Owning our own homes as early as we can is all the rage. For many it’s their big goal in life and for some this is inevitably going to be easier than it will be for others. For those fortunate enough to have parents or family who are able to contribute financially, this goal is made all the easier.
Those in the circumstance in which they can live at home for an extended period of life without expectations for contributions beyond their means are also exceptionally fortunate. Many are not so lucky as to have access to either option and instead must greatly sacrifice in the name of saving and often have a much longer projection for when a purchase will become possible.
The housing market is, by many accounts, a disgrace at present, however, there are also many of us later in life who are finding ourselves hard done by in the rental market of which we have forever been reliant, and therefore find ourselves motivated to look to buy. Whatever the circumstance you might find yourself in, there is much to be said for preparations and considerations when planning to invest in your first home.
There are many ways you can benefit from your first home purchase.
There are different government schemes in place to help those looking to make the commitment with the financial aspects that are involved. For example, if this is your first time buying a house and you intend to buy it for you to live in and not as an investment property, you may be eligible for discounts on aspects such as stamp duty.
These eligibilities and opportunities are forever changing, so it is in your best interest to do some personal research whilst applying your own circumstances, or perhaps even to consult a professional. Ensuring you have a firm knowledge on what is required from you start through to finish including all overhead costs will ensure you aren’t blindsided but will also give you a checklist of items to cross off.
Many people who look to invest in their first home will be unaware of the requirements outside of the cost of the house. These include things such as insurance costs, tax cost, surveyor costs, moving costs, and any immediate housing or furniture needs before moving in. Taking the time to carefully work out an acceptable budget will give you a realistic price range for when you begin to view potential houses.
There are many options to take into consideration when choosing a first home. For some, the idea of purchasing a dwelling that requires work just to make it liveable would be a nightmare, while others may be open to a knock down rebuild arrangement for the right price and location. Many are open to taking on a property that needs a little work for a lower price as this gives them the funds and opportunity to personalise straight away.
Decisions around what limitations and expectations of the quality of the property’s current state should be discussed and settled on before you begin looking.
Once the viewings start it is very easy to become overwhelmed by the process, having set boundaries for what is and isn’t acceptable will ensure you aren’t settling. Be prepared for your house hunt to be a lengthy and at times disheartening process. Try to keep in mind that sticking it out is well worth the effort to ensure that you are happy with your final choice and don’t have any regrets upon getting the keys.
If you do find you’re opting for a home that may need a little (or a lot) of work before you move in, it is prudent to consider the changes you would like to make before making the commitment. It would be unfortunate if you were to purchase your new home with ideas of how you intend to improve it, only to find that the rough picture you had in your head is not feasible in reality.
From Pinterest through to the kitchen interior design section of a magazine, there are plenty of materials out there to provide you with inspiration. If you find that your plans are less likely to be a DIY project consulting a professional may be the way to go. Having some home design plansdrawn up or getting some expert advice from bathroom interior designers will help ensure that your expectations for the finished product (and the budget) are realistic.
Perhaps your plan is not to live in this property after buying it. It is exceedingly and increasingly popular for people to buy (even a first property) as a means to make a bit of extra cash. Whether you’re going to opt for long term letters or the Airbnb route, this can be a great option to ensure your mortgage is being paid off without having to commit to live in the home yourself.
If you do decide to let it long term, scoping out the best options for rental property management will provide you with a peace of mind. This is especially important if your plans include trips or long term stays outside the country. Being able to rely on them to maintain and inspect your precious property is a necessity for any landlord/landlady. If you find yourself considering renting it out on platforms such as Airbnb you will have yet another set of decisions to make. A lot of first home buyers are using this option as a way to help pay off their home quicker by renting out spare rooms within their new house.
Others opt to temporarily move out of the property at busier periods or when it would be most in demand and find they can make exorbitant amounts by doing so. You do also have the opportunity to vacate the premises indefinitely and have it perpetually rented out on short stay platforms.
In which case it would be advisable to employ someone to provide property management services in the way of organising everything involved. The benefits are often heavily outweighed by the costs of leaving all the management to professionals.