5 Tips for First-Time Buyers

Entering into the property market can be a daunting and often confusing experience. With hundreds of pieces of advice, both online and from people you know, you may start to feel overwhelmed. That’s why we have some handy tips for first time buyers to make it as stress free as can be.

1. Do a lot of research.

 It may seem like a given, but the more research you do when looking for your ideal home, the better your hunt will be, and the internet and local estate agents are a rich source of this information. Look into factors such as Schools, Healthcare services, Transport links, Internet speeds and even Council districts.

Even visit the neighbourhood on foot at different times of the day to check out the locals.  Visit the parks and pubs at different times of day. Are cars clean and well-maintained? Do you like the local shops? Are walls scrawled with graffiti? Check Police Crime Mapping websites (such as https://www.police.uk/) before choosing an area to search in.

2. Have your numbers in order.        

            Knowing what you can afford before looking for a mortgage is detrimental to avoid future disappointment. A deposit of at least 5% of the property price is required, not to mention the other factors such as Stamp Duty, Surveys, legal costs and Moving Costs. Speaking to a mortgage advisor early in the process can help make things easier as they can help cut through those worries and ensure a less daunting first time buying experience.

3. Expect to wait.

It can be exciting, as well as scary, looking for your dream house in a new town or county. Just remember that moving home can sometimes take longer than you think, so prepare for that. A ‘normal’ house sale usually takes between 10 – 12 weeks. A repossession on the other hand will go through in 4 weeks.

4. Look into Government Schemes.

            Schemes such as Help to Buy and Shared Ownership can be a great help to first time buyers.

Both of these are Government schemes aimed at helping people with small deposits to buy their first home or move up the property ladder. Speak to your mortgage advisor about these and how they may help you.

5. Don’t be afraid to ask questions.

             There simply are no stupid questions when it comes to the purchase of a home. Often the largest investment a person or family will make, a home purchase is a binding legal commitment and every aspect of the transaction should be thoroughly understood. Don’t be afraid to ask questions if you have any.

Contact The Mortgage Specialists at 0333 666 666 3 and we’ll help you find the best local mortgage advisor.

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