How to Plan for Buying Your First Family Home

Last updated on May 5th, 2024 at 09:23 pm

Purchasing your first family home is a milestone moment. It has practical value but there is something just irreplaceable about the feeling of getting your first set of keys to a property that you’ve invested in for your family. The time for decoration and choosing furniture will come, but before all of this, you need to make proper plans. This guide talks about how to plan for buying your first home. To explore comprehensive steps on planning for the purchase of your first family home, click here for a detailed guide.

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Get Your Finances in Order

The first job that you absolutely cannot avoid is to organise all of your finances. There must be order and transparency in order to reach the stage of the mortgage application. You will need a deposit, which is anything from 5% to 100%, and lots of bank statements and proof of income for the lender. Unless you are an all cash buyer, which is statistically unlikely for first home purchases, having a grip on your incomings and outgoings is essential. Take the following steps:1. Work through your bank statements and your proof of income. This should be backdated for at least six months. 2. Make a budget if you don’t already have one. This is the only way to understand where your money goes and how much you have to spend over the course of a month. 3. Figure out a list of prospective bills you will have to pay when you move in. This is things like broadband, energy, and home insurance. 

Find the Best Mortgage Option

Mortgages are assets that enable people into homeownership by lending the cost of the property alongside the buyer’s deposit. How much you can get depends on what your income is, your credit history, and inflation and interest conditions in the economy. It is useful to have a reliable mortgage comparison site where you can view all the options available to you. Once you get to know the mortgage options, you are better prepared to plan for the future and make homeownership a reality. 

Know What You Need

The type of house that you need will be determined by:• How many people there are in your family• Whether or not you need a home office• If you need a garage• Whether or not things like en-suites are important to you• Bungalows vs. multi-story buildings preferences

The list goes on! There are many different factors that decide what kind of house you want to buy, and it’s great to have a big range of options to explore when it comes to the initial viewings. 

Create a Short List of Locations

Choosing the location is of equal importance to the house itself. Where you live can dictate a lot from school options to how long you have to travel to work. You will probably already have locations in mind, but keep your thinking head on. There are always ways around not being able to find property in the exact place that you want, and that is why flexibility is invaluable in this context. If you can’t find the house of your dreams in the location you’ve always hoped for you can either wait for market updates or search nearby for similar vibes. 

Find a Reliable Conveyancing Solicitor

A solicitor that specialises in conveyancing law will be your biggest asset throughout this process. When you have found your dream property and want to get the ball rolling, they are the best possible people to do this job. A solicitor will help you make an offer, go through the legal side of house moving,and generally make the whole process run more smoothly. There will be a fee, but this is manageable and sometimes woven into the cost of the house. Ultimately, it will be a really difficult experience for a first time buyer to secure a property legally and correctly without the help of a legal expert. 

Put Plans in Place for Moving Day

After the sale has gone through and you have the keys, it is time to plan for moving day. The first task is to pick a date that works for everyone. The second task is to think about childcare if necessary. After this, everything else will fall into place. 1. Don’t forget to book the movers for the big pieces of furniture and delicate possessions. Professional moving companies are extremely useful and take so much of the stress out of the equation. 2. Book childcare for the day of the move because it is more stressful than you might think. It is helpful to have the children out of the picture while heavy things are being shifted. Plus, it may cause them emotional distress. 3. Take the time off work to get settled in. It is a high pressure situation and you have to protect your mental health throughout. 

Buying your first family home is a wonderful thing. Whether you stay there forever or not, it will be filled with special memories and amazing adventures. Though moving can be stressful, if you follow the guidelines and stay ahead of the admin, everything should fall into place.


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