New year, new family, and new home? Buying your first home is exciting, but it can also be overwhelming, and slightly scary. There are so many things that need to be considered, researched, and done before you even look at listings, and it’s easy to overlook important steps, or spend more than necessary.
Here are the most important things a new family needs to do when buying a home, and how to save money.
KNOW WHAT YOU REALLY NEED
If you’re buying your first home, it can be easy to get carried away with what you want, rather than what you really need, which can make you spend a lot more money. Consider things in your current day to day life and what you’re planning for the future; are you planning to have more children, and will need another bedroom? Could you use that bedroom for something else, like space for working from home? Do you love entertaining, so a ‘compact’ kitchen won’t be right for you? Making sure you know exactly what you need will help avoid the frustration later down the line when the space isn’t quite working for you, and mean you need to move again.
HAVE AN EMERGENCY FUND FOR COSTS YOU DIDN’T EXPECT
There are lots of surprise costs that can occur when buying a home, from fees you didn’t budget for, to moving vans costing more than you expected, so it’s important to have some extra savings for emergencies. Life insurance for young parents is also often overlooked, but it is essential; your emergency fund will help with short term issues like broken appliances, but life insurance will protect your family if something more serious happens that could put the stability at risk. It’s also cheapest when you’re young, so get it as soon as possible to save money, rather than even waiting for a year or two that can increase your costs.
GET A PROPER SURVEY
There are plenty of ways to save money, but skipping a survey shouldn’t be one of those. Many things that are easy to miss in a viewing alone, such as damp that’s hidden behind cabinets, or structural issues that could be dangerous. Get a proper survey to reveal the issues, so you know what can be fixed by DIY, and what could end up costing thousands that you haven’t budgeted for.
LOOK AT SCHOOL CATCHMENT AREAS
If you have children, or you’re planning to have them, it’s important to look at school catchment areas. Not only can living in the wrong area mean you can’t get into the school you were hoping for, but choosing the right street can affect the long term value of your home – and living just a couple of streets away can mean you save money on the house, while living in the same area.
PRIORITISE SAFETY
Before you move in, your first priority should be making sure the entire home is safe. Check all smoke alarms and replace batteries, ask for boiler service certificates, and get the chimney inspected, if you have one. It’s also a good idea to get the locks changed as soon as possible, as there could be spare keys that you don’t know about.
CHILD-PROOF BEFORE YOU MOVE IN
It’s easier to child-proof before you move into the home, rather than trying to do it amid the chaos of moving day. This means you can take time to make sure everything is safe and secure, and you don’t forget things that could be dangerous, before rooms are filled with boxes. Think about the highest-risk areas first, like fitting stair gates and plug covers, and look on places like Facebook parent groups for second-hand items that can significantly reduce how much you’re spending.
DECORATE STRATEGICALLY
It’s tempting to decorate the whole house as soon as you move in, but make a list of priorities. Start with essentials, like fixing leaks and damp, structural problems, or faulty boilers before cosmetic improvements like painting and decorating – there’s no point putting up new wallpaper before you’ve dealt with the damp you’re covering up. Do the small-scale painting and decorating jobs next, to make the home feel like yours, but save the bigger renovation dreams for last, when you’ve been able to settle in and save up, after the cost and stress of moving.
