5 Tips for First-Time Buyers

 

For many of us, buying a property is the biggest purchase we will ever make. Not only is it an exciting milestone, but it also puts a lot at stake. The process can seem overwhelming especially if you’re the first person in the family doing this so we’ve put together a 5 step guide to help you.

5 tips to ease the process of buying your first home.

1. Figure out how much you can borrow
Before scoping out possible properties, it is vital to know how much you can actually borrow. It probably won’t be the most exciting part of the process, however, it is the most important step towards homeownership. Not only will it give a realistic idea of what you can actually afford, but it will avoid future disappointment.

As soon as you know how much you can borrow, it is important to set yourself a goal that you will stick to for a deposit. In general, you need to save at least 5% – 20% of the total cost of the home. Broadly speaking, the larger your deposit, the cheaper the mortgage. If saving for a deposit will be difficult due to your own personal circumstances, do not fret. There are many incentives and affordable housing schemes for first-time buyers – a good mortgage adviser will be able to find the right solution for you.

 

2. Do your homework
Once the finances have been studied and sorted, it’s time to find your dream home, right? Well not quite. If you’re moving to a new area, it’s important to familiarise yourself with the local area. Is there a supermarket nearby? What’s the broadband speed? Find out how long it would take to get to work. Would you be able to take a train after a long day at the office? Would you prefer driving? If you’re planning to have children in the future, is there a school nearby? Location is extremely important when house hunting.

3. Keep an open mind
When house hunting, it’s very easy to fall in love with the first house you see. However, it is important to consider and view a range of possible home to ensure you’re making the right choice. Once you’ve made a list of possible home, narrow it down to your top few and book viewings. If needed, you can have a second and third viewing to answer any questions that may have arisen from the last viewing. Research has found that the average buyer will visit a property three times before finalising anything. Remember to ask questions such as how long the house has been on the market, if any other offer has been made and what is included in the sale.

4. Work out the monthly costs
Once you’ve found a property, ensure that all payments are taken into consideration, not only the mortgage. There will be other monthly outgoings such as utilities and council tax. Therefore, you must ensure all expenditures are taken into consideration before finalising the offer.

5. I’ve found my dream property! What happens now?
Once you’ve worked out your budget, finished your homework, and viewed an adequate number of properties and found ‘The One’ it’s now time to make an offer. Once the offer has been accepted, that is where we come in. Let’s face it, buying a house is already stressful, let alone having to deal with conveyancing. Get started with our free conveyancing calculator. Our handy online conveyancing calculator will give you an instant quote for our legal fees and Stamp Duty, as well as an estimate of the other fees you’ll need to pay.

If you want to know more about conveyancing click here.

The Versus Law Conveyancing Solicitors can be contacted here.

We look forward to hearing from you and helping you buy the perfect home!