Buying a first property is for most one of the biggest investments they will ever make. The process requires time and effort, so it is not something you should rush into. With the right strategy however, you would be pleased with the outcome of your investment. A win-win situation is one where you would enjoy the lifestyle that your home can offer, together with maximising on resale value when the time is right. In this article, we shall be discussing some important tips to keep in mind before making this important step.

Establish your budget

When conducting your search for your first home, you will encounter several properties with different features and locations. In this regard, it is essential to determine your budget to see what you can afford. Most first-time buyers would need to obtain a bank loan and prior to starting your search it makes sense to determine the amount you can borrow and what property type is affordable. This will allow you to narrow your search to properties that are financially reachable. The amount of money you can obtain through a bank loan is heavily dependent on income and age. Once you better understand the budget that you can aim for, it is important to factor in other significant costs in the equation including stamp duty and notary fees. Also consider that a property may require work before it is all set to move into.

Needs versus wishes

When discussing property, you will find that what you want is not always consistent with what you need. It will take time to establish your exact preferences including balancing out between aesthetics and functionality. You may want a property with majestic views, however would find that a more central location is additionally beneficial for your daily commutes.

Location

Some might argue that you will mainly reside in your house and will spend lesser time enjoying the outer location. Although this may be true to a certain extent, location plays an important role when it comes to impact on lifestyle and resale value. It is also necessary to consider your present circumstances and how close the home is to your family, work and schools, just to mention a few. These considerations can help you to achieve your dream home which ticks all the right boxes.

Before making an offer

Make sure that you have viewed a number of properties before making a move. Comparing the property’s price with similar ones in the area enables you to understand whether you are paying market value. Once you agree on a transfer price, it is important to document via a promise of sale through a notary.

Once the searches are complete and everything is found to be in good order, you would then be able to proceed with the signing of the contract, making the property yours.