How to find your first home: A guide

Finding your first home can be daunting. Getting up on that property ladder means you have limited funds to work with and a whole lot of unknowns to contend with. It isn’t just affording any property; it’s about finding the right property. You can do so much with a fixer-upper, or you may benefit from a new build. Understand what is available and what your options are, and do it all with this quick guide:

Build the Perfect Property for You Later on

Unless you have a massive budget, to the point where you can easily afford double the deposit, if not the entire property, chances are you won’t find your dream home. What is within your reach, however, is the ability to build your dream home.

Create a list of everything you want in your dream home.  Once done, separate that list based on structural must-haves to things that can be added afterwards. For example, you can easily put down hardwood in a flat, but changing the layout is much more difficult.

By separating this list based on projects that can be completed later and structural elements that cannot be easily changed (and therefore need to be in place when you buy the property), you can find the bones of your dream home.

New Build or Previously Owned?

This depends on how much you have saved for renovations and your own preferences. If you want everything to be done and ready to move in, then a new build can be ideal. You can even take advantage of help to buy in some cases.

If you do have a renovation budget and are ready to do the hard work to completely change and update your home, then an older property can be ideal and really allow you to push the envelope of design.

Getting the Best Mortgage for Your Situation

Mortgages can be very frustrating to get, especially if you have a less-than-standard income structure. This affects freelancers, business owners, and even those in essential roles like nurses. When it comes to getting the best mortgage for you, you’ll need a specialist. Take nursing, for example. The best mortgages for nurses are given to those who have a specialist like Nurses Mortgages Online negotiate on their behalf.

You need to be able to explain your situation clearly so that the lender is confident in your ability to pay off your mortgage. By having a specialist do this for you, you can benefit from more offers and better agreements.

Being pre-approved for your loan will give you better negotiating power in the housing market. It will also help you keep your options to properties within your grasp – instead of having to be disappointed later on.

It’s Not Over Until You Have the Keys

One final thing to remember is that you shouldn’t buy furniture, equipment, and flooring until you have the keys. Deals can fall through, and the sellers can pull out, so until you have passed that point of no return and the property is legally yours, hold off on any extra spending. Once the property is officially yours, however, make that new property yours!