There is nothing quite as liberating as purchasing your first property. It’s a fantastic step climbing on the ladder and being able to do what you want with your own home. Whether you have rented before, or you have been in a university accommodation or living with parents, it’s a big step and you want to do it right. In this article we take a look at some top tips for purchasing your first property that will help you get the most from it and also ensure you don’t end up making any misguided decisions. Keep on reading to find out more and get inspired. 

Work out what you can afford

The most important thing about purchasing a property is ensuring you can afford what you’re going for. There is no denying that getting a home is expensive, but there are ways to bring the cost down and ensure you stay within budget. You could look into tax deed states for example, where you can purchase a home for a few thousand dollars from homes that were forfeited by property owners who failed to pay taxes. It’s also worth speaking to a bank manager or lender who can look at your earnings and tell you what is a realistic amount you can borrow so you can look with a realistic budget in mind. 

Pick the neighborhood carefully

You might have found your perfect property, but it’s important to check out the area it is in too. Does it have good transport links so you can get to work or to see family members? Does it have facilities such as a gym, supermarkets and schools? Is it safe? It’s a good idea to check out local news stories and notice boards to see what the crime rate is like and if it is somewhere you would feel safe walking about and spending your time in. There’s no point having your dream house if you feel worried to step out of the front door. 

Decide if you want a new build or a doer-upper

Another thing to decide when you’re buying a house is whether you want it to be a new build or a house that you do up. New build homes can be more expensive, but they are ready to move in right away and don’t need anything done. On the other hand, you could get one that needs work. These tend to be cheaper but can be some time before it’s ready to move it. The benefit is that you can have it looking exactly how you want. 

These are just a few top tips to help you when purchasing your first property. Whether you can afford a house right away, or an apartment, getting on the property ladder is a fantastic step in your life. Make sure you only borrow what you can afford and don’t just settle for a property without checking out the location and its neighborhood first. What are some of your top tips for purchasing your first property? Let us know in the comments below, we’d love to hear from you.