Buying a house is one of the biggest purchases you will make in your life. And, a big purchase can come with a lot of stress. So before you take the plunge and pick the biggest item that you will ever buy, here are some things to take into consideration before buying your home.
First home or forever home?
Buying your first home is not cheap but it can be a lot cheaper than buying your forever home. Homes for first-time buyers can come with a lot of perks including reduced taxes and rates to help you get onto the property ladder. However, there are building developments around the world that do offers between the buyer and the construction company to help people too.
Moving somewhere else
If you are fortunate enough to travel for work, or you can work anywhere in the world, you might consider putting roots down in a country that you have worked in. Using an internet search from https://www.williampitt.com/ can help you to locate the home of your dreams anywhere in the world. Just be mindful of the local laws and taxes around buying a home in a different country.
Buying a house can be expensive but it can be cheaper than renting in some areas. Yes, you read that right. Depending on the property, the location, and the mortgage deal, you could end up with a house that is cheaper to buy than it is to rent. The main reason for this is because buy to let mortgages are more expensive than regular mortgages, so landlords have to jack up their prices in order to cover the repayments and make a profit.
Future-proof or short term?
Buying your first house tends to be the first house you can afford, and it doesn’t typically stay in your home for long. However, it is possible to see a first time house become a forever home. Is there a potential to expand the property? Or do you think your life is going to change at all? Generally, people have to move because their family gets bigger or smaller, and they feel the need to move. If you can see the potential to alter your first home, you may have just future-proofed it too.
Savings and mortgages
Do you have any savings? If you don’t, you might want to get cracking on this because it is very hard to buy a property with no savings. Once upon a time, you could borrow the full amount for your home with no deposit. Now, it is hard to get a mortgage even with a big deposit. The simple fact is, the more money you have to put down for your home, the better the rate you will get and the more likely you will be accepted for a mortgage.
Buying your first home can be stressful but it can also be very rewarding. If you have any questions or just want to know more, there are plenty of guides available to help navigate you through the process.