3 Things to consider when preparing to buy your first home

Buying your first home is always a daunting prospect. You’ll have questions, concerns, nerves and excitement. But what are the most important things to consider when making such a big decision?

Evaluate Your Finances

The first step is to work out how much you can afford to put down as a deposit, and how much you can realistically borrow on a mortgage. Obtaining a mortgage in principle, which details how much you can borrow, will help you to make a more informed decision. When looking at your finances, you will also have to consider any additional fees, such as payment to conveyancers, insurance companies and removal services.

Consider Your Essential Requirements

When thinking about what you would like or need from a property, you might want to consider compiling two lists, one for the biggest priorities, and another for negotiable desires. For example, if you have a young family, you might like to be near a local school and you will need more than one bedroom. Meanwhile, proximity to the shopping centre or a private garage may have to take a back seat in this situation. Figuring out what you’d like and what you really need could help you to make a more informed decision if faced with a dilemma.

Ask Questions

Finally, don’t be afraid to ask about anything and everything. No question is a stupid question, and discovering early what renovations a property has had or if any appliances are included will help you avoid encountering any nasty surprises or disappointments down the line.