It’s a really daunting, exciting, scary and wonderful place to be….. buying your first ever home! Here are our top 10 suggestions to consider before you go ahead with buying your first home:
- Decide when is the right time – is it now, or in the future? Can you afford it? Have you looked at roughly what your mortgage repayments might be, and thought about bills? What’s going on with the housing market at the moment?
- Look at the costs of the types of properties you might consider, and work out what you might need for a deposit as well as how much you would need to borrow to get a mortgage. The minimum you will need is around 5% of the property value, but most mortgage providers like 10-20% with most accepting 10%. The more deposit you can out down, the cheaper your monthly payments might be. You will also probably get a better interest rate.
- Could you budget and save for a deposit? If that’s hard or not possible, are there schemes available or people that could help you get on the ladder? Could parents or family members gift or loan you some money? Could they go on the mortgage with you? Would you consider a newbuild scheme that needs less deposit value and is aimed at first-time buyers?
- Get 1-3 years books in order from your earnings, and book some appointments to speak to several mortgage advisors – some might specialise in self-employed mortgages whilst others might be a whizz at sorting out buying a newbuild. Ask around for recommendations for used and trusted advisors from people you know. Perhaps do a little research, check if there is a fee for consultation, and book with a few different people. Then you can choose to go with someone you feel comfortable with and trust, and who should be able to get you a good rate and a deal you can be happy with.
- Get a mortgage agreement in principle so you can be a little more certain what’s possible and what your budget is. It’s pointless going home shopping and putting in offers until you have an agreement in principle.
- Register with estate agents so you get priority viewing on properties before they end up gone or on Rightmove. Often agents will have a list of prospective buyers, so that when a new property comes in that suits what they are looking for they can contact them. It’s also worth going in and meeting agents face to face. They are more likely to remember you and what you are looking for if you build a connection.
- Start looking at properties to get a real feel of what you do and don’t want. If you have children or are thinking of having children you will want to research local schools. Do you want to be near shops, a primary school, the town centre, a bus stop or even a noisy neighbourhood pub? What are you willing to compromise on – perhaps there are things like space, a driveway, the garden, or the bathroom size that are make-or-break for you? Check out things like access and timetables if you need to use public transport regularly.
- Put in an offer when you find the one. When you find ‘the one’ it’s hard not to get really excited. Until you exchange and complete, it’s not yours, so don’t think of it as a done deal! To help avoid disappointment, it’s good to think in advance about how much more you might be willing to offer if it really is ‘the one’ and if others might be interested. Go in lower – but not too low! Your advisor can help you with this.
- Exchange your contracts. The point at which the sale of a property becomes legally binding, both to the buyer and the seller. For the sale to proceed both the buyer and seller need to sign copies of an identical contract and the buyer needs to pay their deposit.
- Complete and move in. Completion day is the last step in the process of buying and selling a property. This is the day the ownership transfers from seller to buyer and the buyer actually gets the keys to their property. Often this is the day you might choose to move in, or you may make the move a few days or weeks later.
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