Bonjour lecteurs! Are you currently buying your first place? The market is getting tougher and tougher right now for a big demand in cities and towns. What is already a stressful process can be even worse with the current prices. I often think that our mortgage is high, but I feel we got lucky to become owners 7 years ago. Here are my top tips on How To Buy You First Home In The Current Market.
Before Looking At Homes
Before you even start looking at properties, you need to work out your finances and see what is your maximum budget. Stick to it, there are extra costs coming up…
Also, think about what type of home you want. Are you looking for a brand-new build without any alterations needed?
Or can you afford a project home? Be préparé, you need to work out in advance all the extra costs that the whole process will entail.
You will also need to work out your deposit and check all your credit scores.
Consider Your Future Needs
When you’re looking at different properties, it’s natural to get caught up with what’s in now. But you must also consider what you are going for.
Par exemple, you might just be a small family for now. But will you need more bedrooms in the future if you decide to have more children.
You don’t want to buy something that you will upgrow quickly.
Before buying our current house, we actually put an offer at a semi-detached house with 3 bedrooms. We liked its family home vibes at the time and there was a beautiful conservatory that I could turn into my office. Eventually, we got stuck in a long chain, so we gave up on it and bought another one. It was the best décision ever! We have so much more space in our current home.
Compare Loan Options
You’ll likely need to get a loan when you’re buying your first home. You might want to stick to your current bank but it’s worth shopping around to see what loan options are out there.
When getting a mortgage, try to go for the cheapest home loan interest rates possible. Personnellement, I would also go for fixed rate deal as the market is so unsettled at the minute. You don’t want to see your monthly repayments going too high suddenly to the point where you can’t repay them.
You can easily calculate your mortgage online and see your is une bonne option for you.
Extra Costs To Consider
Un autre point important to consider is the extra closing costs associated with buying a house. Many people overlook these, when they can be really high.
La liste est longue! Inspection fees, lawyers’ fees, escrow fees, and similar costs… It will quickly go up, so you need to consider those when you budget to buy your first home.
Then, you will also have to pay council taxes and invest into a home insurance. Those are all extra that many people might forget.
The last thing you’ll want are a few unexpected costs, that you will struggle to pay for. Add them to your budget.
Our First Home Story
Buying your first home is an exciting life moment. It does feel incredible when you can officiellement say that you are proud home owners. In the current situation, it’s harder and harder to get on the housing ladder compared to our previous generations.
Having said that, you can buy you first home in the current market. You will need to be prepared and plan your budget carefully, but c’est possible. And remember, if a sale does not go through, this place was not meant for you. You will get something better!
When we bought our house in 2018, we actually looked at so many properties and we had to make concessions very quickly to work with our budget. I was very sad when the first house we made an offer for did not happen. But it was all for the best and I think we made the right decision in the end.
There is something for you somewhere, even if at first, it might look un peu difficile!
And once a property is yours, you can do whatever you want. Now that’s the best feeling when you are not a tenant anymore. It just feels so grown up…
Bonne chance finding la place parfaite for you and your family! Mine would look like the house in this picture, one can dream!
Collaboration
