Buying your first property is an immensely exciting time, but it now comes with more challenges than ever before. While this isn’t anything to fear, it does mean that you’ll need to take extra care throughout the process. Otherwise, you could be left to regret those mistakes for many years to come.
Follow the checklist below, and you should be just fine.
Save, Save, Save
Using the best mortgage broker and finding the perfect property at the right price will only go so far. Buying a home costs a lot of money, and it’s not just about the down payment. Those hidden admin fees and taxes will blow a hole into your finances, which is why you must save as much money as possible. On a similar note, it’s imperative that you make some calculations to ensure that you can afford to live in the proposed home.
Prepare For Leaving
Even before you’ve completed the purchase of the home and need to give a month’s notice to your current landlord, you must get organized. Ensuring that the rental property remains in good health will allow you to receive a full return on your deposit. Meanwhile, selling the times that you’ll no longer need will free up space before the big move. This is additionally a fantastic time to start calling moving companies to get a ballpark quote.
Buying a property is different to renting, and you’ll probably stay here for the next few years. As such, it’s imperative that the new home is in a suitable geographic location. As a career-driven millennial, this may mean moving to the city. In this case, finding a new launch condo is probably the best option. You’ll gain all the city perks while retaining your privacy. Better still, this property type is likely to mature as an investment over the years.
Search For The Best Deals
Being a homeowner is likely to test your financial health at times. However, you can reduce that strain greatly by learning to trim the fat from certain bills. From home insurance to energy rates and broadband deals, getting your money to work harder is key. It should free up funds for homely additions and leisurely activities. Paying more than you need to for those essential ongoing services will stop you from unlocking your potential elsewhere. That’s a massive no-no.
Make Space To Work
One of the great things about being a modern worker is that there’s often a chance to work from home. Unfortunately, you instantly sacrifice that luxury when the property doesn’t allow it. Therefore, creating a dedicated home office space should be high on every new homeowner’s agenda. It needn’t be an entire room, although that would be great. If nothing else, the added sense of organization is sure to encourage positivity in other aspects of your home life.
Keep It Clean
In addition to the home office, you’ll want to ensure that storage and organization are both under control. Perhaps most importantly, though, you need the property to stay clean. Otherwise, you could encounter health problems as well damage to the home itself. Robotic vacuums and other devices can help you cheat. One way or another, however, it’s vital that you stay on top of this challenge. It’s an old cliché, but a clean home truly is a happy one.
Prioritize The Bedroom
If you buy a new property, it should be perfectly fine on day one, although you’ll still want to make your mark over time. However, the one room that cannot wait is the bedroom. If it’s not to your taste, you’ll never enjoy a perfect night’s rest. Finding the best mattress is essential, but other items including thick drapes and comforting décor are on the list too. Even if the rest of the home needs serious work, knowing that you can sleep easy at night won’t go unnoticed.
When buying a house or apartment with several bedrooms, it may be worth considering the prospect of renting out the spare room. While there are some negative aspects to consider, the financial rewards are very useful as it goes towards paying your mortgage. Moreover, the help with chores and shared grocery bills can work wonders. If nothing else, the company can be very comforting for anyone that has moved out of their parents or a shared tenancy.
Learn Basic DIY
Older homes will almost certainly come with a few maintenance jobs, some of which may require a professional touch. Even so, all homes can benefit from a few cosmetic upgrades. In many cases, learning to do the work for yourself can save a serious amount of money. From building a deck for the garden (if you have one) to filling in holes or installing shelves, those jobs are great. Aside from the physical rewards, you’ll gain a strange sense of pride too.
eep It Safe
Safety is a major issue even when you’re renting. However, it’s an even greater concern when you own the property. Calling a locksmith is always a good idea as you never know whether the old owner lost a pair. Meanwhile, adding the latest CCTV technology and installing a safe in the home can protect your assets. Depending on location and property type, taking precautions against adverse weather is a useful idea too. Finally, good insurance is key.
It is important to get your priorities in order and focus on function. Nonetheless, you still deserve to enjoy the benefits of a good home entertainment system. The way in which we consume television has changed, which is why you may want to look at Apple TV and similar products. Virtual reality systems are great for gaming and can serve as an excellent option for entertaining visiting friends and family.
The property will never produce that homely vibe unless you learn to inject a little personality. Photographs and artwork are good options. However, you can bring those ideas into your room designs with the use of digitally printed wallpapers and similar features. A few houseplants will work wonders too. While it’s true that you want to think about the financial implications, it’s important to remember that you’re creating a home rather than a showroom.
If you are single, it’s entirely possible that you’ll meet someone and move them in with you. That’s great, but you mustn’t leave yourself in a vulnerable position. Even if things get serious and your partner is added to the mortgage, you’ll want to have clauses written into the contract to protect your input. Going 50-50 when you’ve put in well over half of the finances would be nothing short of homeowner suicide.
Whether it’s settling into the property or updating the décor, you must accept that it all takes time. Trying to do too much at once will leave you frustrated and could cause financial struggles. Once again, getting your priorities in order and maintaining organization is vital. You have a lifetime (or at least until you sell) to get things right. As long as you’re happy, there’s no need to strive for perfection straight away. After all, Rome wasn’t built in a day.
The Final Word
There’s a lot of work to consider if you’re going to make the most of your first home purchase. It begins long before you get the keys and continues for years to come. Stay in control by using the blueprint, however, and there will be no reason to feel overwhelmed.