How to Prepare For Owning a Home

How to Prepare For Owning a Home

Many people dream of owning their own home. It’s a space that you can call your own and because it’s yours, you can do what you want with it. You can design it in your own way, extend it if you want to and find your own ways of welcoming visitors. It doesn’t have to be a palace; it just has to be home. Before you get carried away with your visions, you may want to think about what you need to do to prepare for it. The sooner you start planning, the easier the transition will be.

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Save

Let’s start with the most obvious – money. Buying your own home comes with an array of different expenses. Firstly, you need to have a down payment and lenders are asking for 10% on average. That means you need to put forward 10% of the value of the house before you’ll be given a mortgage. Even if you’re lucky enough to have the down payment given to you, you still need to consider solicitors costs and moving fees. You’ll also need to get home insurance, life insurance and put money aside for any maintenance. Unlike renting, it will be your responsibility to fix plumbing or electrical issues when they arise. It’s also a good idea to read up on things like pest control 101, and put money aside in case you ever need it.

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Buy in Advance

You can never start too early. If you aim to buy a home in the next two to five years and you have nothing to your name, start collecting. Buy items bit by bit to spread the cost so you’re not faced with having to get everything you need in one go. You can store things like kitchen accessories, living room accessories and small pieces of furniture easily. If you’re buying furniture in advance and need to store it, flat packs are an ideal option. Beware: No matter what it says on the instructions, they’re not easy to put together!

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Don’t Rush

When the day comes and you finally have what you need to buy a home, don’t rush it. It’s easy to get carried away with the excitement and make an offer on a house that isn’t quite right. Be prepared to spend some time hunting for the perfect home. Make a list of the things that you want in the house. It’s good to have some non-negotiables and some things you can be flexible on. It can take some time for the right house to appear on the market, so don’t be discouraged if you have to wait longer than you imagined.

Find a Good Realtor

Finding a good realtor is essential to the home buying process. When you’re buying your first home, you need to find a realtor who is willing to work to get you what you want. If you’re able to get valuable advice from your realtor, it’s half the battle when you’re looking at potential homes. It’s important to remember it’s their job to sell the house but if they want your custom in the future, they’ll be honest with you.

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