Five tips for first time buyers
Are you looking to get onto the property ladder, but are unsure of where to start? Well here are five superb tips to help you purchase your first property.
Save, Save and Save
The typical first home deposit is nearly £45,000, which many first time buyers see as out of their reach. But, if you begin to save regularly you can tackle this sum bit by bit. A simple, but effective, way to save is to put a set amount of money into your savings account monthly. It is also a great idea to explore saving schemes and techniques to find what will benefit you best.
Do your research
You should ensure you research, in detail, which areas and which property types are affordable for your budget, before actively searching for a property. In the long run, this will ultimately benefit you, as it will stop you from falling in love with a property that’s financially unattainable.
A vital part of this financial research is speaking to a mortgage advisor, who will:
- Look at your income, any debts and your deposit
- Make an assessment on how much you can borrow
This will provide a great foundation for a realistic property search.
Be open minded
It’s a great idea to view a wide selection of properties, to make sure you buy the best property for you. It is easy to become fixated on one property, but there may be a more suitable property for potentially less out there- so it’s always worth a search!
Patience is Key
It may take you days, weeks or months before you find your perfect property. Most likely months! Patience is so important, it will prevent you rushing into buying a property- which may not be suitable for you in the long run.
Once you have found your ideal property, the transaction itself can take some time. But, it’s potentially one of the greatest financial commitments you will make, so once again don’t rush it!
Use a professional Estate Agent
A professional estate agent must work within the National Association of Estate Agents (NAEA) constraints and regulations. This means that you, the buyer, are protected and any any transaction will be legitimate.
These agents will also ensure any properties you are shown are suited to you and your criteria. They will also assist you in making a realistic offer on a property.