Buying a property for the first time can be a daunting prospect for first time buyers. So in order to help get yourself on the property ladder, read our in depth first time buyer guide. Also read below for some great first time buyer tips. Many of these tips may seem quite obvious but many people do forget the basics and get caught up in the excitement and emotion of buying a property for the first time.
This may seem somewhat premature, but by getting a mortgage offer in principal before you start hunting, you’ll know how much you can spend. Most mortgage offers are limited to a period of around six months, but that should give you plenty of time to look around. Also, mortgage lenders may extend the initial offer if your purchase is delayed for any reason. Having a mortgage offer will usually put you at a strong advantage with sellers, as it shows that you are a serious bidder who has already done their research.
Read our mortgage guide channel to get a better understanding of mortgages and how much you can borrow.
Don’t just rely on estate agents to find you a property. Try looking in local newspapers and on the internet for private sales. Read our property search channel to help guide you through the best property websites, find estate agents and get ideas to help you find that elusive dream property.
Have a list of personal “must-haves”, such as a car parking space or proximity to public transport or shops. This will narrow down the search, although you must be prepared to compromise if your money doesn’t stretch. If you want to live in the latest up-and-coming area, but find that most properties are way out of your price range, then move to an adjacent area or buy a smaller property. If you search further afield, you’ll definitely get more for your money.
Check out our Uk area guide this will help you learn about different areas of the UK tolive.
Buying a house is probably going to be the biggest investment you’ll ever make. It really pays to take your time and show a friend around, in case you’ve simply been blinded by the sales pitch.
Find out what other properties sold for in that particualr street. Go to our house price news channel and look for recent sold prices
What may seem an idyllic location by day might become noisy and unpleasant at night. Make sure that you feel safe in the area at all times and check how far you are from places that may be noisy late at night, such as bars and takeaways.
Read our exclusive tips on how to view an area and spot potential signs of a good or bad area.
If a property is in your dream location, then don’t be put off by superficial décor, which can easily be put right with a trip to the DIY store.
Remember a property can easily be a blank canvas
The older the property, the more important it is to get it checked out thoroughly. A full structural survey should pick up potential problems with the roof, for example, or spot the early signs of dry rot.
Wait for the right property. It might take longer than you had hoped, but you’ll be happier with your dream home than a property you took just because it was available.
Gazumping – where your offer has been accepted only for someone else to raise their bid at the last minute – still happens. Get insurance to protect yourself from any legal costs.
Some vendors may throw in extras such as curtains and carpets, but only if you ask for them. They may not be exactly what you would choose yourself, but they could well see you through the first costly years of home ownership.
Like all financial products, mortgages can be extremely confusing. Be very wary about signing up to a deal which has heavy redemption penalties – always read the fine print. You can save thousands of pounds by shopping around for your mortgage – an independent mortgage broker can help you to choose the right one.
If you have been used to living at home with your parents, remember to budget for expenses such as council tax, gas and electricity bills, boiler servicing and other home repairs, TV licence and phone/broadband line.
Always bear in mind how easy the property will be to resell. You might not mind being next to an electricity pylon, but someone else might.
Try, where possible, to find somewhere to live that is close to your place of work. Commuting can be one of the biggest household expenses, so minimising the journey could save you time and money. If property is more expensive nearer to your place of work, make sure you weigh up this additional expense.
There may be conditions attached to titles, restricting what you can do, but don’t assume that you have to put up with awkward or out-of-date conditions. For example, with leasehold, check the cost of maintaining common areas – this can prove a major expense.
