If you are a first-time buyer, searching for your first home can be quite a daunting task, especially when you consider that for the 99% of us, your house will is the biggest investment you ever make in your life. Therefore, it’s essential that you have done your research and have planned everything out before you commit to purchasing your first home.
Look Into The Schemes Available
We are aware of how tough it can be to get on the property ladder, with the average age of first-time buyers being 30 years old in 2017, compared to an average age of 23 years old only 50 years ago. Thankfully, there are schemes in place to help you. The most popular scheme being the Help To Buy ISA, which offers reasonable interest rates and the government also provides a 25% contribution to your savings (Maximum of £3,000) when it comes to purchasing your first home.
Plan Your Budget
Before starting your property search, you should ensure that have an accurate idea of how much you can afford to spend on your new home. Unless you are a cash buyer, it’s very likely that you’ll be borrowing through a mortgage, this means that you will need to pay a deposit of approximately 10% of the purchase price of the property. It’s important to be realistic with your budget as you need to manage your expectations of the type of properties that will fall within your budget. You can learn more about how to save up for a house deposit from the Money Advice Service.
Identify Your Wants & Needs
It’s vital that you have identified your wants and needs before you start looking for properties. For example, you may want a large garden, but, you don’t necessarily need it. Especially as this is going to be your first home, you need to compromise as it’s unlikely you’ll get everything that you desire. Once you’ve identified your wants and needs, it will be much easier to refine your property searches.
Start Your Property Search
Once you are confident in the type of property you are in need of as well as the budget you will be working with, it’s now time to start your property search. The vast majority of property search websites will allow you to filter properties by location, price, no. of bedrooms/bathrooms etc. Allowing you to tailor your search to meet your exact requirements. Alternatively, you may wish to speak with an estate agent in order to arrange a consultation as they will be able to assist you in finding the right property for you. It’s also important to have a timescale for how soon you are hoping to move into your first home.
Arrange Some Property Viewing(s)
Once you have created a shortlist of properties that meet your criteria, it’s time to arrange your first viewing. From this viewing, you should be able to get a feel for the area as well as the pros and cons of the property. Important things to keep in mind when viewing the property are:
- Will any rooms need redecorating?
- Are you happy with the size of the rooms?
- Is everything okay with the electricity/plumbing?
- Is the road outside particularly busy?
- Do the neighbours appear to be taking care of their home?
If you have viewed a number of properties and you have a couple that you are happy with, it’s time to arrange a second viewing. The best thing to do is arrange this viewing for a different day/time to your first viewing as this will give you more of an insight as to what the property is like in different lighting conditions, you’ll also be able to spot any noise/traffic problems too. Once you are confident that you have found your perfect first property, it’s time to make an offer. It’s best to discuss your bid with the estate agents rather than trying to negotiate directly with the seller.
Speak To Our Experts
We hope you found our tips useful and hopefully you will consider these points before you jump into your property search. If you have any further questions or are interested in any of the properties on our website then don’t hesitate to get in touch. You can call our friendly team today on 02476 388 863 or fill out our online contact form.