5 Top Tips For First Time Buyers

So you’ve decided the time is right to get on the property ladder, but where do you begin? Here are some tips to get you in the right position to buy:

1. Get Your Budget Right

It is so important not to set yourself up for failure by knowing what you can really afford.

Think about the deposit – while you will need at least 5%, the more you can put down the better position you will start in with potentially lower mortgage rates.

Also look at the overall affordability of owning a property. Consider your salary (and that of anyone you are buying with), your current overheads (credit cards, vehicles, debt, etc) that won’t change when you move and make sure that you can really afford the properties that you are looking at.

You also need to factor in solicitors fees, moving costs and furnishing your new home!

(If you are not quite in the position you would like to be, don’t be too disheartened – remember to speak to your mortgage broker for the best advice to get you onto the first rung of the property ladder)

2. Know What You Want

Once you know what you can afford, you can start searching for a home that will meet your needs. But you need to be sure you know what they are. Make a list, starting with your preferred locations, and then go through all the things you would like your home to have. Once you’ve done this, narrow this list down to ‘Essential’ and ‘Non-Essential’. This will allow you to be focused but realistic in your search.

3. Search Smart

Now that you’ve established exactly what you are looking for be sure to use this to your advantage. Talk to your local estate agents, the more they know about what you are looking for the more than can help you find it. Use the filters in your online searches – don’t just stick to searching by location and prices. Make sure you are refine the search and using keywords, such as Off Street Parking, to get the best possible results.

4. Make The Most Of Your Time

You’ve found some properties that you like enough to want to visit, so now you have to make the most out that opportunity! Ask questions, take photographs and make notes. Check the property both inside and out thoroughly. It can often be overwhelming going to view a property but remember it is big investment and you will live there, so take your time and find out what you want to know. The more information you can gather, the better a decision you can make – especially if you have a lot of viewings or are torn between a couple of properties.

5. Know What It’s Worth

Before committing to making an offer, check out what similar properties have sold for in the same area. This will give you the information you need to determine what you are willing offer for the property. Don’t be afraid to negotiate. While it can often feel that the market is tough for first time buyers, you are in a strong position because you have no property to sell.

As always, we hope this helps! For more information on how ABC Mortgages can help you with your mortgage needs you can contact us through the information below.

Thanks,
Bill Muir
ABC Mortgages