Everything You Need to Know About Being a First-Time Homeowner

Everything You Need to Know About Being a First-Time Homeowner

Buying your first home is something that you will remember for the rest of your life. Everything from the initial planning stage right up to moving in can be an exhilarating process, albeit a tad bit stressful at times. If you’re considering becoming a homeowner for the first time, making everything run as smoothly as possible can really help you make the right choice. Keep reading to find out everything you need to know before you start this exciting new chapter in your life.

Be Realistic

It’s only natural that when you’re searching for your first home that you want everything to be exactly how you want it. It’s important to keep in mind though that a certain level of realism is needed. A good piece of advice is to search for something that complements your current lifestyle instead of the lifestyle you aspire to have in the future. For example, you may want to find somewhere with a large garden. Sure, having a lot of outside space appeals to everyone, but take into consideration whether you currently have the time to invest into taking care of it. If you’re buying a place with your significant other, sit down with them and discuss what each of you want in your new home. Be realistic and willing to compromise on certain areas.

Be Smart with Your Finances

When your buying for the first time, it’s very important that you manage your finances wisely. Typically, you should aim to spend no more than 30 – 40% of your annual income on home payments – this includes everything from the mortgage, insurance, property tax and bills. That way, if you find yourself needing to replace any of the furnishings, or pay for anything else that life may throw your way, you will have the finances necessary to do so.  As well as this, try and avoid borrowing money from friends or family to pay that bit extra for somewhere bigger. This can only need to additional stress that’s better off avoided.

Choose the Right Area for You

When you’re choosing the area, think about your current life goals, and how these can change. For example, if you’re planning on starting a family, seek out a family-friendly area that is close to a school. Go for a walk around the area where the house you’re interested in is and take some notes.  Check for things like noise pollution – either from traffic or construction, the current residents of the area and what facilities are nearby. After all, this is a long-term investment. You want to make sure you’re choosing the right place to live. Once you get a feel for the area, you will be able to make a more informed decision.

Be Clear About What You Want

This applies to both you and your agent. If you haven’t formulated a clear understanding about what you want and communicated this to your agent they may influence your decision. If you find yourself still unsure as to what exactly you want, formulate a list of questions that you think will help clear things up for yourself. Be it a list of 10 questions or 100, write down as many as you need, it’s your home after all. Send your list to your agent and make sure you get a satisfactory answer for each one of them. If you.re still unclear, inform your agent that you would like to hold off any viewings until you know exactly what you want.

Take Your Time Setting Up

Once you have found the perfect place to settle down, you’re going to be eager to get started on turning your new house into a home. But with all the repayments, agency fees and time involved in doing so, it may be best to hold off on certain aspects for the time being. The saying “Rome wasn’t built in a day” comes to mind. Hold off on converting that extra bedroom into an office space for now. You have the rest of your life to get your home the way you want it. For the time being, sit back and enjoy the here and now.

Get Insurance That Suits Your Needs

Once you get to this step, it means that you have successfully purchased your very first home. Give yourself a pat on the back, you’re now officially a homeowner! For the final length of your journey, you’re going to need to decide what home insurance is best for you. As one of the top providers of home insurance in Malta, Laferla will take care of the rest with affordable home and content insurance. Laferla’s policy provides cover for accidental loss or damage to the buildings and/or contents of your home; your liability to others as well as 24/7 Emergency Assistance, including plumber, electrician and locksmith service.

Find out more about home insurance and get a free online quote today!