For many first time buyers, purchasing their first home can be a daunting prospect. Buying a house is, for many by far the most significant purchase they will ever make. So it’s not surprising then for first timers to have a little apprehension with regards to the whole house buying process, which is why we have put together a brief guide to help first time buyers get onto the property ladder as smoothly as possible.
First and foremost it is important that you have a clear maximum budget in mind, as not having clarity on what you can afford at this stage is likely to cause you problems and almost certainly disappointment later on down the line. You might want to consider using an online mortgage calculator to give you a rough idea of what you can borrow. It might even be a good idea to get a mortgage in principle agreed, however you may have to go through a credit check so it’s a good idea to be sure that you are seriously looking to buy a house before getting a mortgage in principle.
Once you have a figure in mind for your maximum budget you can start to think about what you actually want to get for that budget. Making a list of must have’s and nice to have’s might help you to identify what you are willing to compromise on, as most first time buyers these days will have to make some significant compromises in order to get onto the property ladder.
Having identified your budget and also your list of requirements you are now equipped to start your property search. These days there are many property search apps such as Zoopla, On The Market and Rightmove, to name a few, which you can download, enter your requirements and receive information about properties which match your criteria.
In today’s society demand for housing, especially affordable housing is extremely high so it’s crucial that if you find a property that matches your criteria that you register your interest and book a viewing as soon as possible, acting quickly at this stage will show the agent/seller you are keen and give you the best chance of obtaining your dream home. Once you have been to see a property remember to keep in mind your budget and your must have’s as these can sometimes be sidelined in all the excitement. It can sometimes be helpful to take someone impartial, who is aware of your requirements along with you to any viewings to keep you grounded. Something that can easily be overlooked are the costs of renovation and this is important to consider when looking at a house with ‘a lot of potential’. Taking on a project house is something many first time buyers aspire to, allowing new home owners to put their own stamp on their home as well as to add value to it, just remember to account for this when making an offer ensuring that you will have some money left over to spend on renovation work. If you do decide to purchase a house that needs renovation work done to it we can help you create your dream home.
Byoot provides a full turnkey solution to our clients, from planning, architects, structural engineers, building control and the build, leaving our clients to focus on their day jobs while we do ours. If you are thinking of extending, renovating or improving your home speak to one of the team on 0208 4509185 or send us an email at firstname.lastname@example.org