First-time buyers: saving up for your first home

    Making the decision to buy a home might not be an easy one. You may feel you are too young to do so or worry about being a homeowner if you don’t have a partner. However, realistically, there will always be something to worry about before buying a home – there’s never one perfect moment. Therefore, you might want to think about starting to save up for a down payment, as well as the other costs associated with getting yourself into this new stage of life. Planning and saving as much as possible will make your journey much easier.

    Real estate broker

    It can be a good idea to liaise with a real estate broker when buying a home. Not only can they help you to find a home in the first place, but they may also be able to help you sort out any legal documentation and even hand over the keys to the new owners.

    After asking yourself ‘is Compass real estate in trouble?’ and gaining reassurance in your choice of real estate broker, you may then want to speak to them to learn more about how you can buy a home. Speaking to them can help to make the whole process easier, especially if you have no prior experience or knowledge of buying or selling a house.

    Moving day

    Outside of the cost of a brokerage, and the down payment itself, you may also need to think about how you will get your possessions to the new home. You may be tempted to try and do the move yourself. This can be difficult, especially if you have large, bulky items, or no support network who can assist you. On the other hand, it is possible to hire a moving truck. You could either just hire the truck, and still do the moving yourself, or also hire people to help. This way, the packing, movement, and unpacking of your items can be left to experienced professionals. You may also be able to secure insurance for any potential losses or damages. However, the more add-ons your moving package has, the higher the price is likely to be.

    Other costs

    You might also want to consider having some health and safety checks carried out before or just after you move into a new home. One of these could be to have a boiler service undertaken. This could help you to figure out if your boiler is working properly and able to heat your home and water as efficiently as possible.

    Alongside this, you may need to consider exterior costs. Something like changing your vehicle tags could involve a cost or at least a portion of your time. However, doing so can help to keep you safe and make sure you continue following regulations.

    Buying a first home can allow you to have more independence and make more choices within your home. However, there are a lot of responsibilities that can coincide with this that you may need to think about before committing to your purchase and signing any official documents.

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