Factors to Consider Before Purchasing Your First Home
Buying your own property is an exciting milestone in life as it marks financial independence, responsibility and is a great personal achievement for all your hard work and saving. But, getting on the property market is an overwhelming place and it can be difficult to know which kind of property is best for you. From flats to small family homes, and countryside living to city dwelling, you should never rush your decision when purchasing your first property.
In this blog, we explain some important factors to consider when looking to purchase your first home.
Many first time buyers choose to purchase a property they can do up and make a profit on when they sell. This kind of home is a great starting block for getting on the property ladder and making you money along the way. You do, however, need to consider your budget for renovations and be dedicated to seeing them through. Changes such as installing a new kitchen, adding an extension, rewiring or renovating the garden can add value to a property, making it a lot more attractive to other buyers.
You should think about your future plans before deciding which kind of property is right for you. If you plan on extending your family in the near future, then a 1 bedroom house may not suit your needs and other features such as a garden, quiet road and being nearby to school could be more appropriate. You should also think about your future job prospects - Do you need to be close to the city centre? What are the transport links like? All of these are important considerations in the type of property you go for.
Perhaps you’d prefer to move into a home that requires minimal work - although you will need to save for a larger deposit and these are likely to be in a higher price bracket. However, in the long run, it could save you money. Furthermore, if you’re purchasing your first home and have a busy lifestyle with little time for renovations, or you have young children, so finding a property quickly is a priority for you, a property that’s move-in ready may be exactly what you need.
Here at Simon Levy Associates, we are the expert property surveyors serving clients in areas of London, Hertfordshire, Essex and Middlesex. Whether you need a structural survey or help with planning renovations, contact us today and find out more.
