Buying your first home is an exciting experience with many ups and downs along the way, so much so that you may find yourself getting so wrapped up in the journey that you overlook the smaller, less obvious details. Here are our top five tips that every first-time homeowner should know.
Invest in your home’s protection
Homeowners insurance covers damage to your home that is due to circumstances named in your policy, but they don’t cover everything and sometimes you just need a little more safety. You can also get a home warranty plan and getting one as soon as possible will help you to spread out and cover the cost of any needed repairs.
Increase your chances of getting a lower interest rate
Improving your credit score can really help you before applying for a loan. Your credit score is how lenders judge your reliability in paying back any loans or debts. There are plenty of great websites that allow you to check your credit score and you can find advice on how to improve it at https://www.moneysavingexpert.com/loans/credit-rating-credit-score/.
Calculate your maximum monthly mortgage payment the easy way
Figure out your total monthly income (any money you earn each month as well as any additional income streams) and expenditure (how much you spend in total including bills, travel, food, etc) to get an idea of your budget. Get a rough estimate of how much homes in your chosen area cost and add the cost of your down payment, insurance premiums, property taxes and estimated interest rate. This will give you an idea of a realistic budget and narrow your search.
Learn from the best
Always do your own research and make sure to cross check everything. There are so many useful resources available and experts in every field waiting to help, so you should really take advantage of the available knowledge. It only takes a few clicks, for example if you need home buyers survey London you’ll find plenty of helpful information at https://www.samconveyancing.co.uk/homebuyers-survey/home-buyers-survey-London.
Expect the unexpected and budget accordingly
When you do your budgeting, it makes sense to budget for every little thing. But it’s also wise to set some money aside should any unexpected situations arise. Creating a small fund ‘just in case’ can help you cover costs and reduce stress further down the line.