The Nomads Guide To Owning your First House
For most first time buyers, the main benefit of escaping the rental market is the security that comes with breaking free of short term contracts. There comes a time in every wanderers life when they get fed up of moving every six months, they become tired of their already extortionate rent creeping up, and they crave a home of there own. For those lucky enough to be able to buy a property to escape the cycle of temporary contracts, investing in a first house is both entirely terrifying and incredibly exciting. Check out these top tips for those making the transition to local life.
- Select your City Wisely
When renting a house, the prospect of rising house prices means having to pay higher rents. As a home owner, selecting an area with development potential is hugely important for maximizing the return on your initial investment. As a consequence, you must choose your city carefully, make sure you are buying in an area that will not drop in value. Even if your property remains static, that is much better than losing money or getting into negative equity.
- Meet and Greet Your Neighbors
Before buying a house try to get a feel for exactly what you are getting yourself into before you spend any of your hard earned savings. It might be that one of the reasons you can afford it is that there are nightmare neighbors. Even if you have already decided to go ahead with the purchase, make sure you introduce yourself to whoever is next door. Having good relations will make your life easier in the long run.
- Look for potential
If you need three bedrooms but there is nothing within your price range, look at smaller properties with potential for development. That run down, one-bedroom house that nobody is buying could become a large family home over time, and given the right vision. While you shouldn’t be put off by a big project, do consult a structural engineer before making any decisions. If you are buying a property on the basis that you can extend it, you must ensure that your plans are possible.
- Speak to a financial advisor
Before undertaking any large financial outlay, it is a good idea to speak to somebody who understands a thing or two about money. Remember, just because you can do something, doesn’t mean you should do it. While It might seem counter productive to spend your money to talk about your money, you definitely will not regret it. It could be the difference between prosperity and ruin.
- Settle down
When you have decided on your house, it has all gone through and you are moving in, do everything you can to make the settling process smooth and natural. It might seem strange at first, but having a home can be one of the best ways to feel secure in your life, and with it comes a whole different kind of confidence. At first, the idea of staying in one place might be quite scary but try to bear in mind that the longer you stay the better it will be financially. Relax, and make sure to socialise with those around you afterall, being a local means integrating.