Ready to Buy Your First Home? Here’s What You Need to Know First

Story Highlights
  • #1 - Have a realistic view of your finances
  • #2 - Check out the location
  • #3 - Have a list of essential priorities

Buying your first home is a moment you’ll never forget; it’s an incredibly thrilling and exciting moment in your life, and it’ll undoubtedly be one you will remember forever.

It really goes without saying that you want your first home purchase to be a sound one, a purchase that you’ll be satisfied with for years to come.

Before signing that offer to purchase contract though, there are some very important things you should keep in mind. Read on below to find out what you need to check before you commit to that purchase:

#1 – Have a realistic view of your finances

Many homebuyers make the mistake of overestimating their financial position and this can lead to disappointments down the line. For example, loading up on credit can result in financial difficulties when making mortgage and other loan payments.

To avoid this and give yourself a more realistic overview of your personal finances, carrying out an in-depth review of your income and outgoings will give you a clear picture of what you can afford.

If you are planning to save for a deposit in the near future, this approach can also help you put together an achievable budget to help you manage your costs and expectations in a more practical way.

#2 – Check out the location

It can be tempting to fall in love with the perfect house from an online listing, but there is no substitute for scouting out the location in person and getting a clear idea of what it might be like to live in that area.

It can be useful to use local property services to find out more about a particular neighborhood, and a site such as Uganda Property Centre can provide some essential information about different locations, as well as trends in the area.

When it comes to location, you may also want to keep in mind other related factors, such as your potential commute to work, local amenities, schools in the area, and other important issues that are relevant to your lifestyle.

#3 – Have a list of essential priorities

Remember that any potential purchase must provide the right kind of environment for your home, so before making a final choice, you should have a clear idea of personal preferences and priorities in mind.

These can be unique to every individual and family, depending on current and future plans, objectives, and personal taste. If you are planning to start or grow a family, for example, then you will want to consider whether any potential house has sufficient space for you, and the safety of the surrounding area.

For those who work from home, enjoy entertaining guests or spend a lot of time at home, ensuring that your home has all the facilities and amenities is an important area to check.

While there can certainly be room for compromise and negotiation, some factors are not so easy to change, so it is wiser to consider these beforehand to avoid buyer’s remorse.

Maintenance is another issue to consider. Do you want a house that would require a lot of maintenance and improvements, or would you prefer one that is already in tip-top condition?

In the end, buying your first home is an exciting time in your life. Make sure you have done your research and considered all these factors (and more) before making that important decision to buy a property.

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