Fri 21 Dec 2018 View all news articles
Are you thinking about purchasing your first home? This can be an exciting yet daunting experience for anyone. Of course, you need to be prepared if you are exploring the property market for the first time. There is a lot that needs to be considered, and numerous steps you need to take. After all, this is probably the biggest investment you’ll ever make, and so you don’t want to throw money about or sign up for a mortgage without a lot of thought and research going into it. With that being said, let’s take a look at some useful tips for first-time homebuyers.
Ask yourself the key question – are you ready?
There is only one place to begin, and this is by making sure that you are ready to look at property for sale. A lot of people today feel pressured into doing things by a certain age. However, there is no rulebook. You need to make sure that now is the right time for you. Are you prepared to put down roots in a specific area? If so, great!
Get your finances in order
Before you can begin looking for the perfect property, you need to make sure your finances are in order. This means having a good credit rating and calculating all of the costs associated with buying a property. This includes the likes of solicitor’s fees, furniture, repairs, a professional home survey, and stamp duty. Luckily, you don’t need to pay stamp duty on properties under £125,000. There are mortgage calculator tools online that can assist you with this. You can also download your credit report free of charge online.
Get a pre-approved mortgage
One of the biggest mistakes that a lot of first time buyers make is shopping for a property without having a pre-approved mortgage. Yes, you are excited and want to find your dream home. However, what if you put an offer in and then you find that you are not granted a mortgage? It is always best to get a mortgage in principle first.
Don’t skip the professional property survey
A lot of first-time homebuyers skip this part because they deem it an unnecessary expense. After all, if there are any issues with the property, you will be able to notice it during the viewing, right? Wrong! Most issues are not visible to the untrained eye. Moreover, if there is an issue and the owner has not been upfront about it, you can be sure that he or she will be doing all in their power to cover it up during the property viewing. This is why a professional home survey is a must. It can save you thousands in the long run.
Research the area
When you buy a property, you’re not just buying bricks and mortar. You are buying into a lifestyle and into an area. Make sure this is right for you. Also, research any future developments and projects that could have a hindrance on your standard of living and the value of the property you are thinking about purchasing. Of course, there could be plans that have the opposite effect!
Don’t be afraid to ask questions
Ask as many questions as you like! Don’t worry about coming across as a pest or an inconvenience. This is a huge investment and you should have no doubts before you make your final decision. You may want to find out how old the boiler is, for example, or if work on the property has been carried out by a pro or done on a DIY basis.
Hopefully, you now feel more prepared to find the perfect for sale and begin your journey as a homeowner. If you follow all of the advice that has been presented in this blog post, you can give yourself the greatest chance of finding a property that fits in with your lifestyle, budget, and future plans.
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