Are you thinking of buying your first home? Have you been saving up a deposit and are now ready but unsure of where to start? That is why today we want to share with you 5 tips for first time buyers, to ease your mind and help you to focus on enjoying getting your first home.
This is a collaborative post.
Visit Your Mortgage Lender First
It is so important to visit your mortgage lender before you start looking at properties and going down the route of buying your first home. This is because they can advise you of exactly how much you can borrow from them so you know how much you can offer on a home, and they can show you how much this will cost you each month. You need to be comfortable with that monthly figure, and if it feels like too much of a stretch then you need to reduce your lending amount and therefore the amount that you can spend on a new home.
Lenders are also great for talking you through the entire house-buying process and answering any questions that you might have. They can point out any pitfalls to avoid and help you to understand the legal and conveyancing processes.
Be Clear About Your First Home Priorities
Before you get out there and start looking for a house or flat, draw up a list of everything that you want in your new home.
Write down everything that you want and then rearrange the list into order of priority, so that you are clear on the boxes that the home must tick and then those areas that you would be happy to compromise on.
Try To Picture The Possibilities
When you are looking around for that perfect first property as first-time buyers, it is worth trying to picture the possibilities at each viewing, rather than just what it looks like now.
There are plenty of easy budget home improvement projects that you can carry out, such as repainting, that can make a huge difference to the place that you are viewing. There might be scope to modernise or extend if you have the funds and the time to take on larger projects and these can really add value to your home.
Making That Offer
Once you have found the right place for you, make an offer on it to the estate agent. They will then liaise with the vendor, and hopefully, your offer will be accepted.
As soon as it has been, give your mortgage lender a call and put an application in with them. You should also instruct solicitors at this point to act on your behalf throughout the purchase.
While You Wait
It can typically take two to three months for a house sale to go through, depending upon the size of the chain involved. While you wait, there are a few useful things that you can be doing. Firstly, keep saving! Those funds can go towards your deposit or on buying things for your new home as first-time buyers.
Scope out any furniture that you will want, though it is a good idea to hold off from buying in until you have exchanged contracts as the sale can still fall through up until that point. You can also gather quotes from removal companies, such as MyBekins, so that you are ready to book them as soon as you have a completion date.
*Disclaimer – This is a collaborative post. This post has been pre-written.
