First time buyers: 10 questions to ask before buying your first house

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6/ Will your first buy be your last? Do you see yourself living your whole life in this house?

Your first time buy is rarely your last property.  However depending on your budget and the surface area of the apartment or house you might also keep this house until your older years.  In this case it is important that you look further into the future and think about aspects of the house that could pose problems in the long term.  Are there enough bedrooms if you want to have children? Is there work that might be needed to make your life easier in your later years?  Are there too many stairs, large areas to clean or an unmanageable garden?  These are the practical questions that you need to ask yourself.

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7/ Are you prepared to do some work to the house?

Work that needs to be done to a house is the pet peeve of first time buyers.  Sometimes, we can find very affordable houses, that are tempting due to their size, but hidden behind this attractive facade are mountains of work to make the space livable! If you have the budget (and time) this might be the perfect project for you. However you need to take into account all the necessary renovations before embarking on too big a project that you’ll struggle to complete, or that could drag on …

8/ What is your negotiation margin?

You could easy have a 10% negotiation margin or even more depending on the property.  Compare similar properties in the area and use this research to base your negotiation margin.  People who don’t ask won’t get anything!

9/ Do you have a financial contribution, and what amount can it go up to?

Even if it is relatively easy to get a mortgage, banks are increasingly  more difficult if you don’t have a financial contribution yourself.  Calculate how much you can contribute to increase your chances of getting a good rate.

10/ Are there aspects of the house that you can negotiate on?

A dilapidated front door that could make your heating bill go up or a garage that needs renovated or  dampness problem… If you point out the small and big defects of the house or apartment you are after, you could gain a tidy sum. Negative points or extra work needed done to the house are always negotiable aspects that will allow you to lower the price. Go on give a good negotiation a go!  You’ve got nothing to lose!

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