Buying Your First Home: Four Crucial Factors
by Sam Jaction
The moment you buy your first home is huge - terrifying and thrilling in equal measure, but not a moment you want to regret, so make sure you have thought it through.
For homeowners, there is something timelessly pride-inducing to know that one little piece of land belongs to only you - a place where you are the decision-maker and no one else. Ultimately any property you buy will give you this feeling to some extent, but the savvier investors may be able to avoid some of the most common pitfalls of the property market.
Below are four crucial factors to think about when choosing a home to purchase; there are of course plenty of other important concepts to keep in mind, but this list should give you food for thought...Affordability
When it comes down to it, whether or not you get a home will often come down to how much money you have in the bank. The important thing to remember is that just because you can just about afford a mortgage for a dream home does not mean you should go ahead with it - you need to think ahead too.
People will generally want to buy the nicest house they can afford, so the goal should be to approach your financial limit but not reach it, as giving yourself a financial buffer could be pivotal if interest rates go up or you have a period where your earnings drop significantly. You need to combine ambition with being sensible.Location
Where do you want to live? Some people like to be in the centre of a city while others would prefer to be at least a mile from their nearest neighbours. You might find that a different location also alters what you can afford to purchase; for example, while a two-bedroom flat in central London may be out of your price range, there may be more options in this category among the new homes in Sittingbourne
You should also be conscious of the value you are getting for your money; consider how nearby developments could affect a property's long-term value and whether it has potential for development. If you know that major regeneration efforts are taking place in the neighbourhood or better infrastructure is in the works, then your home could see a significant jump in value.
When considering investing in a property you must always think about how much you may need to spend to do the place up - you may be better off buying a newer home that requires less work.Lifestyle
Do not forget about your own needs and enjoyment. A property may be ideal in itself but if the location or type of house that it is stops you from pursuing your hobbies or advancing in your career then it may be time to think again.
Make a list of your favourite pastimes and use it to check that your new home does not stop you from enjoying your life. A person's lifestyle is often considered secondary to other factors, but you need to be happy in your home, not just happy to have a property of your own.
Bernice Palmer is working for a Real Estate consulting company located in Somerset, UK. He has visited many countries and learnt many languages. His desire for writing something acted upon in such a way that he started writing on many legal issues, problems that people faces while buying a property and also offer possible solutions for those. Recently he is concentrating in new homes in Sittingbourne If you want to know more please visit at hillreed.co.uk