Getting onto the property ladder is an appealing prospect. For those that are ready to make a huge financial commitment, you are no doubt in the midst of seeing your bank manager and mortgage provider. You are touring the many dream houses that you may want to buy but cannot afford. While buying a house can be steeped in romanticism, there are some things that you need to be aware of before you embark on the all important step to becoming a homeowner.
These considerations are often overlooked by prospective buyers as they are wearing their rose tinted glasses at the time of purchasing their home.
Avoid these common pitfalls and rookie mistakes when you are looking at buying your own home:
Don’t See Your Home as an Investment
If you want to make sure that you are happy in your new home, you should never view it solely as an investment. Making a house a home is necessary. You will be a lot happier for doing so. Do not seek out a house because you think it will make you money in the future. Your home should also be an economic decision. Deciding to buy a house based on emotions will result in severe heartache in the future.
Any decisions you make regarding your home should be done so with financial aspects in mind. You should consider whether you can afford the property and what work needs doing to it to make it home. Seek the advice of some estate agents in Collier Row if you need further assistance with your mortgage matters.
Only buy a house based on what you need now and possibly a few years into the future. Buying a home for prospective children will not prove to make your home a sound investment. This may save you a lot of money in the long term. Buying a house that suits your current situation now is important. You do not want to have more house than what you can reasonably afford.
Thinking about the future is important when buying a home. Planning for hypothetical and non-existent situations will only serve to see you financially ruined. Taxes and maintenance costs can all add up. Be sensible in your approach to buying a home that you need.
Starter homes, consisting of two up two down builds, are not ideal in the current economic market. Size does matter, so endeavour to choose a home that is a good all-rounder. A massive six bedroom pile may look fantastic, but it may not be financially viable.
Envision How Long You Will Be in Your Property
When you make the decision to buy a home, you should try to envision how long you will live in the property. You do need to be aware that buying a home should take a lot of thought and consideration. Endeavour to stay within your chosen property for at least four years to make sure that you are settled. If you are not willing to stay within the same place of residence for this amount of time, it may be wise to stick to renting a property for the time being.