A Checklist For Buying A House For The First Time
Buying a home is undoubtedly an exciting and challenging experience, but you must keep a clear head and consider your priorities to find the perfect property that suits your lifestyle goals. My latest article is here to help you navigate the many pitfalls of owning your first home – carry on reading for more.
Assess Your Financial Situation And Research Government Schemes
Buying your first home is a hugely expensive endeavour, but the UK government has various schemes in place to make it far more affordable. Additionally, knowing how much you can reasonably afford with added assistance allows you to take a realistic look at any available properties on the market.
First Homes Scheme
This scheme allows first-time buyers to purchase specific houses at a discounted rate (roughly 30%). In order to access these savings, all purchasers must be first-time buyers and meet the local council’s eligibility criteria.
Lifetime ISA
One of the best ways to build up your deposit is with a lifetime ISA – you can open one from 18 and pay money into it until you reach 50. Each year, the government will pay an additional 25% (up to the value of £1000 per annum). You can withdraw the money to buy your first home with no extra costs (if you require the money for anything else, or if you reach the age of 60 you will incur a 25% withdrawal charge fee).
Consider Different Property Types Such As New Build Homes
An important point to remember is that you do not have to buy a specific type of property. In fact, it can be hugely beneficial to compare various options (this way, you will also be able to discover what you do and don’t like).
It is recommended that you consider a new build home for first-time buyers, as they are typically the perfect starter property. They generally have enough space for a growing family, fantastic energy efficiency, and high-quality construction levels, and will be located in areas with many useful amenities nearby.
Understand The Property Market And Location
When you buy a home, you are making a massive commitment that will tie you to the local area for the next several years (at least). Therefore, it is essential that you do your research before moving in.
For example –
- If you plan on having children, what are the local schools like, and are you in their catchment area?
- How close are the shops (for food and other essentials), and does heavy traffic impact the journey?
- What is the crime rate in the area? Is it safe to head out during the evening?
Once you have asked yourself these types of questions, they can help you imagine your life in this new locale and decide if it is the best choice for your first home.
Conduct Thorough Property Viewings
When you view a property, the main objective is to see if you like the home (and discover any deal-breaking issues!).
Some of the biggest red flags can include –
- Damp
- Structural issues
- Aged or damaged appliances
Keep a keen eye out for these issues, and arm yourself in advance with important questions for estate agents and sellers to protect you from buying a home of poor quality.
Finalising The Purchase And Moving In
Once you are happy with the property, it is time to take the big next step—make an offer! (Remember, you can always negotiate with the seller to find an agreeable price.) Once everything is settled, it is time to sign the contract (be sure to examine it thoroughly before putting pen to paper), and then you can finally prepare to move in!
Several additional procedures will also need to be followed, such as notifying the local council and setting up various utilities (gas, electricity, water, and the internet).
Summary
After reading through my latest home-based guide, you will have the extra knowledge that will help you navigate the difficult process of buying your new home—from assessing your financial situation to considering different property types, researching the market and location, viewing different homes, and finalising the purchase. Once complete, you will soon be able to find and enjoy your new living space (next step—decorating!).
Thanks for reading my latest lifestyle article, please share your thoughts below. Remember to check back for regular updates!
