Ten Things No One Will Tell You About Buying Your First Home

| June 14, 2017 | 0 Comments

If you’ve spent the last few years renting or living with family, the excitement of buying your own place can sometimes be blinding. Yes, it’s fantastic to be able to move out and live somewhere that you can call your own. And yes, it’s a valuable asset to have under your belt. But buying comes with its own string of challenges, responsibilities and issues. And while you’ve probably done all your research – you might be missing out on some key bits of information.

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This post will give you a good overview of all the things you need to think about before you buy. But here’s a handy guide to help you through all the loopholes and hidden bits of info, that could potentially change when you buy, what you buy – and if you buy.

  1. Everything costs more than you think

From agent fees to closing fees, you may as well take your budget and double it. Everything costs more, and things you think are free, aren’t. Don’t take anything at face value, and read the small print on any contract or in any pricing document.

  1. You might get caught out by hidden fees

Similarly, if a deal looks too good to be true, it probably is! Be careful with what you sign up for, and make sure you check out any ‘great deals’ online. Investigate any company that promises you the moon on a stick, because if they’re guaranteeing you something, you can probably expect to pay through the nose for it. Here’s a list of all the hidden fees you should to try avoid – or at least be warned about.

  1. You’ll get swept up with how fast the market changes

If you’re not a property expert or haven’t worked in the sector, it can be hard to know what’s going on. So, it’s vital to keep an eye on property news. The market fluctuates all the time, and if you miss out on a big change, you could end up spending more than you need. If you’re not sure what certain things mean, talk to an advisor for more guidance. It’s also a good idea to keep an eye on the news in areas that you want to move to. If big changes are planned they could affect the house prices in the area. For example, if new transport links are being planned for the future, you should buy now else you’ll face a huge hike in prices when the area becomes more desirable.

  1. You’ll only ever like the houses way out of your budget

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If you’ve got a strict budget, don’t even think about looking at houses outside of it! Having a ‘sneak peek’ doesn’t ever work. All that will happen is you’ll fall in love with a house that costs double what you can afford, and you won’t be able to look at realistic buys in the same light. Set your limits, and only look within them. But be warned that you’ll be religiously checking property sites, and their apps will be shifted up to the first screen on your phone.

  1. You might not have your first offer accepted

So, you’ve spent all that time psyching yourselves up. You decided that you could live without the acre garden or the garage. You started mentally decorating the rooms. You turned it into your dream home. And then they rejected your offer for someone else’s. Boy, it hurts. But it’s all part of the game. You’re going to get knocked back – but you’ll get there in the end. Don’t panic.

  1. You’ll have more paperwork to read and sign than you ever thought possible

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From choosing a mortgage provider to picking insurance companies, there’s so much to review and research that you’ll probably forget how to read. Even though it looks daunting, you need to be sure that you’re choosing the right provider, so don’t skimp on this part.

  1. You’ll think that moving can’t be as stressful as people say

And you’ll realise that you were wrong. Moving is stressful, long, tiring, exhausting and expensive. There’s always more to buy, sort and pay for than you think, and you always have more stuff than you think you do. Make sure you plan for this in advance, and order more than you need of everything: from a bigger rental van, to more boxes and packing tape. And don’t forget that when you get into your new home, after all the stress and hard work, you’ll realise that you hate it after all and want to go back to your parents’ home.

  1. You’ll be inundated with letters marked ‘URGENT’ as soon as you move in

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Most of the time, you can ignore these. Don’t let pushy marketing force you to choose one utilities provider over another. Do your research, compare costs, and take your time. The incumbent provider will sort any fees out with the new one, and you’ll be billed for what you’ve used – so don’t fret that you haven’t paid anything yet.

  1. You’ll want to blow your budget on soft furnishings and gorgeous prints

The most exciting part about buying your own home is the making it homey bit. But unfortunately, unless you’ve got a large budget, it’s the bit that takes the lowest priority. If you’ve got building work that needs doing, that has to come first. New boilers and bathrooms come a close second. And while it’s tempting to rush out to the shops and buy heaps of throws, cushions and rugs, it’s not a wise idea if you’ve got a list of things to pay for!

  1. You won’t be used to all the new noises

You know all the creaks, groans and thuds from your old house. You know that the bedroom wall creaks late at night. That the neighbours rattle a bike chain first thing in the morning. That the second to top stair has a slight squeak. So, when you move, you’ve got to get used to a whole new range of sounds. And guaranteed, they’ll keep you up for a while. It’s just part of being in a new house, in a new neighbourhood – and potentially with a new housemate.

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Category: Home Loan

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