Buying your first home usually comes with this excitement of making your dream of being your own landlord come through. There is this feeling of great enthusiasm and eagerness as well as temptation and most people end up making huge mistakes that they regret in their lifetime.
There are several factors to consider when buying your first home in UK. Once you land a job that assures you a decent income, the first major investment that comes in the minds of many is buying a home.
A home is nevertheless the biggest investment in many people’s lives and it is essential you know all the factors you need to consider and rule out the possibility of regrets in the future.
What You Should Consider When Buying Your First Home
If you work in a local town in your home area and you are living with your parents currently, you should never rush to buy your first home unless you have saved a significant amount of money. With such savings, you will only have to apply for a small loan which will trim down your monthly loan repayment commitments greatly. This frees up your cash flow per month and offers you some cash for other investments such as buying a car.
1. Down Payments And Actual Cost For The Home
Whether you live in a rented apartment or at your parent’s home, it is vital to consider the down payments and actual cost for the home. Then compare this with your actual monthly income and decide if you will be able to finance the purchase of your home without putting yourself in unnecessary financial constraints.
2. Your Job Stability
Another factor worthy consideration when buying your first home in UK is the stability of your job. If your work involves travelling a lot or being shifted into different locations, it is sometimes necessary to delay purchase of your first home till you get a stable job that will not necessitate you to shift locations now and then.
3. Where To Buy? New Project Or Secondary Market
This is where you should consider whether you will buy your home from a new project or you will get the property from the secondary market. If time period is not an issue to you, buying your home from UK developers presents you with more advantages as price does not appreciate unnecessarily. On the other hand, secondary market will provide you with a home quickly and move in as fast as you wish.
4. Home Inspection
When buying your first home in UK, home inspection is something that you should never overlook even when you think that you know a lot about homes. Real estate professionals will tell you that conducting a survey first will help you spot potential structural damage and mold issues that might compromise the comfort of your new home. Consider the actual attributes of the home and see whether it is inline with your desires and needs such as the plan of the floor, whether it has enough rooms and the nature of the foundation.
5. Time Duration
Also, it is vital that you consider the duration of time that you wish to occupy your new home as sometimes it is advisable that you continue renting. For instance, if you have plans of moving out of UK in the next two years, buying a home at current market price might not be a great idea as such.
In summary, it is always advisable that you consult real estate experts for professional advice when buying your first home in UK.