The first move buying a house is part of most people’s life plan and something that when we’re younger we just vaguely assume will happen one day.

But as with most things, it isn’t quite that simple. You need to take an active decision to purchase a property, and it is important that you’re ready to take this big step in life.

If you’ve been renting for a while, then buying a place is the natural next step. A place of your own, where you can choose your decor, where your money is acting as an investment and where you can do as you please can be a tempting proposition. Before you take the plunge, though, make a list of everything that you will need to consider when you make the transition. Often you will end up in a smaller property when you take out a mortgage. And you will no longer have the security blanket of a landlord, so you will need to sort out all repairs and maintenance work yourself. Don’t forget to factor in things such as building insurance and utility bills (if they are currently included in your rent), as you will need to pay these on top of your mortgage.

If you’re still living at home or have been a student for a while, then buying a property is a bigger move. Therefore it is essential that you take as much advice as possible before making an offer on a property. Obviously getting on the property ladder as soon as possible makes good sense, but only if you can really afford it. A mortgage is a big responsibility, and failure to make payments could lose you your property, so this needs to be your top financial priority. You also need to list absolutely everything you need to spend money on — this includes food, bills, car, clothes and other loans — as mortgage companies now take all expenditure into account before calculating your mortgage offer. If you’ve been used to paying relatively little at home, then you need to accept the fact that socialising and indulgences might need to be curbed a little.

Buying a property is a great step to take, whatever stage of life you are at. By being sensible and calculating your finances accurately, you will soon be relaxing in your own home — with the walls whatever shade you choose.

If you are thinking of buying your first house, speak to Keywest, we will guide you through the process and take the stress out of a property purchase.