house, keys, hands

For years, you’ve imagined what your dream home is going to look like. It all goes back to when you played with building blocks, dolls’ houses or simply drew what you thought your house will look like when you’re older. That time is finally here! Undoubtedly, buying your first ever home, certainly a monumental moment in life.

Nevertheless, you don’t know where to start. Not to worry! We’re here to make your life easier by offering some of our suggestions. With years of experience under our belt, we hope you can find these steps useful, as you journey through all the ups and downs of the most exciting adventure yet! So sit back, grab a cup of tea and some snacks and get reading.

The First Steps to Buying your First Home

Being a first-time buyer can have its drawbacks. If you don’t have the right people to help you, you might end up making rash decisions that you’re ultimately not happy with. Additionally, it’s great to seek help, but you can’t afford to end up in a too many hands in the pot situation.

In short, you need to be cautious and mindful from the start. Your first home is an important investment that you really need to think long and hard about. Although it is a long process, you will most certainly enjoy the benefits once you are at the stage of signing the all-important contract.

Whilst all of this depends on the budget you’ve put aside, there are plenty of options for everyone. You first need to ask yourself some of these questions: What are you on the lookout for? Will you be living alone or moving in with your partner? Which towns, villages or cities have you set your eyes on? Once you make narrow down the search, you can then move along with the rest of the process.

Tips and Tricks to Keep in Mind

Whether you’re buying the house for yourself, or sharing it with a partner, setting a budget should be your number one priority. At this stage, it’s very easy to think about all the furnishings, décor and all the beautiful things you’re going to add to your house to make it feel like a home. Nevertheless, you might end up distracting yourself from the important issues. While it’s understandable that buying your first home is considered to be a somewhat rite of passage, the number one rule to keep in mind is that you cannot live beyond your means.

The next step of the process is to check where you stand with your finances, to see if you need to take out a loan. At this stage, it’s best to set an appointment with your bank, to discuss the borrowed amount you may need. As a rule of thumb, this is usually based on your annual salary. If you’re sharing the place, then you need to consider your combined earnings with your partner.

The bank normally covers 90% of the purchase price and completion costs on monthly repayments, which can either be repaid over a period of up to 40 years or retirement. Keep in mind that notary and permit costs might also need to be covered by the loan, along with any bank charges, stamp duty, architect charges and so on. This is why it’s essential to ask these questions to your bank, to see if you can afford your desired property or not.

The Search Begins

The most exciting and also frustrating part of buying your home is about to start! It’s now time to start the search for your dream home. This begs the question of what kind of property you’re looking for and which localities you have in mind. Be it your dream villa, a stunning house of character, a homely cottage or a spacious apartment, you need to make a decision based on your budget.

Perhaps, you can take down notes about properties you’re after: if you’d like to have a garden, how close your house is to your family and other local amenities, what’s the parking situation like in that particular locality etc. All of these pointers would truly benefit you in the long run.

To help you narrow the selection, you can either have a browse online or flip through the various options made available through print media or get in touch with a real estate business. House hunting is also important — while there are only so many houses you can look at and at some point, you need to make the decision.

That’s why it’s important to ask yourself some of the following questions: Do you see yourself staying here long-term? Is this property adequate to raise a family in the future? Stepping inside each place will give you all the answers you need. Just make sure you don’t go overboard with the house visits, since you may end up remembering way too many details from each house and it will prove to be even harder to decide what you want. Go with your gut, but always keep in mind the very first step you’ve taken on this journey — your budget.

Legalities

You’re now once step closer to be a homeowner, but there are just a couple of steps left. Along with the price set by the seller, it’s a good idea to get to know the prices of other properties within your chosen area. With the help of your agent, perhaps you can make an offer and negotiate the price with the seller.

When you have agreed on a price, you will need to make things official by signing the Promise of Sale agreement. This is essential at it states all the decisions and agreements taken between the buy and the seller, in writing. You’re also likely to find another date listed on the contract. This indicates the final meeting where you need to sign the last contract and final agreements.

An Adventure of a Lifetime

Whilst all of the above-mentioned points cannot possibly be finalized in a week or a month, the journey is worth the wait. Once all of the legalities and little details are out of the way, you can start working on all the decorating and everything else in between. Ready to leave the nest? The best is yet to come!