Buying a property is not a decision that you take lightly, even if today it is relatively easy to be granted a mortgage. However buying is a particularly big step for first time buyers. Without any experience of investing beforehand, it is easy to launch yourself into a precarious situation. However you can avoid some of these critical situations with a few pieces of practical advice. Remember to ask yourself the right questions.
A first time buy involves asking yourself some important questions. It is not because you saw your perfect home or house that you throw your whole body and soul into quickly skipping over the steps and the papers. Here are 10 pieces of professional advice to be successful with your first investment and have a stress free (at least almost) buying experience.
1/ How long do your see yourself in this new house?
Would it be possible to rent out your flat or house and reap the benefits if you had to leave your new house or flat sooner that previously imagined? A piece of professional advice is never buy a house if your think that you will stay there less than six years (this duration can vary depending on different towns and property prices).
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2/ Could you easily resell your new house?
This is again another difficult question to ask yourself but it is one you shouldn’t forget about. If, for whatever unfortunate reason, you need to move earlier than previously expected will the property be easy to resell in a short time frame? Pay close attention to the geographical location of your property and the property market in the area.
3/ Do you feel comfortable in the area where you have found your perfect house?
It is easy to fall for a house that has been renovated with taste, a flat with a rooftop or an artist’s loft which has been carefully decorated. However if the area of the house doesn’t suit you then you should watch out. Remember that you can always change the decorations, architecture or facade of a house or a flat but you can’t do anything about changing the location.
4/ Should you choose a flat or a house?
Although this personal choice initially appears to be unimportant aspect it is not necessarily the case. Depending on your budget you can choose between the two. However you should watch out and remember to ask yourself some questions. Sometimes a bright and spacious apartment with all the space you need is better than a small house surrounded by other houses beside a motorway. Yes we know that you have always wanted a house of your own…
5/ Can you make some concessions on certain aspects of the property if you can’t find your ideal home?
You are unlikely to find a property that ticks all the boxes and remember to keep this in mind before setting out on your visits. All first time buyers have the house of their dreams in their mind which includes are garage, garden, big kitchen, ensuite… If you are really lucky or someone who is easily pleased you can land yourself a great property quickly. Otherwise you need to make some concessions if you can’t find what you are looking for exactly. Make choices depending on what is the most important to you, whether it is an ensuite bathroom or a luscious garden.
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