Wednesday, 6 February 2019

The essential guide to buying your first house | AD

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If you are a seasoned renter, the chances are that you are eager to stop lining somebody else’s pockets and find yourself a little patch of bricks and mortar that you can call your own. Buying your first home is a massive commitment, and it can be a worrying process. You need to work out where you want to put down roots, find the funding for a deposit and ensure that you can make money on your home for however long you are going to live there. Your first home will not be your forever home so there will be compromises to be made. Take a look at this essential guide to buying your first home.


Legalities

Buying a home costs money. It is prudent to head to a site like The Advisory that gives impartial advice on conveyancing fees and solicitors. Buying a home is a complex legal process that requires a fully qualified legal professional who specialises in these sorts of transactions, so look for someone local who is easy to get hold of if you ever have any questions. Your solicitor needs to be an individual that you trust and who you get along with. Often, unforeseen circumstances and issues arise during a house sale, so it’s vital that communication channels are open at all times.

The Search

When looking for your first home, try and locate a property that you can grow into. That doesn't mean stretching yourself and buying a five bed detached mansion, but you might want to consider a spare bedroom or a small garden. You need to find a property that you can imagine yourself living in and being happy in. Consider the location where the property is situated. A crime ridden hotspot with poor schools and weak transport links will struggle to increase in value unless the infrastructure and community is drastically overhauled.

Instead, go for a location that is relatively well established and sought after. For your first property, you need an area that will increase in value to allow you to outperform the market and pump any profits into a future house purchase.

Making Money

If you’re keen to outperform the market, don't buy a house that has already been fully renovated. You need some wriggle room to upgrade the pad, whether this is putting in a new kitchen and bathroom, extending upwards or outwards, or knocking through to create more fashionable open plan living spaces. Over a few years, you can take your time and renovate your abode. By spending a little bit of your hard earned cash, you can invest into an asset, ready to cash in when you are able to make the next leap up the housing ladder.

Buying your first home can be a little scary. However, by saving up for a chunky deposit, finding a favourable mortgage rate, utilising a top quality solicitor, and purchasing in a solid location, you can be happy in your new home and enjoy taking your first foray into the property market.

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