If you are in the position to get yourself on the housing market then congratulations.  Buying your first home is not only exciting but also a huge risk, as you need to know that you can make the repayments on time each month for a long period of time. Buying a home can be one of the most stressful events in your adult life, however, it doesn’t have to be. Check out the guide below to find out more. 

Know Your Budget

One of the very first things you need to work out when it comes to owning your own home is your budget. Without knowing your budget you won’t have any idea of the prices you can start looking at with your search. You don’t want to be looking at homes that are way over budget, as you won’t be able to afford these. 

You can use a mortgage calculator online where you input all your information and it will give you a figure of how much you are able to borrow. 

Decision In Principle

As a first time home buyer you may not have heard of a decision in principle. However, this is your golden ticket as a first time buyer. Banks can give you a document that states how much they are potentially able to lend you with the amount of deposit that you have available. It shows that you are a serious buyer and takes you from the just looking stage onto the next part of your journey. A mortgage in principle means you know exactly how much you have and the limit of what you can look at in terms of homes. 

Find A Realtor

Now you have these two things, it is time to find your realtor. You don’t have to use a realtor but as a first time buyer, it is highly recommended. They will be able to keep you on the straight and narrow, only showing you homes that can tick all the boxes on your list. A great realtor is pretty hard to come by, so be sure to read reviews before you decide which one to use. A great realtor won’t be pushy, but will encourage you towards the best option for your wants and needs. 

Research Areas 

When you know exactly how much you can borrow, you are able to start looking at different homes in different areas. If you already know where you wish to live then you have already done most of the hard work. However, if you aren’t too sure on which is best then take your time looking at different parts of the state. If you wish to live in the area you grew up in, then you will know this part better than somewhere you pass through on your way to work for instance. 

Look At Homes 

You may be excited to start viewing homes, and this is a perfectly good excuse to be excited. However, you need to stay calm and in the real world when it comes to houses. You don’t want to put on those rose tinted glasses and not see the flaws and potential issues of a home you fall in love with. You need to be looking carefully, up, down, and in all directions so you notice things that could be hiding. 

When it is time to buy a home, you don’t want to be met with disaster after disaster. This is what will happen if you don’t get a survey done on the home that you are most interested in. 

Think Long Term 

When you are viewing houses you need to think long term, ideally this is your forever home. It can take around five years to notice any real difference in the value of your home. Especially if you aren't doing anything to improve your home. You should always keep your house in perfect condition if you want to sell it further down the line. View your potential homes with ideas in mind, how you can fix the area surrounding your home and the interior. 

New Build Vs Old Home

Decide if you prefer a new build or an older home, there are pros and cons to both of these options. Some people prefer older homes as they can add character and you can get a feel for the place as soon as you walk through the door. However, new builds means you can add your own stamp on it right away and nobody else has walked through the door. View them both and see which ones you prefer. If you don't have tons of money to spend on repairs then a newer home might be preferential. 

Chain Free 

Have you heard of being chain free? This is where you buy a home with nothing else to sell, so there is no waiting around. As a first time buyer, you will automatically be chain free. However, will the seller of the home you are interested in also be chain free. They could be if they already have a home to move into, so it is always worth asking the question. When you speak to your realtor or meet with potential sellers, then be sure to ask about chain free. Being stuck in a chain isn’t ideal and can really slow the whole process down, maybe even adding months while you wait for someone to find a home to move into. 

Bring A Friend 

Lastly, never be afraid to take a friend with you when you are going to view houses. They will be the sensible head that you need when the excitement takes over. You will be very grateful for them when they are pointing out the flaws of any and all of the places you are going to visit. This could be something simple that you miss like chipped wallpaper or paint, or something more serious like roof tiles being missing. Find your closest, most honest friend who isn’t afraid to say it how it is. 

We do hope you found this article helpful and it gave you some ideas on how to go about buying your first home.