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Buying your first home can be an exciting endeavour. You have prepared and finally have the go-ahead from the mortgage company that your application will be or has been accepted, and it is time to view those properties to find your perfect forever home.
It’s easy to get caught up in the excitement of house hunting or get swept into bidding wars for what seems like the perfect home. But before you reach this point, it’s important to remember that flexibility in your home choice can lead you to the perfect property. This mindset will help you avoid buyer’s remorse and ensure you find a home that truly suits your needs.
Don’t Buy It As An Investment Only
Buying a home is an investment. It’s a financial investment and an investment in your future. And while it is likely going to be the most expensive purchase of your life, the last thing you should be doing on your first foray into the property market is buying on financial investment alone. You should plan to own the property for around 5 years initially, and because you can never predict what property values will do or if they will go up or down, buying with the intent to make money off it can be a massive mistake that leads you to buy something you don’t really want simply became what you think it could sell for more down the line.
It Doesn’t Need To Be Forever
Many buyers, not just first-time buyers, romanticize buying a property, making it their own, and living in it until death or until they can hand it to their children. And while this is a lovely idea, it’s not practical or the best way to buy a house. Life, much like property prices, can be unpredictable, and you never know what will happen 24 hours from now, never mind 50 years in the future. If it just so happens that this is the end result and it is your forever home, amazing, but don’t go into buying your first property thinking it will be or you want it to be.
Don’t Be Afraid of Repairs
In the current market, more and more buyers are finding turnkey properties, which are properties ready for immediate occupation without the need for repairs or renovations, while alluring are out of their reach financially. You pay big bucks for properties that have been renovated to high standards and have all the latest features and appliances, etc. So while it might be a nice idea to move into a home that doesn’t need anything except some decorating to your taste; it’s highly unrealistic for many people.
Don’t be afraid of doing some work on a property, and don’t be put off by those needing a bit of work. In reality, these properties will be cheaper, and you get the opportunity to create a dream home that is exactly to your taste. While this option might not be suitable for everyone, you should consider those properties that are a little bit run down or need some additional TLC, get a bargain, and learn some valuable skills. Plus, you might even get to add value to help you improve your investment.
Open Your Search Area
Limiting your search area can be incredibly restrictive. Sure, there are places you want to live in, and it’s easier to live in, but this might not always be possible for multiple reasons.
The area might be out of your price range; it might be short on stock for sale or have nothing suitable for your needs right now. Open up your search area to include places just outside your ideal living area, identify areas that are within your ideal commute distance, or school catchment area, etc.; even going just a couple of blocks out can help you find the right property you just need to be flexible with your search area to help you get the perfect home.
Research neighbourhoods, look at current and past prices to see if there’s growing interest, and check out any regeneration plans, crime rates, school amenities, and transport links to help you find places you can live happily, even if it’s not your preferred location.
Work with A Knowledgeable Realtor
There are numerous pitfalls to avoid when buying a property, especially if it’s your first time. That’s why working with an experienced realtor is invaluable. They know the local market inside and out, can help you understand what you can afford, and keep you informed about the areas you’re considering. Their expertise can make the entire process much smoother and less stressful for you.
Expert realtors will know the local and wider property market intimately as it’s their business to do so, and this knowledge can make the house-hunting process so much easier for you.
View More Than Once
And at different times if you can. Try not to be sucked into making an offer on a 20-minute viewing. Although sometimes the market moves that fast, not acting immediately can lose you some great properties, and it can also land you a property that you regret once you take possession of it..
If you like a property, book another viewing, talk about it and go back with a fresh set of eyes at a different time of the day, and look at it critically. Know what you need, know what you are looking at and for, check out the local area and neighbors who are there, and be more specific with your viewing than maybe you are the first time. There is nothing wrong with buying a house because you get that feeling. Just ensure your head and heart agree so you don’t make an expensive mistake.
Know What to Look For
It is really important that you know what you are looking for when you view the property. You do get long, and while you want to be able to envision yourself living there and feeling at home, you need to be aware of warning signs that pose red flags and can make the property less enticing.
It can be the strategic placement of the furniture in random places, odd patches of fresh paint that stand out, newly decorated rooms or doors that don’t close properly; it can be the musty smell indicating dampness, or the noises the plumbing makes when you turn on a tap, for example. There are many warning signs you need to be aware of and pay attention to when viewing properties so you can understand the home’s condition and what you’re potentially getting into should you put an offer in and succeed.
Determine Your Must-Haves and Your Nice-to-Haves
A really common issue for all homebuyers, not just first buyers, is buying a property based on the things you want, not just what you need. You need to determine what you must have, i.e., good transport links, a certain number of rooms, a large yard for pets, etc., and place them above your nice-to-have aspects, such as high-end features and fittings. While getting your wants and nice to-haves will be lovely, they shouldn’t be why you buy somewhere. You need to lead with the things you absolutely must have. Sure, you can and should compromise on certain things, but you need to know where to draw the line. For example, can you buy a smaller property to get a bigger yard? Can you forgo the kitchen island to get a more manageable mortgage, i.e., meaning you look for a smaller property? Is anything on your wishlist worth compromising to get a better location or shorter commute, for example? Understanding what is important to you and lead with these when viewing properties.
Consider Your Lifestyle
Your lifestyle will play a massive part in the type of house or property you buy. Everyone has different wants and needs when looking for their first home, and your life can significantly influence what you end up buying.
Things like your career goals, aspirations for your life, whether or not you want to travel in the future, and more can all result in you needing slightly different things from the property, and if they aren’t considered, you could end up with something entirely unsuitable.
For example, if you enjoy life outdoors, buying a property in the middle of the city with no outdoor space can be stifling. Similarly, if you are planning on starting a family within a couple of years, that one-bedroom studio apartment or top-floor flat or apartment might not be the best idea.
Understand the direction you plan to take in life and what your immediate future looks like to ensure the property you purchase fits this vision.
There are many tips that will help you ensure that you buy the right property when you buy one. The process of getting your first home can make you impatient and cause you to overlook important aspects of the building that might mean it’s not entirely suitable for you. Take your time, know what you want, and approach your property search with a focused mind, analytical skills, and an open heart to help you get the most from the experience.
