Many first-time buyers are so eager to get their dream home in their dream location, budget can often go out of the window compared to postcode. But who can blame them? The lucky few who’ve managed to save up a deposit and secure a mortgage are obviously itching to find their perfect property. But although location can be key to prospective buyers, for first-time buyers there are more important factors that should be paramount when making such life-changing decisions. Focusing on one specific area could really affect your chances of finding a home, as well as having an affect on long-term investment prospects.
A representative from RightMove, an online estate agent, stated that those looking to buy their first home should invest time into researching the factors involved in choosing a home, and then make decisions according to as much information as possible. Decisions based on fact and thorough background will prove better informed and more productive long term actions.
The agency added that location is obviously an important factor when house hunting, but that budget should be the number one priority when making decisions. The current economical market has tightened the criteria of money lenders, making it more difficult for those struggling to find funding as well as those struggling to keep up with repayments – an important aspect when considering purchasing a property.
First-time buyers are urged to look realistically at their budget as well as looking into the possibilities of future financial situations. Those looking for a property to invest in should consider the ample opportunities the current climate offers, as well as looking at future possibilities and financial changes. Most importantly, if a home owner’s circumstances change or the market takes a downward turn, are there strategies and finances available to support any economic difficulties?
Some people’s dream location may simply be out of reach, in which case the reasoning behind the decision needs thorough attention. Is there a real need to buy a home in such area? Or, is it simply a case of desire? For those seeking a property for investment and profit, have other areas been considered? Are there other locations that could offer similar returns, and has enough research been done in possible property investment options available, including location and types of house. If those looking to buy their first home wish to stay in an area for work or family reasons, is there a cheaper alternative elsewhere? The costs of commuting or other financial outgoings would need to be looked into to weigh up a decision.
For those that have an imperative need for their desired location, smaller properties may be the only option to help them achieve their dream home. As well as other options such as apartments, cheaper type of properties or financial options available such as rent-to-buy or new-build arrangements.
There are also many tips to help you make that financial decision. Found the perfect home? Visit at different times of day to view the house in all situations. Will parking be a difficulty at weekends? Is it noisy in the evenings? Experts suggest getting an all-round good feel for the place before investing is imperative. Transport links could be an issue, or a huge help when considering a property. As well as considering future implications. If your family grows will you need to relocate? Kids may seem a long way off for first time buyers but is there space if the time should come, and are relatively good schools accessible?
After all is said and done, most first-time buyers go on gut instinct when it comes to buying a home. For many the opportunity to refurbish and redecorate could make a lower priced home a real investment for the future, and for some, the ability to move straight in and make it home is the only viable option. Experts are also keen to remind prospective buyers that if a home in a better location is a possibility, to look into your options as this could be a better long term property investment, and an asset for future profit.
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