First time buyers…
Buying your first property is a very exciting time in your life, but sometimes it may not be a pleasant experience if you don’t know how to approach this new experience. There are so many questions and head-scratching when you decide to buy your first property. We have listed our top tips and what to consider when buying your first property.
Can you afford it? The first thing to get it right is to know how much you will need in order to buy your first property. You’ll need a deposit of at least 5% of the property price, and of course the more you can put down the lower rate you’ll get on your mortgage.
Can you get a mortgage? This will depend on a combination of your deposit, salary (or combined salaries if you’re buying with someone else), outstanding debts and credit score. If you are stuck and would rather receive professional help to check if you will be able to get a mortgage then check our page to find your local mortgage broker.
You’ll also need to raise enough money to cover your legal (solicitor) fees, stamp duty, surveys.
2. Mortgage agreement in principal
Once you are ready to view properties, get an agreement in principal to show that you can borrow the required amount. This document is free and demonstrates to sellers you are a serious buyer.
3. Start searching
Now that you know how much you can afford and have a mortgage in principal in hand, you can start searching for your first property. Be sensible when searching for your new home. Narrow down the areas you would like to live in, check recent sold prices, the number of bedrooms you can afford, make a list of ‘must-haves’ and ‘nice-to-haves’.
4. Arrange viewings
Viewings, viewings, viewings…. this will probably be the most time consuming of the whole buying process, be prepared to attend a lot of viewings until you find your dream home. Don’t stress out if it takes you long to find your dream home, it will pay off when you finally find your true dream home, DON’T rush into things and don’t make any reckless decisions.
5. Make an offer
Be sensible with your offer, but keep in mind as a first time buyer you are in strong position as you are not attached to a property chain.
6. Offer accepted
Congratulations! You’ve found your dream home!
However, things doesn’t end there. You will need to have a solicitor to take care of the buying process. Your chosen solicitor should be able to ask any questions you have to the seller’s solicitors regarding the property. Make sure to ask as many questions as possible and be 100% certain that there is nothing left unanswered.
We advise using our recommended solicitors to take care of your buying process, who are very professional and quick to get things done. Our recommended solicitors also offer online portal facilities, which will save you tons of time and speed up the buying process and best of all, you won’t ever have to take time off to visit the solicitor’s office so no more ‘paper-dropping’.