You may or may not know I recently bought my first property and I tell you, no amount of watching Location Location Location could have prepared me for what is involved in the property purchasing process. Some stuff I knew, some stuff was relatively easy to pick up, and some stuff was downright mindboggling. Have mercy! So I decided to compile a sometimes light-hearted, sometimes serious list of things that I thought would be useful to know when buying your first property. For the nitty gritty stuff, especially if you’re thinking about buying in Denmark, check out this article which was an eye-opener for me! Let’s dive in!
1 Before you start looking at properties, find how much you can get for a mortgage. Don’t start looking at places like, I don’t know, Versailles (!!) and then find out you can’t even get a mortgage to buy a parking space.
2 Estate agents are always on the seller’s side. They will sell you damp and say it’s a character feature. Do not trust them and make sure you do your own checks!
3 Get a builder in if possible to check the electricals and appliances before agreeing the purchase price.
4 You will become obsessed with details like utilities bills and when the next roof upgrade is due.
5 Pinterest is a rabbit hole you will never escape once you fall down it.
6 Don’t try to do up your new property all in one go. To be fair, by the time completion comes round, you probably won’t have any money left to do that anyway.
7 Check the historical property values of the area in which you are considering making a purchase. How well has it done over the last couple of years? If it’s done really well, maybe prices have peaked? Or maybe it’s an area that’s on the rise, so now is the time, strike whilst prices are affordable? This is especially important if you’re buying the property for investment purposes so make sure you do your research!
8 Do not be deceived, you need MORE than just your deposit! People always tell you to save for your deposit, but actually, you need money for legal fees, banking fees, registration of documents, stuff for your new place and moving expenses (like hiring a removal van, repairs and/or installation of any new fixtures in the new property).
9 Seriously, budget for moving expenses. Listen, your friends only love you so much and unless you’re friends with a builder, you will need a moving truck for beds, sofas and other large bits of furniture and you may also need professional assistance installing some of the fixtures.
10 Do yourself a favour and get any and all new bits of furniture and homewear delivered. Save yourself the headache of trying to figure out how to fit that cute armchair on the bus whilst carrying your brand new crockery in your lap.
11 Don’t buy a fixer upper unless YOU KNOW that you have the energy, patience and resources to make it happen. Watching all 50 million seasons of Grand Designs and Selling Houses does NOT make you a builder or property developer.
12 Get a good lawyer who will actually read through the documents not just pawn them off onto his secretary.
13 Don’t be afraid to haggle. Your first bid is almost certainly going to be rejected. That’s just the nature of the game. Unless you offer the asking price or the seller is really desperate (in which case you definitely should be concerned), a first offer is hardly ever accepted.
14 Having said that, don’t go beyond your hard limit. If you have offered your maximum (and I strongly advise against doing so in your first bid!), then you have to just walk away if it is rejected. You should not bankrupt yourself over a property; there is never only one “dream property” out there. There will be others!
15 Don’t be proud; bring your shoulders down and look out for cheap, vintage and even FREE furniture items when furnishing your new place. Everything does not have to be brand spanking new and IKEA never hurt nobody. I actually picked up quite a few bits of furniture and homeware from friends giving them away and from the side of the road! Do not judge, it was FREE!
16 Your home is your home so you can do whatever you want with it. This is your opportunity to indulge all your design fantasies. If you have always wanted to paint your walls red or black or purple, finally this is your chance, you’re the owner, the landlord, the ultimate authority and captain of your destiny!
17 The caveat to #16 is that the reality is you will probably not have much money left after completion for such indulgence see also #6.
18 Another caveat to #16 – check any restrictions on the property – like is it a “listed building” or a historical building i.e subject to other specific regulations which limit how much you can change things. If it is, you will need to seek permission from your local before making changes and in that scenario, the planning authority is the captain of your destiny, sorry boo!
19 Ask the estate agent to turn off the lights so you can see how bright…or not so well lit the property really is. Is it south-facing? Bring on that natural light!
20 Don’t buy the first place you fall in love with. Or at least explore the market and see what’s out there first. After all there are so many fish in the sea.
Those are my tips. Agree or disagree? Do you have any others to add to the list? Shout in the comments below!
Photo credit: Happy Interior Blog; The Frugality; Domino; 195 MD Travel Plaza; Happy Interior Blog; Asiyami Gold
