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While buying your first home can be a very exciting experience, it will likely also be the biggest financial commitment of your life so far. With buying any real estate comes a great deal of responsibility, and you need to prepare yourself for the changes and obligations that you’ll face after moving out of a rented property or your family’s place. Use the mortgage calculator below to see exactly how much you would have to spend – then read below to find out more tips especially for first time borrowers.




Among the many things you’ll need to think about are financing, deposits, utilities, conveyancing fees and the details of the ownership. The following tips will help to give you an idea of what to expect:


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1 – Think Long-Term

When people are looking around to buy their first home, they rarely think about the resale potential later on. Thinking long-term will help to make sure that you invest in a suitable property so that you can upgrade later on, should you decide to have children or take in elderly relatives. Owning your first piece of real estate is a great opportunity to make your way up the property ladder, so buying something with the potential to add value by way of a renovation or extension is always a great idea.

2 – Make a List of All Expenses

Buying any property is an expensive process, regardless of your financing options. By far the biggest upfront cost is the deposit, which will typically be anything between five and 20 percent of the total price. Generally, the larger the deposit, the better your financing deal will be. Other expenses can vary by country, and may include fees for estate agents, valuations, surveyors, solicitors and furniture removal. Be sure to include all factors when working out the total budget.

3 – Compare Funding Options

Particularly in times of economic uncertainty, getting a mortgage can be extremely problematic. You’ll need to prepare yourself by saving up a hefty deposit and making sure that you have a good credit rating before you can take advantage of the best financing options. When you’re ready, you can compare mortgage rates online at any of the major financial comparison websites. Alternatively, you may want to approach a mortgage broker to seek out the best deal on your behalf.

4 – Learn about the Neighbourhood

Oftentimes, the area of the neighbourhood is even more important than the property itself. As far is long-term investment is concerned, the value of a home can be forever stunted if it is located in a bad area. Before making any offers, you should look at a number of properties in different areas to get a better feel for the locations. Take into account essential considerations such as education, public transport, crime, shops and entertainment venues.

5 – Find a Reliable Inspector

The job of a property inspector, also known as a surveyor, is to thoroughly inspect a property that you are serious about buying. For first-time buyers, a home inspection is a necessary expense, particularly if you are buying an older property or one that is in need of renovation. The surveyor will be able to reveal essential information about the property and its systems, and they will be working on your behalf only. A surveyor will also be able to reveal any illegally built installations or extensions.

Conclusion

Buying any property typically involves weeks or even months of looking at houses for sale, writing cheques, visiting solicitors and getting quotes for any work that needs to be done. However, it can also be an exciting and life-changing experience, whereby you’ll have the opportunity to greatly increase your net worth and have a place that you can truly call your own.

Gina Wilson

Another post from Gina Wilson – Credit & Loans Specialist Blogger.