Top tips for first time Home Buyers

Buying your first home can be an incredibly overwhelming experience. It is perhaps the biggest personal financial commitment you will ever make, making it essential for you to know the ins and outs of purchasing a property, including little hacks that can make the experience a lot easier.

To give you a helping hand to get on the property ladder, here are a few top tips for making sure you know everything you can about buying your first home.
image credit :

Investigate the area around you
Buying a house is basically a commitment that you will be staying in a particular area for the foreseeable future. As such, you need to gather as much information about the surrounding area as possible. Make sure you look at the transport links, especially if you are a commuter, schools, leisure facilities and the general amenities. Pay particular attention to any developments or future developments going on in the surrounding area, as these can cause a lot of disturbance and often last a number of years. Don’t just stop at the internet, read local newspapers and talk to the neighbours to get an unbiased opinion on the area.

Find out the exact amount you are eligible to borrow
The actual amount that you are able to borrow relies upon a number of different things, including your income, your deposit and credit score, along with a number of key influencers. Before you start looking in any depth, find out the exact amount that you would be eligible to borrow so that you can look for properties within your budget. Not only will this help to avoid disappointment, but you will be better informed of your monthly payments and how much you would have to pay upfront.

Speak to your parents
The housing market was incredibly different back when our parents were young, however if they have been through the process of buying a home they could have invaluable advice and guidance. They may be able to help you overcome issues or help solve issues that you may not have considered. Some parents may also be able to assist you in the financial sense, so discuss this with them from the offset.

Calculate your overall living costs, not just your mortgage
Don’t forget that its not just your mortgage that you have to think about. Its easier overlook the additional costs, but you have to take them into consideration when thinking about how much you want to borrow. There are a number of additional costs to to add on before you even move in such as conveyancing solicitor costs, stamp duty and structural surveys. Once you have moved in you will need to take your other monthly, quarterly and annual bills into consideration, including council tax, utility bills, TV license, internet and then of course you have the cost of furnishing a house in the first place.

Stay Focused
The likelihood of finding a property that covers all bases is slim. In most cases, you will have to compromise on some of your requirements. Take a look around a number of different properties and make lists of the positives and negatives about each of them. It can be really easy to become fixated on one feature that you fall in love with, so it is important not to make decisions based on one element, such as a beautiful kitchen, or big garden. The last thing you want is to buy a house because it has a nice kitchen, only to find out that you have to replace the full central heating system once you’ve moved in.
If you find a house that you do like, carry out a thorough assessment of the state of repair the house is in, so you can work towards estimating any future costs.

About Georgina Bullock
Georgina has been a freelance writer for over six years, mainly focusing on property and finance. Working along side a number of high profile names, Georgina has built a strong knowledge in these areas, helping guide those trying to work their way up the property ladder. She is currently working alongside conveyancing solicitors in Manchester, to help first time buyers get the advice and guidance they need to secure their first home.

Post a Comment

Previous Post Next Post

Contact Form