Well, this feels like a terribly grown up post to be writing- there’s nothing like thinking about buying your own home to make you realise you actually are an adult and there is a LOT more to be considered than you assume when you’re younger and home ownership is just a pipe dream.
That’s not to say that right now I’m actively looking to buy, but with a bit of luck in the next twelve months or so I might be able to do this and it’s never too early to start thinking about it- it’s probably one of the biggest steps in any person’s life so when Slater Gordon Property Solicitors challenged me to think about everything that needs considering when you take that leap in to potential home ownership.
I’ve always been clear in my mind where it is I’d like to buy my first home, which I suppose both helps and hinders because I’ll be limited to what properties are available BUT it will give me direction in my search. I think the main obstacle that I will come up against (despite you know, actually getting the mortgage and sorting out the finances) is that I really want to live in a converted Victorian property so making sure the flat/house is in good structural order is essential. Given that my budget will likely only extend to a flat the other two issues I’m likely to come up against are size- it might be fine for me on my own, but should I meet someone and start a family for example, will it be big enough to accommodate if moving again isn’t an immediate option? The second issue which I believe is a common issue when buying a flat is that of Leasehold- that brings with it maintenance fees, an annual ground rent and potential restrictions on any big alterations, owning pets or subletting.
I also thought I’d share this infographic provided by Gordon Property Solicitors which contains some interesting facts and figures about buying your own home, and for non first time buyers the pros/cons of making improvement to your current home rather than the upheaval of a house move.
I’m aware that this post is very much only skimming the surface of the subject and I obviously have no real experience as of yet so I’d be really interested in anyone wanting to share their stories and advice about buying their own home- leave them in the comments!