestyle. It can be all too easy to get carried away when viewing a property but when it comes to living in it for any length of time, the inconveniences become all too clear. If you make a list of 3 columns, with the essentials, nice-to-haves and things you can do without, you’ll have a better idea of which features you should be looking for. For example, you might think that having your own garage would be great, but not if it means you don’t get a garden. You need to set your own criteria and then work along those lines to ensure you aren’t disappointed after a few months.
With all of this in mind, you should be well-armed to make a choice about the perfect first property for you. Enjoy the buying experience, and enjoy becoming a homeowner for the very first time. If you follow these expert tips, you won’t regret taking the plunge!