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Buying your first home is a significant landmark in many peoples’ lives. With the current economy, it is becoming harder and harder to buy a home anywhere, let alone in London! It can be tempting to rush into things once you’ve finally found yourself in a position to buy, but you must make a measured, careful decision when it comes to buying a home in London.
So, if you’re lucky enough to be ready to step onto the property ladder in London here are a few things you need to consider.
Think About The Future
You should consider where you will be in five and ten years when buying a home in London. Do you want to be married, have children? Make sure you take this into account when choosing a house, particularly if moving again isn’t something you want to do. You should also ensure that you are close to good schools if having children is a priority to you.
Make a list of your goals and see what these translate into for your property needs. Excellent schools, good travel links and amenities are all important, depending on your circumstances and requirements.
Buying a home near good travel links is a must for any buyer. In London, it is easier than most places to find a property with excellent transport links, but it is still important to consider what you will require for the future. For example, if you are planning to switch jobs in the future, it will be useful to be as near as you can to a London Underground station with one of the main lines.
Do Your Research
Finding the right location is key to finding the right property for you. You should try to see as many houses as possible and get an idea of what you can afford in different areas. If you already have a location in mind, make a checklist to see if it meets all of your specific requirements.
Once you are sure you know where you want to buy, then you can start the house-hunting properly. Always view homes in person where you can and if possible view a home several times before making a decision. Bringing someone you trust with you can help to bounce ideas off of and to spot anything you may have missed.
Watch The Drains
Good drainage is vital to a good, sound home. Water damage can be hugely costly to fix, so you will want your new home drainage to be working correctly. You should have any prospective home surveyed to ensure that the drainage system is working as it should be and you won’t have any nasty surprises down the line.
When choosing a drainage surveyor in London, you need to pick the very best company that has local knowledge and specialist services. Take a look at Drain Detectives a highly professional service that can cater to all of your drainage needs. They offer surveys for prospective buyers and can carry out any repairs that may need doing.
Financial Security
Living in London can be costly. If you’re ready to be a first time buyer in London, then you are likely already in good financial standing, but it is still worth being absolutely sure that you are secure enough to live in London in the long term.
Consider the current market, your industry’s stability and your company’s profitability. Make sure that you are confident of all of these before taking the leap and buying your home. Making a financial plan for the next five, ten and twenty years can be helpful to ensure you are making a good decision.
If you are unsure, you could consider taking a lodger to help with costs initially. Another thing you should be doing is saving money on top of your deposit so that you have a comfortable cushion should anything go wrong.
Get The Best Mortgage Deal
Getting the right mortgage is vital for any first time buyer. Make sure to shop around for the best deal. You should research the best rates and find a mortgage that works well for you.
You should make sure that you can afford your mortgage – don’t stretch yourself too thin. You should also choose the most reputable banks and building societies for your mortgage to ensure peace of mind.
Using an Independent Financial Advisor (IFA) or a mortgage broker can be a great way to find the best deal out there. They will be able to provide specialist advice and will know the market very well. Getting the best advice is one of the best ways to ensure you get the best mortgage. They will also be able to provide you with advice and help you know if your plans and goals when buying a house are realistic.
Disclosure: This is a collaborative post