It can be a very daunting experience when entering the housing market for the first time since you are new to the game, and there are many people saying they can help you find your first property. So what do you do? And, where do you start when trying to get a foot on the property ladder?
Location, Location, Location
The first thing you need to consider is, where do you want to live? It seems pretty obvious, but some people are just so focused on finding their dream property that its location may not be even considered. If you already have a steady job, then this is likely to restrict the area in which you will look to buy since you have to think about how you will be travelling to and from work. While some people may want to be right on the doorstep for work, others will want to keep a bit of distance between their home and work, so you should considerwhether a particular area is too far away and whether the commute will become a nightmare. You should also decide whether you would prefer to drive to work or perhaps take the bus or train.However, if you do decide to live round the corner from work and you only need to walk a short distance, then it removes the potential stress of a daily commute. In addition, it may save you a large amount of money in transport costs other the year and mean more of your hard earned dollars going into your pocket.
Are you buying a home for life?
Is this home going to be just the first step or is it intended to be a home for life? If you are looking more to the long term when buying your first home, then it is important to consider your plans for the future. If you intend to start and raise a family, you will definitely need more bedrooms and space in the long run, in order to accommodate additional family members. This requirement may be a key indicator in determining the area in which you buy as well as the type of property you end up buying. As a general rule of thumb – the larger the house, the more it costs, so if you intend to stay in a house for a long time it is worth looking for somewhere you can extend later on. Choosing a house with some land, may give it potential to be increased in size and have the option to increase the number of bedrooms in the years to come. Alternatively, buying a larger property in a more up and coming area may be less expensive and a better investment, than a smaller property in a more mature area.
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As well as being a certain distance from work, you would also consider the local facilities on offer in neighbourhoods around your given area. How close are the nearest stores to buy groceries? What are the local hospitals and schools like? Is the area well connected by good transport links? What are the local roads like and is it close to any major road networks will allow more convenient travel between different places?
Another important factor is who will lend you the money to buy your own home and how much will they be willing to lend. There are many places to look so click here for more information on Homestart home loans, as it’s a great starting point. Many lenders usually have to weigh up how much deposit you have, together with how much you earn each year and the risk you pose to them by being unable to repay the loan in the future. By taking this information along with many other factors, then the lender can make you an offer. The interest rate that you pay and the amount of money will they are willing to lend are usually very much down to individual circumstances.