I know it can be a daunting task for a young person preparing to buy a home for the first time, either on their own or with a partner.
All of a sudden some pretty serious responsibilities are about to land on their shoulders.
If you are on the verge of purchasing a first home, here are some things that you might not have fully thought through and should be aware of:
• Bear in mind that you may need to share the property in the future, with a partner, family member, lodger or children. A one bedroomed flat does not offer much in the way of flexibility.
• Don’t forget that you are purchasing a home to be lived in. Avoid making decisions purely on financial reasons.
• Talking of money, don’t feel obliged to spend everything you have available in terms of deposit and loans. If a property appears to come in well under budget, this is not a reason to dismiss it. Bargains can be found!
• Make sure you have worked out all your likely expenditures. It can be easy to overlook something, especially as this may be the first time you have been directly responsible for outgoings. Think about service charges, Council Tax, utility bills and possibly a contingency fund to cover the cost of any repairs.
• Consider the transport links. It may well be convenient for your work at the moment but what if you change jobs in the future.
• Make sure you know the area you are moving to. There is much to be said for taking a stroll around the neighbourhood one evening or at the weekend to allow you to get a real feel for the location and the people who live there.
Don’t rush blindly into a purchase of a property that may well be your home for many years to come.
