• Home
  • About
  • Advertise
  • Contact
  • Policy
  • Guest Post
  • Archive

One Cent At A Time

A Personal finance blog to get rich

  • Email
  • Facebook
  • Pinterest
  • RSS
  • Twitter
  • Beautiful Life
  • Becoming Rich
  • Beginners Guide
  • Extra Income
  • Productivity
  • Saving Money

First Time Home Buyers: 5 Things that Needs Consideration

October 10, 2019 2 Comments

Share this:

  • Tweet
  • Email

Acquiring your first house is a big step to take. It’s not as simple as buying something from the shopping mall, which you can return if there’s something wrong with the item. A house is a long-term commitment, which is why you need to be extremely careful in picking out your first one.

First Time Home Buyers: 5 Things that Needs Consideration

In 2018, the estimated number of households in the USA reached 127.5 million. The rise in number is partly due to an increase in population, but also somewhat because housing prices were going up in the last few years since the great recession. Are you planning to buy your first home?

However, do you know what you need to consider in purchasing a house?

If you’re not that confident in going for it, read on to know and learn more about the things that you need to go over if you’re buying a house soon.

The matter of solicitors

For first time home buyers, you can’t accomplish everything alone. You need efficient people to help you, and in this case, solicitors can make your life easier.

A solicitor handles and discusses the procedure with you so you can understand what is happening as you go along the process.

Your solicitor also prepares the mortgage documents for you and gets in touch with the seller’s solicitor to discuss your offer.

However, before you employ one, you have to make sure that you understand everything. You should clarify those things that may not be clear to you in terms of a solicitor’s responsibilities, and even the fees involved.

Ask if there is a fixed fee because they might ask you to pay more if there is more work involved or if there are additional charges once they find the house that you want.

Check if the stated fee includes tax and other expenses that come with buying a home.

The type of house

Do you know what kind of home are you getting? The type of house matters a lot, depending on your preference, and if you live alone or with other people.

You can buy a home that’s for sale on the open market, a newly-built house from developers or housing associations. There are many types of construction for homes as well. Do you desire a timber frame home or a brick and joint structured house?

You should also check out the common house types that you might see as you search.

● Single-family home. This type stands on its own and doesn’t have any shared walls with other houses.

● Bungalow. This is a detached, one-story house that sometimes comes with a veranda or loft.

● Cottage. This type used to be simple, but modernized versions maintained the one-and-half story structure. Most come with gardens and are mostly situated in large properties.

● Apartment. This is a housing unit that is part of a larger building. You can choose from one-bedroom, multi-bedroom, loft or basement, garden, penthouse, and duplex.

The state of the house

Before you buy your house, you should check the Home Inspection Report. This report contains three crucial aspects: a single survey (condition of the property), energy report (energy efficiency rating), and property questionnaire (overview of information).

A qualified surveyor from the Royal Institution of Chartered Surveyors (RICS) will tell you about the overall quality of the house, and the repairs needed if there are any.

You can either get a condition report, homebuyer report, or building survey.

If you’re getting a mortgage, you’ll also need a mortgage survey from the mortgage lender. This survey will tell you if the property is worth the money that you’re loaning.

However, it’s advisable to conduct another one so you can have a more accurate estimate.

Your financial capability

The financial part is the trickier side when buying your first house. You have to know how much you’re willing to spend, and you have to spend your money wisely.

In case you don’t have enough cash flow, you can always apply for a loan from various sources.

Do your research on mortgage loans so you can compare what will work out in your favor.

Make sure to borrow enough money, but don’t borrow too much. Be wise in your financial decisions, or you can end up losing your house or any other property.

If you’re not confident in handling things yourself, talk to a mortgage adviser to help you.

Eco-friendly Home

The additional costs

Aside from the money that you’ll spend on the actual sale, there’s still a lot of things that require financial concern so prepare for that, too.

As mentioned, you’ll need a survey, and that requires extra payment. The mortgage valuation will require money, as well.

The solicitor and mortgage adviser will also require their respective service fees. You also have to pay for VAT, and Land and Buildings Transaction Tax.

The utility bills may also change depending on the size of the house. You might also have to include insurance and other taxes to your computation.

Takeaway

Purchasing your first home won’t be comfortable for you, and there will be a lot of things included in the process. You’ll have to check what type of house do you need.

When you find one, you have to check its state by requesting the Home Report. You also have to prepare financially because the cost of the entire process won’t come cheap.

