Buying your first home can be an exciting prospect and major milestone in anyone’s life. It can also be a little daunting as it is one of the biggest financial investments you will make.
To help you navigate this process, we have put together our top tips for first time property buyers.
Tip 1: Check what you can afford
Before you start looking through property websites, work out what you can afford. Many banks have online mortgage calculators which will give you an idea of how much you can borrow and how much your monthly mortgage repayments would be.
Tip 2: Consider the hidden costs
Make sure you protect your investment by knowing exactly what you are in for in terms of costs and procedures.
There is not just the monthly mortgage to consider, purchasing a property also comes with some once off costs such as a deposit, transfer duties and conveyancing fees. It is also important to consider the monthly cost of running your property which would include things like buildings insurance, council tax etc.
Tip 3: Location, location, location
Explore more than just one area; you can always change the aesthetics of a property, but you cannot change the area. Make a list of your top priorities to ensure that the area meets your lifestyle needs for things like, commuting, schooling and shops. It is also useful to visit the area at different times of the day and of the week, so that you can understand traffic patterns and other goings-on.
Tip 4: Know what you are buying
It is important to see past the beautiful furnishings and ask some important questions such as, ”Is there any sign of damp?” Are there any structural cracks? We recommend always using a home inspection company to properly inspect the property before submitting an offer.
Tip 5: Market research
Make an informed decision on the property you are interested in. Ensure that you look at the average sales price of the area, and that the sales price aligns.
Once you have completed your market research, you may also decide to negotiate the price down with the seller before you put in an offer.
Tip 6: All engines go!
No red flags? You are all good to go. It’s time to make an offer to purchase. If your offer doesn’t get accepted, don’t panic and go above your budget, work out whether you can afford to stretch the budget for your perfect property.
By following the above steps above, you can ensure that your first-time buying experience is a joyful one and not overshadowed by unexpected stressors.