Buying your first home is a momentous occasion. There are few times in life you’ll feel more accomplished and excited than when you’re holding those keys for the very first time. If you are a first-time buyer, you’ll probably experience a rollercoaster ride as you try and secure a property you love, negotiate a price, and navigate your way through the processes that follow. There will likely be highs and lows, and it can be a stressful time. With this mind, as a first-time buyer, you may wonder what kind of home to look for. The easy options are a new build, a modern home that’s in pristine condition or an old house that has been recently renovated. However, some first-time buyers like a challenge. Here are some tips to help you decide whether it’s wise to take on a project for your first home.
Do the numbers add up?
When you’re looking around homes for the first time, it’s easy for your heart to govern your head. However, with renovation projects, it’s essential to get to grip with the numbers. If you need to do work, the purchase price is not as simple as paying a sum of money and then paying a mortgage off. You’ll need to add the cost of the property to building and planning extras. You should always have an accurate total in mind before you make a decision. It’s a good idea to arrange for builders to have a look around so that they can give you quotes based on what you want to do. You can also use a building estimator online. Sometimes, doing up a property will actually earn you a lot of money in the long-run. However, not every project is profitable.
When you put that offer in, and it’s accepted, it’s natural to wish away the next few weeks and start counting down the days until you can move in. With a project, you may be getting involved in a waiting game. Building work can take weeks, even months, and that’s without hitting any unexpected bumps in the road. If you’re not prepared to wait to move, it may be best to buy a property you can move straight into.
Are you willing to get your hands dirty?
If you’re doing work to a house or flat, you can save yourself time and money by mucking in, and getting your hands dirty. Of course, there are lots of jobs that you won’t be able to do, such as wiring and fitting bathroom suites. However, you can help out by doing jobs like clearing the site and painting walls.
If you’re buying your first home, it may seem crazy to take on a project. However, there are advantages. Often, you can save money by buying a house that isn’t in perfect condition. There’s also scope to design a home that suits your taste and style. It may be a longer and more arduous process than buying a new build, but if you’re feeling brave, and you’ve done your homework, there’s no reason why it can’t work.