Buying your first home? A few top tips

Buying your first home is an incredibly exciting time, yet it can also be overwhelming, as you navigate new challenges. Read on, for some insights into what you should consider when buying your first home – we can’t help you choose your colour scheme though! 

Firstly, what can you afford?

Before you set your heart on your dream home, it’s important to consider what you can realistically afford. You will usually need a deposit of around 10 – 15% of the property’s value. The rest of the money you will need, can be borrowed from a mortgage lender. Remember to be realistic about the price point of homes you look at. It can be easy to fall in love with a place, but if it’s not within your price range, pull out. www.RespectMortgages.co.uk can help you understand your options with an online calculator, as well as access to independent mortgage brokers, who can help you find out how much you can borrow. 

In addition to the money for the deposit, it is also worthwhile to ensure you have enough saved, to cover any additional costs, such as legal fees or valuations. In the UK, it is worth checking if any of the government initiatives for first-time buyers, could benefit you. 

Location, Location, Location

Once you’ve figured out your budget, and are sure you can afford to buy your new home, you can start to consider what kind of area you’d like to live in. Be realistic, and ensure the location you plump for, aligns with the budget you have allocated. What kind of property you can get for your money, differs drastically around the UK, so it’s useful to write down a list of your priorities,

e.g., what’s more important: having 3 bedrooms, or having access to a tube line? 

Let’s get viewing!

Once you know what you can afford and where you want to live, you can start viewing properties. When looking at a property that excites you, it can be easy to get carried away; try to keep a level head and think constructively. Never be afraid to ask questions – it’s even worthwhile taking a notepad, so you can write down important information such as, 

• What are the neighbours like?
• Are white goods included?
• How old is the boiler?
• Have any offers been made?

Consider your worth!

If you’ve found a home and fallen head over heels, it can feel like the property seller has all the balls in their court. However, this is not the case. Take some time to consider your worth to the seller. For example, if you’re renting and can move quickly, this could be a major bonus. Or are you willing to be patient and wait until the homeowners are ready to move? Consider what you have to offer, and what could be used as a bargaining tool. It is also important to consider researching the properties possible depreciation schedule. 

Buying a new home can be incredibly daunting, but in the long run, it will give you security, an investment, and a place to call your own. So don’t be discouraged – try to keep your end goal in mind, and look forward to the day you can rummage through Ikea and start decorating your dream home!