Buying your first property can be one of the most exciting yet stressful times of your life. Being a first time buyer is more than likely going to be the biggest financial outlay you’ll ever make in your lifetime.
It can often be difficult to know where to start when looking to buy your first home, with so much information online, as well as advice from your friends and family. Here’s a few pieces of advice we have put together for first time buyers which will hopefully help!
As excited as you’ll be at choosing your first time, it’s important to think about the bigger picture and medium to long term plans. Before the recession in 2007/2008, it was common practice for first time buyers to live in their new home for a few years when it was fit for purpose, then upgrade to a bigger or better property as and when necessary. However, in the current market it can be challenging and expensive to buy and sell, so it is important to think about various factors before making the decision to buy your own property.
Here are a few examples:
Size
The size of a property is important. Will the property you are thinking of buying still suit your needs in four or five years’ time? Are you in a serious relationship and might need an additional room should you decide to have a baby. Do you have visitors regularly and need a second room?
Location
Location is another really important factor to consider when buying your first home. You’ll need to think about a number of factors here including your job; are you likely to still be in the same job in five years’ time? Is it relatively close to your place of work, no-one wants to spend a lot of time commuting to and from their place or work? Is it close to local amenities or within school catchment areas should you wish to plan a family?
Repairs or Renovations
This might not be top of your priority list, but it is an equally important factor. Think about any additional costs which may be required in order to carry out any repairs or renovations that may be required compared with other properties that may be in better functional order.
Re-Saleability
Not what you’re thinking of as you’re looking to buy your first property. However, should you wish to move again at any point, will the property you’re looking to buy appeal to a wide range of potential buyers and likely to sell in the future? You want to maximise the chance of the property re-selling again in the future, at the best possible price.
Affordability
Before you even start looking at properties for sale, as a first time buyer, the most important factor to consider is can you really afford to buy your own property? Put together a budget plan before you start house hunting so that you know what price bracket of property you are able to afford. Lenders will carry out affordability checks during the mortgage application process to check with you are likely to comfortably afford your repayments.
Once you have considered all your options and decided on what kind of property you’d like and would suit your wallet and practical needs, you’re good to go!
If you need any advice on buying or selling, feel free to contact us on 0131 0131 608 0175 or you can drop us an email at info@homereportcompany.co.uk. We are providers of Home Reports and EPC’s which are required when selling a property in Scotland.
