Top 10 Tips for Buying Your First Property

Buying your first property is a mixed bag of emotions. Apprehension, fear, joy and elation are all common and natural feelings as you prepare to become a homeowner for the first time. This guide provides the top 10 tips for buying your first property. Let’s dive in.

Do Your Homework

It is vital that you do your homework before considering your first home. Research the process and the steps you need to take in your area. The legal aspect can vary depending on the country or area you want to purchase in.

Take Advantage of First Time Buyer Perks

If you are going to approach a bank for a mortgage, ensure you shop around to see who is doing the best deal for first time buyers. Some banks will offer a cash back scheme when the mortgage is finalised or a lower deposit and mortgage rates.

Employ a Financial Advisor

A financial advisor is worth their weight in gold and can take care of all the things you might not have thought of. A good advisor will help you to gather together everything you need for a mortgage application and check it over before it is submitted to the bank.

Find Your Ideal Home

The exciting part, looking for the perfect home. Consider where you would like to live and do you need easy access to shops, public transport or schools? Can you afford a large house or will a smaller one be suitable? Do you want to live in the country or in a town? Keep your options open and arrange some property viewings.

Contact a Solicitor Specialising in Property

A solicitor who specialises in property is an integral part of the process as you will need them to legally sign off and close the deal for the property. If you have a financial advisor, ask them if they partner with a solicitor firm or if they can recommend a good one.

Have a Deposit Ready

Before you can consider buying your first property, you will need to have the deposit ready. This could take some time to save up so it’s important to think of ways you can cut back on your spending while you save. Can you move back in with your parents, for example and take advantage of cheaper rent?

Be Ready to Negotiate

The market price of your ideal home is not necessarily what you will pay. Be prepared to negotiate on the price. If the house has been on the market for a while, the owners might take a lower price. If there a lot of people interested, you might need to part with more than you bargained for. Do you have room in your funds to negotiate?

Get a Survey

Carrying out an independent survey on the property you wish to buy is a smart move. A survey can uncover hidden issues you might not have considered in your original offer and ensures that the house and structure is in good order before you commit to a purchase.

Be Aware of Property Chains

It’s advisable to stay away from a property chain when buying your first home as these can quickly crumble depending on factors you have no control over. A chain is created when one person wants to sell their house to buy a new one and the people in that house need to sell their house before they can purchase a new one and so on. If one person in the chain backs out, the whole chain collapses.

Get Your Existing Affairs in Order

Before you get lost in the excitement of moving, is there anything that requires your attention first? Do you need to give notice on a rental property? Do you need to hire a removal firm or can you do it yourself? Do you need time off work for moving day? Considering all factors will ensure everything runs smoothly.