It’s an exciting moment when you finally realise your dream of becoming a homeowner. It’s also a big financial commitment. Planning is essential when you’re house hunting and a well thought out plan will help you find the house that’s right for you and avoid some of the pitfalls of home ownership. We’ve put together some useful first home buying tips to help you on your way.

Ask for advice:

Friends and family can be a valuable source of information. They have already been through the home buying process and can tell you what to look for when house hunting.

Need vs. Want:

We all have different ideas about our ideal home. Perhaps your dream home includes a garden, en suite bathroom, games room and pool. But wish list aside, think about what you really need in your new home. Do you want to be close to your place of work to avoid a lengthy commute? Do you have a green finger and want a sizeable garden to indulge your hobby? Make a list of what you want and what you need. It’s not often you’ll find everything on your list within your budget. A Need vs. Want list will help you work out what’s most important to you and help you find a happy compromise.

Understand the buying process:

To make sure you fully understand the home buying process, do some research first. Talk to family and friends about what’s involved. Investigate your local library and use the Internet to gather as much information about mortgages, property prices and home insurance. You should also speak to a mortgage adviser to find out how much money you can borrow.

How much can you afford:

It’s not just the price of the house you need to budget for when buying your first home. You need to set a budget based on the cost of the house, solicitor’s fees, survey costs, stamp duty and home insurance. Don’t be tempted to go over your budget. Interest rates can and do go up and down.

Where to live:

In property, it’s all about location, location, location. Where you live can affect the resale value of your house. Do some research into the areas you are thinking about buying property. Does it have flood or subsidence problems? These kinds of things can be cause damage to your home that are costly to repair. You need to find an area that you will be happy in over the long term.

Consider the cost of living:

Buying a home is the first financial step but you’ll also have to budget for the running costs of your new home. There are water, rates, electricity, gas, council tax, and building and contents insurance to budget it for. Plus you might want to redecorate if the previous owner’s décor isn’t exactly your taste.

Make sure your home insurance is up-to-date. For more information about Churchill home insurance visit our website at www.churchill.com.