The process of buying a home for the first time can be an extremely difficult period of time. It can be one of the biggest moments of your life, making it a huge financial commitment. It is important that you know the complete ins and outs prior to getting yourself a mortgage and home. We have come up with a few little tips for first time home buyers.
Have you researched the areas around where you’re buying a home? You may love to house, but without proper transport links is it going to be beneficial for your job? Are the schools in the surrounding area good, and are there leisure facilities that do not require you to drive miles in order to utilise? These are only a select few things, but ensure that you know the area you move into. This can be done through internet searched and local newspapers.
Advice & Guidance
If you are using conveyancing solicitors speak to them and see if they can offer any advice, or guidance. Talk to your parents and see if they can help you through any processes of moving home. Taking the advice and guidance of professionals or your family may seem incredibly obvious, but they could provide you with invaluable advice to help reduce stress.
Many people become absorbed by the need to calculate their mortgage payments, rather than the overall living costs. It is important to take everything into consideration and calculate exactly how your overall finances are going to be affected by getting a mortgage. There are various additional costs to consider, including conveyancing solicitors, stamp duty and the actual process of moving your home. This also doesn’t account the furnishing of your house, so be careful as to how to record your finances.
How Much Can You Borrow?
Take a little more time into researching how much money you can actually borrow. Many people are unaware of the tests taken to find how much you can borrow. Your income, credit rating, deposit and other factors are all taken into consideration before you are allowed to borrow money for a mortgage. This can all be helped by finding researching how much money you can borrow and finding properties within that budget. It may seem disheartening at first, but it can be hugely beneficial to you.
Author: Roman Winter