I think it probably goes without saying that buying your home is probably one of the biggest events of your life. It’s a big investment, no scrap that, it’s a MASSIVE investment. If you’re anything like me, then you would have spent YEARS saving to be able to take that first step on the property ladder. No matter how small the step. It’s still a huge investment and a major milestone in your life. But as a first-time buyer, it can be daunting going into the unknown. Which is why I wanted to share with you the five things you need to know about buying your first home.
IT COSTS MORE THAN YOU THINK
We’ve already established that this is a massive investment, but the reality is, the cost of buying your first home will cost more than you think. From deposits and solicitors fees to survey and mortgage application costs, oh and not forgetting stamp duty. The costs will just keep increasing as you build up to buying your first home. So my advice here is to just keep saving, saving and saving. And then when you think you have enough, save a little extra – it will always be spent! I know it sounds a little dull, but honestly, using a spreadsheet really helped me keep an eye on what I was saving. And how much I’d need for certain parts of the buying process.
IT TAKES LONGER THAN YOU THINK
As well as costing far more than you think it will. Buying a house also takes far LONGER than you think it will. Why? I’m not really sure. I found that the majority of my holds up were with my solicitor. But to be fair with so many parties involved in the buying process, it will always take months before they keys are in your hands. And the reality is that most people experience delays when buying a home, things don’t always go to plan and until you’ve actually exchanged. There’s no guarantee that the home is yours.
IT WILL CONFUSE YOU
Having never bought a property before, I went into the whole process completely blind, and rather naive. I thought it would only take a month or two and that all I had to do was sign a bit of paper and send over my money. How wrong I was! The reality is house buying is a legal process, that is full of jargon that will mean nothing to you. You will need to ask a lot of questions but ask away. It’s a huge commitment so you want to know exactly what you’re getting yourself into.
IT WON’T BE YOUR DREAM HOME
Well I mean, maybe some people get to buy their dream home as their first home. But for the rest of us, our first home isn’t normally our dream or forever homes. You will have to compromise on location, size and finishing touches because your budget is your budget. For me, location was number one. So I got to buy where I wanted to, but that meant sacrificing on space. Don’t get me wrong, my two bedroom flat is big, but if I wanted to compromise on my location, I could have bought a house. So just know what areas you are and aren’t willing to compromise on before buying your first home.
IT WILL BE WORTH IT
It’s no lie that buying a property is stressful. From the initial excitement of finding your perfect place, the pressure of price negotiations, the stress and confusion of legal forms and contracts, the frustrations of progress and then feeling overwhelmed by the whole packing and moving process. It’s an emotional rollercoaster. But do you know what? The years of saving, months of stress and days spent packing and then unpacking are all worth it. After all, you’re turning a house into a home. Your home.
Let me know in the comments about your home buying, renting and decorating stories.