Buying your first home can be an exhilarating but nerve-wracking time. There’s so much to consider, from how much you’ll need set aside to where to begin your search for the perfect property.
These tips for first-time home-buyers will help the process go smoothly so you’re fully prepared to put in that all-important offer.
Save in Advance
Whether you’re hoping to buy a home next year or five years from now, starting to save as early as you can will put you in the best possible position.
The greater your savings, the higher the upfront deposit you’ll be able to put down against your mortgage.
Not only will this reduce the size and term of your mortgage but it will also help you get the best possible deal from your lender.
Narrow Your Choices
From setting a maximum budget and choosing the ideal area to deciding how much room you’ll need and what kind of renovations you’d be happy to tackle, honing your requirements is an essential part of the home-buying process.
Narrowing down your search will make it easier to sift through the available properties and increase your chances of finding one that ticks all your boxes.
You might decide to only look at new homes or to refine your search to a specific geographic area within a certain radius of your workplace or desirable schools.
Remember that some aspects of your new home, such as the decor can easily be changed.
Plus many properties can be adapted to meet the requirements of a growing family, but there are certain things you can’t change, such as the style and location of your home.
Be Aware of Extra Costs
When it comes to buying your first home, don’t forget that there are hidden costs involved. It isn’t just the deposit and mortgage fees you’ll need to cover before you pick up your keys.
Mortgage lenders will insist on a basic mortgage valuation survey to give an overview of the general condition of the property and ensure that it’s worth the offer price but many prospective homebuyers will also want to undertake a homebuyers survey that will highlight any potential issues such as damp, subsidence or building regulations issues.
There’ll also be your solicitors to pay, with average conveyancing fees in the UK ranging anywhere from £500 to £2,000.
You’ll also want to take out homeowners and contents insurance for your new property, and don’t forget moving and decorating costs!
Don’t Rush Into It
Try to view as many properties as you can in your chosen area but don’t book too many viewings for the same day to avoid getting property fatigue!
It may take more viewings than you expect to find somewhere you can imagine living but try to not get disheartened and don’t be tempted to settle for a home you’re not happy with as buying your first home is a big commitment.
It’s crucial to remember that finding your dream property can take time and as frustrating as this might seem at the time, it’s a good idea to step back and try to enjoy the process as much as possible.
Remember that when you do find your ideal home, you’ll hopefully be spending many happy years there, so all the hard work will seem well worth it in the end.
