Purchasing your first home is a major milestone that comes with both excitement and a fair share of challenges. As a symbol of independence and financial stability, it’s important to approach this process with careful planning and consideration. Here are some essential factors to keep in mind when buying your first home:
Before you start looking at properties, understand how much you can afford. This means reviewing your finances closely, which includes:
Before you begin searching for your desired property, you will need to have a clear understanding of your budget to help narrow down your search. This not only avoid wasting time but also unnecessary disappointment!
The location of your new home impacts not just your daily life but also the possible resale value.
Consider:
In addition, choosing a location that fits your current needs obviously very important but considering potential future circumstances, such as starting a family or changing jobs can be a sensible proactive step.
Determine what size and layout match your lifestyle. Do you need extra rooms for a home office or guests?
Again, it is sensible to consider both your current needs and how things might change in the future. For example, if you are planning on starting a family, will there be adequate room?
Consider all your options:
Each option has its pros and cons, such as maintenance responsibilities and fees. It is worth researching the differences to ensure that all important decision is an informed one.
When buying any kind of property, there are various other costs which might apply to your circumstances and require consideration aside from the mortgage itself.
Make sure you factor these into your budget so you aren’t caught short!
Buying your first home is an exciting journey that requires careful thought and preparation. By considering these factors, you’ll improve your chances of making an informed decision about your first or next property investment.
Get in touch today to discuss your financial circumstances and move one step closer to reaching your property purchasing goals.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Approved by The Openwork Partnership on 19.06.24
The Mortgage Society is a trading name of Just Mortgages Direct Limited which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited, which is authorised and regulated by the Financial Conduct Authority.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Most Buy to Let mortgages are not regulated by the Financial Conduct Authority.
Will writing is not part of The Openwork Partnership’s services and is offered in our own right.
The Openwork Partnership accepts no responsibility for this aspect of our business. Will writing and Trusts are not regulated by the Financial Conduct Authority.
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The Mortgage Society is a trading name of Just Mortgages Direct Limited which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited, which is authorised and regulated by the Financial Conduct Authority. Just Mortgages Direct Limited Registered Office: Colwyn House, Sheepen Place, Colchester, Essex, C03 3LD. Registered in England No. 2412345
Approved by The Openwork Partnership on 09/02/2024
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