Must know info for first-time buyers

Buying a house for the first time is one of the most important life decisions (and investments) many people will make. Given what is riding on this purchase, it is little surprise that first-time buyers can find the process thoroughly daunting.

As estate agents working across the South of England, we have taken the opportunity to provide some handy tips to buyers dipping their toe into the property market for the very first time.

Speak to a mortgage specialist
Before you even start actively looking to get on the property ladder, it’s prudent to seek advice from a specialist mortgage adviser. They will be able to give an overview of the market and match your individual needs to the correct mortgage products available, taking into consideration your income, credit history and deposit. Many advisers will also be able to provide you with a free mortgage quote.
Mortgage specialists can also make sure that you are eligible for a mortgage in the shape of an ‘agreement in principle’, which means estate agents will take you more seriously when you start viewing houses in earnest. Expert advice will also ensure you are targeting appropriately priced houses.

Do your research
As the famous saying goes, knowledge is power. And this is particularly apt advice for those looking to buy, as first-time buyers need to know as much as possible about the market and the area they are looking to live in. For example, how good are the local amenities and transport links? How safe or family-friendly is the neighbourhood? Search the internet or visit in person to get a real flavour of the local area.

Parental advice
Many first-time buyers are between the ages of 25-35. In these cases, parents who have gone through the experience of buying before can be a very good sounding board to turn to. They can offer sound advice and guidance, they’ll be more likely to tell you what they really feel, and they can point out any potential issues that you may not have taken into account. As well as this, the so-called Bank of Mum and Dad may be able to provide financial support to help you onto the property ladder.

Keep an eye on the finances
When you have bought a house, it’s not simply the mortgage repayments every month you have to worry about. You must also factor in the cost of utility bills, council tax, property upkeep and home insurance. First-time buyers, especially those who have been living at home, might be taken by surprise with these costs and need to learn how to budget effectively.

Borrowing more than you can repay is always a very bad idea, so you need to make sure your finances are in good order before you think about home ownership.

Browse around then pinpoint your favourite properties
Once you have decided on the one or two properties that appeal most, arrange a second viewing. Now is the time to ask the estate agent or owners any burning questions – e.g. the average cost of heating and telephone bills or queries about parking.

Put in an offer
When you have chosen your ideal home, the next step is to approach your estate agent, declare your interest and place an offer on the property.

Follow the legal process
If your offer is accepted and the purchase approved, you need to hire somebody to deal with all the legal elements of buying a house. This is known as conveyancing and is often done through a solicitors firm who will provide you with a conveyancing quote.

The final furlong
Even once the purchase is agreed it may be several months before you can move in as a number of issues inevitably have to be ironed out. At this time, it is important to reply to any correspondence quickly and decisively to avoid any unnecessary delays.

Further advice for first-time buyers can be found on our buyers guide. You can also contact us on 08448 099931 and search for properties for sale here.