An essential guide for the first time buyer
If you’re in the fortunate position of being a first time buyer, consider yourself lucky. As you’re probably very aware, making that first step on the property ladder can be challenging, so if you’ve made it, it’s time to give yourself a pat on the back.
If you’re thinking about buying but haven’t quite bitten the bullet yet, it’s important to be realistic about your options. Let’s be honest about this, you’re likely to have a few stressful months ahead unless you’re buying in cash with no chain and a great legal team behind you. Here’s a quick guide to making first time buying as easy and pain free as possible.
Consider all your options
Fulham estate agent, Lawsons & Daughters says it’s not all about buying these days. “Buying a house is an expensive business, so it’s absolutely essential that you’re certain you can afford it. For some people, renting is a far cheaper and more convenient option, so before you sign on the dotted line ask yourself if you really do want to be committed to a huge financial agreement for the next quarter of a century.”
Get your deposit sorted
These days as a first time buyer you’ll be looking at finding at least 5% of the property value if you go to a high street lender for your mortgage- some even ask for as much as 30%. Do your maths and shop around for the best deal before committing yourself, and if you have friends and family who are looking to invest it’s always worth a joint venture with them if that makes things easier.
Do your research
Homework and research are key elements of successful mortgage hunting. Find a provider who genuinely cares about your needs and thinks about your financial future rather than going with someone who presents a great deal but is really just after a quick buck. Robert Holmes says this is a great time to enlist some extra help. “If you can find someone who’s been through the process before and is happy to help you sort out your mortgage that’s a big help- so don’t be too proud to ask family or friends for a little bit of support.”
Think about your living expenses
Home ownership isn’t just about bricks and mortar. Before you commit to buying a house you’ll need to think about all your other living expenses too, like travel costs and utility bills. Estate agents are by law required to give information on energy costs for each property, so you be sure to read all the information thoroughly and ask yourself if you can realistically manage the mortgage each month.
Although most of us think of home ownership as something we do on our own or with our life partner, an increasing number of people are battling the rising costs of housing by going in with friends. Obviously the more of you there are to spread your money around the better, and you can find some great HMO properties at the moment which are spacious, conveniently located and full of quirky features.
Andrew Reeves has the last word. “ If you are a first time buyer, buying a property is a really exciting experience The important thing to remember is that doing your homework and asking for help where appropriate can go a long way towards making it as enjoyable and stress free as possible.”