I want to buy a house but have no idea where to start: What is the first step I should take?
I want to buy a house but I’m a first time buyer and have no idea where to start.
What is the first step I should take? pound
We take a look at some of the key questions you should ask yourself when purchasing a property
MailOnline property expert Mira Butterworth answers: Buying your first home can be difficult.
There are a lot of things to think about, from how much money you will need to the place and the type of property you want to live in.
If you can ensure you have the rights to the first steps, you will be on your way to a successful purchase.
So, before you get started in earnest, we ask some real estate experts for their opinions on the questions you should ask yourself first.
Agent Henry Pryor suggests buyers remember the Boy Scouts’ motto: “Be Prepared.”
Buying agent Henry Pryor suggests these three key questions:
How much money do I have?
It may seem obvious, but half of all home hunters are searching without actually having the money to threaten a real estate agent with.
Get your finances in order and arrange your mortgage on principle rather than relying on a widget on a website.
What are my “anchors”?
Where are my friends, job, gym, or social life? Find a home that is about these things rather than just fashion.
Sure, you won’t be able to afford the best website, but maybe your life doesn’t require it.
Working from home may mean that you can commute much greater distances because you only do it two days a week.
What can I live with?
What don’t others like that I can live with? For example, do trains or planes bother you? Many people will pay the price of living apart from them.
Do you need to be near the station to commute? Homes in these areas are more expensive.
Why pay for things that other people want, if you don’t need them or they don’t bother you
If you don’t have children, do you need to pay to be in the school’s catchment area? Why pay for things that other people want, if you don’t need them or they don’t bother you. Why not go to houses that people don’t want, but that will suit you.
Remember the Boy Scouts motto – “Be prepared.” Buying a home should be the ultimate retail experience, and it will only gain a reputation for being as fun as your grandmother’s funeral because people don’t prepare for it.
Like everything in life, if it hurts you’re doing it wrong. Get a lawyer who will defend you. Prepare the money. Polish your credit file. Work on what you really want.
You will find an army of people who will want to do business with you, and because you look serious, they will take you seriously.
Do trains or planes bother you? Such questions are fundamental according to Henry Pryor
North London estate agent Jeremy Liff had these suggestions:
When do you move?
It’s not so much about the first step as it is about collecting the “steps”, as there are many things to consider when buying a home.
Timing is one of those things: what is the latest comfortable moving date, as this will determine when and where you start.
Next, you need to think about the accommodation you need and the location – where will your commute fit in if you have a place, your job and your lifestyle?
If you work from home at least some of the time, you may need a home office. If you work in an office or a different location for at least part of the week, how convenient is it to get there?
Also what about your family life, do you want or need to live close to family and friends?
How long do you expect to live there, and will this housing still meet your requirements in the next two, three, five, or even ten years?
How much flexibility do you need to meet your ongoing requirements?
What can you afford?
Then you have to take into account cost and affordability, which is just as important as all of the above.
How much can you comfortably pay on your mortgage loan, and can you get family to help with a deposit?
What compromises do you have to make, considering that very few properties will meet all the requirements?
What you will be able to comfortably afford, building your reserves in anticipation of the possibility of interest rates rising further, taking into account any criteria imposed by the lender, assuming you need a mortgage.
You may want to talk to a market-wide mortgage broker who can give you a broad idea of how much you can borrow and what it will cost.
When you’ve answered all of these questions, you may want to start researching locations. What compromises do you have to make, considering that very few properties will meet all the requirements?
When you focus on an area you might feel comfortable in, or delve into, think about the type of property and how much it will cost over the next few years at least by going in with your eyes open in terms of service charges, repairs required and so on.
A survey or condition report will help answer your questions, while there is plenty of information about the use and value of a property available online without you having to spend any money.
(tags for translation) Daily Mail