Things to consider when purchasing your first home

Buying your first property is such an exciting time, whether it’s your first time moving out or you’re ready to stop renting and get on the property ladder. However, it can be tricky to know exactly what to look for in a property, so here are some of our top tips…

Location location location

It goes without saying that the location of your future home is one of the most important factors to consider. Unlike other features, this is one element that you cannot change and so buying somewhere in an area that works for you is crucial. Before you start searching, take some time to think about where it is you would like to live and what you need from an area. Is it important for you to live close to loved ones or your workplace? Would you prefer to be centrally located or further out in the suburbs? Do you need local amenities within walking distance or are you happy to drive or use public transport when going to the shops or out to eat? Answering all these questions will help give you a better idea of the type of area you’d like to live in. Once you have decided, be sure to filter by distance when house hunting online to avoid falling in love with a property virtually, only to discover it is miles away from where you want to be.

Project size

After a few too many episodes of Homes Under the Hammer, we all risk falling into the trap of thinking a ginormous home renovation would be really good fun. Whilst this can sometimes be the case, taking on such a large project for your first property may not be the best idea. Not only can it be very costly, but it also requires certain expertise that you are unlikely to have when first starting on the property ladder. Renovations are often more successful on second or third properties when you have a much better idea of how a house needs to work for you. Therefore, it could be a good idea to look into new homes in your area, as these won’t require much or any renovations and can be moved into far quicker.

Growth potential

Although for most of us the first home we purchase isn’t the one we stay in forever, it is good to consider how the home will serve you in the future. Don’t worry, this doesn’t mean waiting until you can afford a mansion before making a purchase. It is however wise to check that houses will be able to adapt with you as your life changes. This could include the option to add more storage solutions for when you inevitably own more, a spare bedroom for if you begin to work from home in the future or decide to have children, or even the option to expand should you choose to do so in years to come. This isn’t essential but choosing a home you aren’t going to grow out of in a year will save you both money and time in the long run.

Hopefully, these tips will stand you in good stead for beginning your house hunt, best of luck!