You won’t have to worry about everything by yourself. Hire an excellent solicitor and mortgage adviser to help you make the proper choices.

Include their fees in your finances so you won’t have to worry about anything until you finish purchasing your first home.

LIKE THIS POST?
I agree to have my personal information transfered to MailChimp ( more information )
Join our community of 8000+ subscribers to increase your net worth and build wealth
We hate spam. Your email address will not be sold or shared with anyone else.

Share this:

  • Tweet
  • Email
The tool that changed the way I manage my personal finance - Personal Capital, The Best Free Personal Finance Tool

Want to start a WordPress blog now? The onecentatatime.com blog is hosted by Siteground Web Hosting. For only $3.95 a month, Siteground can help you set up and host your website/blog quickly and easily.

About the Blogger Hi I am SB, a personal finance enthusiast with a career in software development. I am an immigrant to the USA since 2005, after being born and brought up in India. This 40 something technocrat lives and breathes personal finance whenever he gets time from the day job, job as a husband and a dad

Some links on this page may be affiliate links, if you make a purchase following the links, I may earn a commission. Read affiliate disclosure here
« 4 Tips for Getting the Lowest Life Insurance Rates
These Tips will Help you to Build your Own Successful Website »

Comments

  1. Carole says

    October 14, 2019 at 11:12 AM

    This seems to have been written for British readers. I presume a solicitor is an attorney, but what about a mortgage adviser? There are other terms that aren’t appropriate for the U. S. reader.

    Reply
    • SB says

      October 14, 2019 at 9:07 PM

      yes this is geared towards UK readers. Mortgage adviser is actually not used in the USA. We directly deal with multiple banks to get the lowest possible rate for our mortgage

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.



Create your own blog in 20 minutes and $20

Personal Capital, a free tool to change your financial health today

I use and suggest Upstart, for your personal loan need

CreditKarma, a free tool to check your credit scorey

I use Coinbase, for my crypto investments

101 Cents at a Time

101 Ways to Earn Extra Money on the Side
201 Frugal and Perfect Birthday Gifts
101 Ways to Save Money Everyday
101 Ways to be Better and Successful at Work
101 Ways to Save Environment and Energy
101 Frugal and Romantic Anniversary Ideas
101 Low-Cost Men's Fashion Ideas
101 Personal Finance Tips
101 Ways to Reuse Household Stuff
101 Things to Do, When Nothing to Do
101 College Graduation Gift Ideas
100 Tips for Ecommerce Startup
101 Ways to Enjoy Indoor During Winter
101 Ways to Beat Procrastination

Popular Posts

Quick Cash - How to make $100 legally, in a day
Living well on less than $15,000 a Year
Top survey sites for side income
What to do when auto repair goes wrong
Where should I invest my money now?
20 Ways to be productive and happy at work
51 Ways to get out of debt
Be a better person in 15 days, 15 ways
Income ideas for retirees and senior citizens
51 side jobs for college students
Urgently need a large amount of money?
Should I buy or should I rent?
Best Personal loan providers
25 Ways to save environment
25 DIY car repairs to save money
How to decorate office cubicle
How to show your wife you care
50 Financial Rules for Success
51 Frugal weekend family activity ideas
Become Rich By Saving 1 Hour Of Daily Wage
How much do I need to save for retirement?
How to negotiate your salary

Follow us on FaceBook

About Author

SB

Blogger by choice and IT manager by profession. Finance is my passion and gardening is my greatest satisfaction. Born in India, settled in US, Husband and a father. I created this blog in 2011 with a vision to help others. Thanks for your patronage. More info on my "about" page.

View all posts


Subscribe

Join our community of 5000+ subscribers to increase net worth and build wealth

Advertisements

Personal Stories

How I got a new HP computer replaced
Was COVID circulating in USA in fall of 2019?
How my credit score went up 800+
Why I didn’t invest in Bitcoins
How I controlled impulses to buy things
Why this blog is named One Cent at a Time

Subscribe via Email

Site Disclaimer

Disclosure of Material Connection: Some of the links in this web site are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”
Read full Affiliate disclosure


One Cent at a Time is published by SB. The opinions expressed herein by him are his own and not those of his employer or anyone else. All content on One Cent at a Time is for entertainment purposes only. By reading this blog, you agree that SB and/or One Cent at a Time is not responsible for any actions taken after reading this blog. For the full disclaimer, click here .

Major Media Mention

One Cent at a Time Media Appearances

Copyright © 2023 One Cent At A Time · Designed by Nuts and Bolts Media