Buying your first home can be a nerve racking. You may not have a clue where to start. So here are a few hints and tips on becoming a first-time homeowner.
How much can you borrow?
Before you start your property search, it's important to understand what you are able to borrow. This amount is calculated by looking at what your household income is and the size of your deposit – the amount you can borrow will vary from lender to lender and the interest rates will vary too.
Using a mortgage broker can makes things simpler, as they will do a lot of the hard work for you and are able to show you a range of deals rather than having to search for them yourself.
Location is not always key
Wanting to put down your roots in a familiar or preferred area is normal however may not always be affordable ,go to see areas that you've not been to before, test your commute to work and listen to your estate agent when they make suggestions. You would be amazed at how many first time home owners eventually buy in an area that they hadn't even considered
Commitment – Are you ready?
Buying a property is a big deal. It requires a contract that you must abide by and if you want to sell up, it's not always quick or simple.
If you're purchasing a property with another person, whether it be a partner, a family member or a friend, you need to consider the long-term commitment that is required and how you might divide ownership of the property when you sell – although buying with someone else probably means that you are able to afford something bigger.
It take’s time
Once you have made an offer on a property, there are many things that need to be taken into account that will affect how long the process will take.
If you're in a chain, you're reliant on everyone else to keep to the timescales. But it doesn't always go to plan or as smoothly as you'd like, especially when you have to factor in solicitors, surveyors and local searches as well.
Be open minded
Think you know the style of home you want? Be open to suggestions and listen to the experts. Floor space is normally key however everyone has different tastes? South facing, a garden, a spare room or decking.
Each home is unique and is what you choose to make it.