Making the move from renter to home owner is a milestone that many people dream of reaching. There are a few common life events that prompt renters to start thinking about buying their first home. For many people, the hope of saving for a deposit is too difficult, so they rely on the generosity of their relatives to help them pull together the required funds. A growing family is also a popular reason to get on the property ladder.
If you’re looking for your first property to sink your teeth into – whether it’s a pristine new build or a fixer-upper with bags of character – you need to be prepared. Learning as much as you can in advance is the best possible way to make sure the home-buying process is as smooth as possible. A common problem that first-time buyers report, is that they are bombarded with information and advice from every angle. This might sound helpful, but in reality, it can be difficult to figure out who is offering advice and who is trying to influence your decisions in their favour.
Buying your first home is a huge step, and there is a lot of money on the line, and first-time buyers are feeling this now more than ever before. This is precisely why you need to make sure you do it correctly. There are specific areas that you need to address before making your purchase and choosing the right residential property. So, to give you a helping hand, we’ve put together these four easy steps to follow steps to make picking your property that little bit simpler!
Get Your Finances in Order
A new house is a pricey affair, which is why you need to get a plan in order and budget exactly what it will all cost – even if it is a rough estimate. That way, you can clearly see how much everything will cost and how much you can afford. An important step you should keep at the forefront of your mind is to always be realistic. If you can’t afford it, then don’t put yourself in unnecessary debt. There are more than enough properties out there to meet your needs, you just have to give it time to find the right one for you. It can be very easy to trick yourself into buying something outside of your budget simply by looking at something outside of your budget.
Many people budget for the house and forget about everything else, but there are many additional fees that you will need to take into consideration. Deposits, estate agents, conveyancing fees and moving costs all add up. People often overlook the hidden costs, so it’s a smart idea to include a generous buffer within your financial budget to include any hidden fees or any changes you’ll need to make once you’ve acquired the property. Remember, if the boiler breaks on your first week, there’s no landlord to swoop in and fix it!
Seek Expert Advice
If this is your first time buying, then it is always wise to see the help of professionals so you don’t miss out on anything that could cost you in the long run. They’ll help give you guidance and reduce stress and added costs. A mortgage advisor will be able to advise you about your application and what property you can realistically afford. Next, find a solicitor to sort out the tricky legal side of things. Conveyancing solicitors will officially register the property under your name, saving you a headache and a lot of time during the process. They are there to help you so rather than over complicate things to save a few quid, trust that it is money wisely spent on something you don’t know enough about to handle yourself. It’s important to remember you don’t have to use the conveyancer your estate agent recommends, and they also don’t have to be local.
Give Your New Place a Proper Review
Finding the perfect property today is a daunting task in such a competitive market, so make sure that you’re not rushing into it just because it’s available. Give your property an in depth inspection to ensure it ticks all of your boxes. You don’t want any nasty surprises after you’ve signed on the dotted line – so if you need to call in people to review it for you, don’t skimp on this! It’s very important to take absolutely everything into consideration, it’s a lot of your money so you need to know what you’re getting into. Visit the property at different times of the day and night to make sure you have a good idea of what the area is like.
Finally… It’s Time to Make That Offer
After you’ve checked you’re in the right financial space and the experts have been in to ensure it’s a viable option, it’s time to make an offer! Decide on how much you want to pay for the property and make a bid based on your estate agent’s advice. Have a maximum bid in mind and don’t go over it, even if they don’t accept your first offer. If a seller is in a hurry you might be able to get yourself a bargain, but you should never feel pressured to go over your budget, no matter how perfect the house may seem.