What to Consider When Buying Your First Property
Whenever looking into buying a property, there are many crucial factors to consider before you make a final decision. You will want to know, for instance, that the location of the house is optimal for your day to day needs, and that you can keep up with mortgage repayments (if you have a mortgage) for the foreseeable future. Here are some considerations when buying your first property.
The first place to start when looking to buy a property is with the company which will actually be selling you the property. High street estate agents are known for ranging in both price and quality, so it is well worth looking around before you choose one.
Online estate agents like Hatched are becoming increasingly popular as an alternative to high street estate agents as they are often cheaper in price. Make sure you compare prices and get the best deal for your budget, as cheaper fees mean you will have more money for refurbishments, savings, housewarming drinks etc.
Where your new property will be situated is another key factor to think about when choosing a property. Looking at the local amenities is a good place to start, as well as considering what the local area offers for your individual needs (such as a gym, cinema, school etc.)
It is also a good idea to look at more precise factors such as flood risks, crime rates and transport links, as these will give you a better idea of what it will be like to live in any given area.
One final factor to consider is mortgage repayments and how you will manage them. It is no secret that property prices in the UK have steeply risen in value for a number of years, and are likely to continue to do so. As a result, mortgages repayments are also rising, and it is important that you properly budget for these.
This means having a thought-out repayment plan before you buy, and knowing exactly how much it will cost you overall. If you are lucky enough to be able to buy the property outright, then you needn’t worry about hefty repayment bills, but be sure to monitor the property market to track the value of your home.
These are just some of the basic considerations any first-time buyer should make before they decide to purchase a property. There are, of course, many more, so make sure you do plenty of research and have your own checklist before you even look at properties.