Four Things To Consider When Buying Your First Home
Buying your first home is one of the best feelings in the world. No more rents or rants. Your monthly repayments go towards your own house rather than for a letting that will add no value to your future.
Overall having your own property in Dublin or anywhere else in the world creates a sense of security. But no matter how amazing that feeling is, it can be a little chaotic when looking for that ideal home for the first time. As real estate agents, we have observed hundreds of clients going through that ordeal, confusion, and indecisiveness.
Yet most of them have made excellent purchases and dealt with the temporary confusion very well. With a little calmness and confidence, and proper guidance you can become the owner of the best home you can possibly find.
Searching for the Right Home
Searching for your first home might be nerve-wracking because it might be your most expensive purchase to date. As a potential buyer, your dream home might be a lot different from the reality of the budget.
This is the reason why it is called Real Estate. You have to be realistic when looking for properties within your budget and then plan your next move for that dream home.
The search for a first home begins from the area that you are familiar with or provides you most convenience financially and physically. Usually, it is easier to look for houses in the area that you are currently rented in.
Start by asking your friends, family members settled around the city, as they will give you the true picture of other areas, making your choice a little bit easier. Next on, see what your budget can get you in Dublin.
On Google, you can find Daft and Myhome that will give you a list of homes in the area you are interested in within the budget range. You can also check out for the latest listing in the buying section of our website. That being said, let’s move on to the factors while deciding for the starter home.
Ask Yourself the Right Question
Since first time home-buying is more commonly known to be an emotional decision than a practical one, there is a slight chance your search for that ideal home will be influenced by sentiments.
A rushed decision can prove to be an expensive mistake in the long run. Consider your mortgage payments, are you willing to pay all your monthly income to pay it back and not keep anything for your bills, entertainment, and other expenses?
Then start with your list of most basic practical questions.
What is your Financial Status?
Your financial health before applying for mortgage is an important determinant of the future.
In some cases, people receive mortgage approval in principle and then shop according to that.
But even though you may qualify for a high mortgage, doesn’t mean you should completely use that opportunity to buy the most expensive house. It may look like a shiny option but long, heavy financial burdens can really make resentful in the future.
Will the house suit your lifestyle?
We have all been there dreaming about fancy homes with gleaming floors and spiral staircases but the truth is always different when it comes to buying your first home.
The most important aspect of living in the house is to see what ease it provides you other than the basic amenities. For example, is the house closer to your extended family and friends? Is it close to your workplace or your child’s school?
All these are important factors because additional traveling costs may be burdensome with payments of the mortgage.
The fundamental is to keep a balanced approach. Much more convenient areas in Dublin may not be affordable, but you can choose the middle path. Affordable and a little closer than the very cheap house that might keep you too far away from your loved ones.
What are your Future Plans?
The future of the house is important as the past. Most people view the house from the lens of its history but the future is a decisive factor in keeping your emotional and financial health secure.
You might have found the ideal home with your spouse. You do not want kids right now but in the future, you might have a change of mind and want to start a family. Will the house that you are currently purchasing make it a good home for having kids?
Other than these considerations, think about your choices and tastes in the house. Do you think the house can be easily redone or provide you with greater value in the future if you try to resell it in order to move to a better house?
It looks tempting to buy a house, remodel and repair it yourself, the way you might have seen in YouTube videos.
But what these dopamine releases make you forget is the cost of repairs. As first time home buyer, the last thing you would want to be stuck with a house that keeps asking for more and more repairs.
It might be a better option to buy a house than might be a little more expensive than a one in a bad condition because it will save you extra time and stress of finding the right people to fix it.
On the other hand, if DIY is your forte and you are happy to look at properties that require some work don’t be afraid of a challenge.
There is no better feeling than finding the right home that you are happily paying for through your mortgage.
We can only buy few homes in a lifetime and getting lucky is not a deal breaker. Thorough research of the house that suits your lifestyle and financial condition will create long, run intrinsic value.
First time buying can be challenging but keeping practical considerations ahead of everything is the best way to find your first home. In a nutshell, it means to
- Avoid being Emotional
- Be practical because home buying is costly purchase
- Understand that an ideal home gives you more emotional and physical comfort
- Don’t buy the most expensive house just because your mortgage allows it.
- Buy according to your lifestyle
- Don’t forget your future plans
- Seek long term value