Tips for Buying Your First Home

If you are something of a seasoned renter, but you’ve managed to save up enough money for a deposit on a house, the chances are that you’re eager to move.

The sheer quantity of properties on the market can be daunting and the thought of spending thousands on some bricks and mortar can send you into a cold sweat.

You are used to freedom, flexibility and ending a tenancy on a whim.

You’re ready to put down roots and settle down somewhere you can call your own.

Take a look at these essential aspects to house buying your first home that you need to be aware of.

Mortgage

You will need a mortgage. The idea of securing the largest loan of your life is terrifying. Some of the criteria to be eligible can be stringent too.

However, there are ways that you can improve your chances of securing the most preferential rate.

As a first time buyer, you will probably opt for a fixed rate. Other options are available but in volatile economic times, this is the safest bet.

Ensure that you remain in the black and don’t go into your overdraft in the six months prior to applying for the mortgage. Pay your credit card on time, try and keep the balance low, and don’t go wild and buy something frivolous and expensive.

You need to show the mortgage lender that you are a responsible borrower.

Where To Live

When considering where you want to buy, consider your lifestyle. Do you adore cafe culture? Being in the thick of it and having good transport links? Or are you keen to head into suburbia and enjoy the peace and quiet of countryside living?

Choose a location that has had a price increase in the last five years.

This way, you know that your home will be a safe investment and the chances of slipping into negative equity are minimal. Go for a location that you are familiar with and that you like.

Don’t be tempted by an incredible pad that appears cheap if it is in a crime-ridden dive. Go for the worst house on the best street. You can always change a home but you can rarely change a location.

Moving Day

Keep your moving day as stress-free as possible by being organized. Research local moving companies and book your moving day date as soon as possible.

Ensure that you have everything packed and ready, labeling the boxes as you go along. It’s a good idea to go room by room.

As a first time buyer, you may not have too many things, but what you do have, you want to transport safely.

Nancy Polanco is a freelance journalist, lifestyle content creator, and editor of Whispered Inspirations. She is a proud Mom to Gabby and Michaela and partner and best friend to Darasak. Having worked as part of a health care team for almost a decade, Nancy is happy to be back to her passion. She is a contributor to the Huffington Post, TODAY’s Parents, and an Oprah Magazine Brand Ambassador.

Tips for Buying Your First Home