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3 money questions to ask yourself before buying your first home

On Behalf of | Apr 22, 2022 | Real Estate Law

Mistakes are easier to make than you think when buying your first home. The euphoria of the situation can cloud your judgment or cause you to overlook vital issues. Also, you have never done this before, and beginners in any field make mistakes.

Here are some things to look out for:

Have you factored in the other costs associated with buying a house?

The house price is just one of several sums you will need to pay. Survey fees, agent fees, legal fees and insurance combine to drive down the actual amount of money you have available.

Are you sure you can afford the mortgage?

You’ve done the math and believe you can meet the mortgage. Consider what would happen if your company lets you go or if you need time off work due to an accident. As tempting as it can be to stretch your budget to get the extra nice place, sometimes it is better to settle for second best if it gives you a safety net.

Can you afford the investment it needs?

Let’s say you go for a fixer-upper. Perhaps a lovely old farmhouse that will make a great guest house one day. Many people give up on such projects halfway through because they fail to realize how much time, effort and money it takes. Or that living in a shell with only cold water while they do it up is far harder in the depths of winter.

Like anything you do for the first time, it is far simpler with someone to guide you. Purchasing a house involves various legal commitments and contracts, and it is critical you understand them before proceeding.