You may have been house sharing, renting or living with parents before deciding to buy your first home. No matter what your residential history the step into homeownership will be one that gives you a different experience to what you are used to. If you prepare properly and research what you need to know then it will be a much easier transition so let’s take a look at some of the main things you will have to consider.
Set A Budget & Stick To It
It can be tempting to get over-excited when setting up your own first real home. You will see so many things that look awesome and have so many ideas about how you want your ideal home to look. But remember that you have probably already spent a huge amount getting the property in the first place and the last thing you will want to do is to get into a habit of debt at this stage as it can easily get out of hand. Plan a budget and divide it up in terms of sections, rooms, and priorities and you should be able to get the best out of what you can afford.
Be Prepared To Look For Bargains
There are great ways to save money when kitting out your home. Get in the habit of looking for bargains, shop around, check online and check when your favorite retailers are having sales on and wait for that time. For furniture consider 2nd hand options and check out charity shops and clearance auctions where if you get the right day and no-one is bidding against you then items can go for next to nothing.
Get The Right Mortgage For You
Making sure you have the right mortgage in place can save you a lot of money and ensure you have more available for other things in your budget. It’s often the case with first-time buyers to be so anxious to get on the property ladder that they don’t take the proper time to find the correct lender for them. Don’t fall into this trap make sure you assess all available mortgage options and you’ll be a lot better off.
Be Aware Of Insurance Requirements etc.
You should be aware that the type of home insurance you require is different for homeowners than it is for renters and so you should check your policy and change it as necessary. You need to have home and contents insurance rather than just contents insurance and, in fact, you may need to prove this is in place in order to get final approval on the mortgage.
Do As Much As You Can Yourself
Savings can be made by doing a lot of the decorating and DIY work yourself rather than hire contractors to do it for you. It may be a bit more time consuming and the finishes may not be 100% professional looking but it will be yours and you will have done it giving a real satisfaction as you set up your own home.
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