Owning your own home for the first time is one of life’s landmarks, whatever age you are. Unlocking your own front door without an estate agent and knowing this is your very own bit of the country is a key moment for anyone. Make it as easy as possible to get there with this guide.
Getting Started
It might seem like there is property for sale everywhere; in the local press, on websites, estate agent windows, even walking down the street you might see a sea of colour with agents’ “for sale” boards. So how do you know where to start? The first step is to do some research. There are plenty of regional differences, so estate agents in Northern Ireland might tell you something different from those in London. Make sure you know what it is you are looking for to get the best from any advice.
The sums of money involved are often bigger than our younger selves could ever have imagined. Seeking mortgage advice and coming across terms such as “negative equity” can be enough to put the frighteners on the experience and when you factor in regional variations, the prospect of relocation might be another scary thought. Get advice locally. Estate agents in Northern Ireland will be able to tell you what is going on there, just as agents in different parts of the mainland will advise you there.
Try Before You Buy
Renting is often people’s first experience of living away from their parents’ home and it gives you a taste of the responsibility. It also gets you thinking about what sort of home suits what you need now. A first time buyer NI, London, Scotland and Wales should take their situation into account and consider:
Traditional single family/person home
House share with other families/singles
Shared equity
Wants And Needs
Most of us have an idea in our heads of what our dream home looks like. Keep your mind open when looking for your first property because few of us will ever find our dream. You need some sort of heating, you want an open fire. The ‘wants’ should not be deal-breakers there will be compromises along the way and often, ‘wants’ can be later additions.
The Money Bit
Think about how much you can afford and what size mortgage you will qualify for. Also take advice on whether there are any first-time buyer schemes you would be eligible for. The bigger the deposit you have saved, the more flexibility open to you.
Careful planning and researching the marketplace will make a stressful time easier for you. Knowing what you can afford and how you will fund the purchase mean it is much more likely that you will get the house you’re after. When you choose to sell, plan again. Knowing that your home is likely to go to another first time buyer NI, or anywhere else, because that’s what you were, should help make it easier for both vendor and purchaser.