Save some money – What to look for in your first home

By YourTango

Save some money – What to look for in your first home
You’ve finally saved up enough money for a deposit and now it’s time to get house hunting.

You’ve finally saved up enough money for a deposit and now it’s time to get house hunting. It’s an exciting time in your life and your chance to get on the first rung of the property ladder. No longer will you be paying out rent which is just transferring into someone else’s bank account.

Often there’ll be two clear-cut choices when it comes to choosing the right home for you. Some people will look for the perfect property. Everything will be nicely decorated and you can essentially move straight in without carrying out any repair work or renovations.

 

The boiler
The boiler will become one of the most important appliances in your home. If you were renting beforehand this wouldn’t have been a worry because any faults would be reported to the landlord who’d have to pay for the repairs. This is no longer the case and any problems could result in a huge expense.

What do you need to know?
Experts suggest that a boiler will last on average between 10 and 15 years. Leave it longer than this and there’s the significant risk of a boiler breakdown in the heart of winter, when you need heat and hot water the most. At this time of year you can expect to pay up £200 just on call-out charges, with repairs and replacement parts on top. Replacing the system with a modern boiler will take you to around £1,500.

It’s not just the risk of a breakdown you need to be wary of either, because inefficient boilers will add to your annual fuel bills. Inefficient heating systems could be operating at just 70%, stacking a further £300 a year onto your heating expenses.

Renewable technology
You may have never considered renewables or even read much information on them. Nonetheless they’re becoming more and more popular, so the chances are you’ll come across renewable technology of some sort when you’re house hunting. Perhaps they’ll be solar panels on the rooftop or a heat pump in the garden.
What do you need to know?
You may plan to stay in your first home for only a couple of years or perhaps it’ll be large enough to cater for your family for many years to come. Whichever the case, you may be surprised at the possibilities of converting your loft or garage. With a conversion there’s a multitude of uses, from having an extra bedroom or bathroom, to making the most of a home office or gym.

With the garage you could even just convert part of the space, extending your kitchen or living room for instance. A garage or loft conversion will give you the extra space you need without having the relocate and spend thousands of pounds on costs and fees. On top of this you can add plenty of value to your home; a bedroom ensuite can increase value as much as 20%.

Conservatories and extensions
Conservatories and extensions are built to create extra space and add value to a property. In fact, conservatories can add over £9,000 in value to your home and can be used as a dining room, playroom or garden room.

 
PARTNER POSTS