A Guide to Buying Your First Home

Everybody remembers their first home. The first property you moved into after leaving the nest of your parents or your first property purchase after renting for years.

Most people will look back on that time fondly but if you are yet to experience it, we will provide you with the knowledge you need to make sure that the home you buy is right for you. Read on to learn more.

Decide Whether Buying Is the Right Choice

It sounds obvious, but there are a number of reasons why it might be a good idea to continue renting a little longer. Your main focus should be affordability. Are you comfortably managing to pay for existing outgoings and expenses whilst still saving money each month?

To secure a mortgage, you will require a substantial deposit. If you’ve been unable to save for a deposit comfortably, it might be an idea to wait a little longer until your finances are more secure.

Decide on Your Budget

Mortgage lenders will usually lend you an amount equal to a set multiple of your gross salary. This figure, on top of your deposit is the amount that you can afford to spend on the purchase of your property.

Mortgage lenders will carry out an affordability check so don’t overstretch yourself. Doing so can have serious consequences.

Choose Your Area

You might want to stay near to where you’re currently living or you might want to move to the opposite end of the country. Whatever you decide, make sure that you’re still able to commute to work or know that there are job prospects in your field in the locations you are considering.

Also bear in mind that some locations are more expensive than others. Houses for sale in Colchesterwill be more expensive than houses for sale in Derby on a like for like basis. This means that you will likely get more value for money if you are more openminded on where you would like to live.

 

 

Choose a Property

Now for the fun part. Once you’ve decided on an area, it’s time to go house hunting. Head online to all of the well known property websites and begin your search. Compile a list of suitable properties based on your criteria and arrange to view them.

It’s best to see as many as possible to give you an idea of what you can afford. It’s also a great opportunity to do further research on your chosen area. Remember, properties in the South-East of England tend to be more expensive than elsewhere in the country.

Secure Your Mortgage

As mentioned, ideally you want a mortgage lender to have agreed in principal to loan you some money. If you’re struggling with this step, put the property search on hold and sort out your finances.

Make an Offer

Okay, this is it. You’ve found your dream home so it’s time to make an offer. Don’t be nervous in making an offer below the asking price as the vendor can only say no or make a counter offer. Do bear in mind that property can sell very quickly, so it you want it, don’t let it slip away.

The process of buying a property can be straightforward and enjoyable. Research is key so make sure you’re prepared and go in with all the facts.