finances

First Time Buyers

Published by
June 25, 2018 2:51 pm

First Time Buyers

Buying a home for the first time

So, you're thinking of buying for the first time, here are some important questions you should ask yourself.

Before you begin to look at your first property, you should consider all the pros and cons of buying and owning your home.

  • Are you financially and emotionally ready to buy a home?
  • Is your job stable and will it support you financially when making the commitment?
  • How much can you afford?
  • What are the upfront costs when buying?
  • Is the property structurally stable?

Saving for a deposit is a major part of the journey to owning a house. You will have to establish how much money you need to put aside. The bigger the deposit, the more competitively-priced your mortgage will be.

It is ideal to start saving as much as possible, as soon as possible. There could be many buyers at once looking for similar properties in and around the same area as you. It can be a good idea to build up a relationship with your estate agent so that when your dream property comes onto the market you will be the first to know.

View the property

You cannot beat viewing the property with your own eyes, examine photographs, CGIs, floorplans. But don’t underestimate the importance of viewing a property

 

Investigate

  • Why is the seller putting the property on the market
  • How long has the property been on the market for?
  • Is the structure of the property okay, damp patches, cracks etc?

Other buying costs

There are multiple costs associated with buying your first home, so don’t forget to add them into your budget.

  • The lender could charge you for reserving your mortgage
  • You may find that cheap mortgages are offset by expensive fees and costs from lenders
  • You will have to carry out a study on the property by a professional chartered surveyor

Video source from Zoopla

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This post was written by millermetcalfe

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