Buying a house is incredibly exciting. But, it can also be overwhelming. If you are a first-time buyer, there is probably a lot you haven’t thought about and it can be hard to know where to start. Below are five things that you absolutely must consider when you start to view potential new homes.
When it comes to choosing a location, you’ve probably got a lot more options than you think you have. Nowadays you can work remotely or transfer to a new location much easier than in the past, and video calling and faster transport means living further away from your family and friends isn’t as upsetting as it used to be.
Another thing to consider when it comes to location is house prices. The value of homes and how much you can get for your money can vary wildly. Do some research before you start looking at specific properties. Homes for sale Minneapolis offer fantastic value for money in a great location.
When it comes to your budget, remember, you don’t just need the money to buy the house or put down a deposit. You also need realtor’s fees, solicitor’s fees, tax and any moving costs you may incur. There may also be a time where you are responsible for two properties while you move. This means you will need to pay bills on both. When looking at what you can afford, make sure you take any of these fees and costs into consideration. If they are coming out of your deposit money, the mortgage you could get may be significantly lower.
Buying a house is a huge commitment. So, you need to think long and hard about the future and make a life plan. Is this the house your kids will grow up in? Will you retire here? You need to take these things into account when considering both location and properties. Think about where you want to be in five or even ten years’ time. You should also think about the resale potential of any home you view. While selling may not be on your radar right now, you never know what the future will bring.
Write a list of everything you want from a home and get your partner to do the same if you are buying together. Go down these lists asking yourself what you would be willing to compromise on. Does it need to be near a good school? Is a garden top of your list? Could you manage without a spare room? Put your lists in order of what’s most important to you.
What to Check
Viewing homes can be an emotional experience. Especially if it’s your first time. However, it’s important not to get carried away. Make a list of things you need to look for and take it with you. This should include your wish list priorities, but also things like the electrics, insulation, age of windows and doors, security, energy efficiency and general state of repair. Remember, it’s ok to view a house more than once to make sure.
Buying a house is a wonderful experience. Keep these things in mind and you are sure to make a fantastic purchase to start this exciting new chapter in your life.