Buying a home for the first time can be a daunting prospect. There are so many things to think about and that’s before you have even considered the many mortgage products, interest rates and lenders to choose from.
Be realistic about your budget. Look at your net income and ensure the intended mortgage is affordable. Don’t forget to allow for furnishings, and remember that older properties may require additional work.
If you have been used to living at home with your parents, remember to budget for expenses such as Building & Contents insurance, Mortgage Protection, council tax, gas and electricity bills, boiler servicing, and other home repairs.
The capital you have needs to cover not only your deposit but possibly the Stamp Duty, Solicitor Cost, Lender fees and even a full survey.
It’s advisable that when you view a property, to take someone who has done this before with you as there are many to things to look out for. If this is difficult to arrange on the first visit then at least get some assistance at the second viewing stage.
Even if you do not have children, remember that property in the catchment area of good local schools will always be much easier to sell on.
Does the property have a good mobile service and what about the broadband speed.
If you have a car, your insurance premium may increase if you move to an area with a higher crime rate, or are trading off-street parking for on-street parking.
Commuting can be one of the biggest household expenses. How long will it take you to get to work? How far is the train station or where is the nearest bus stop.
These are just a few of the sort of things that you might need to consider.