First of all – Congratulations on making the decision to join the property ladder. We know that buying your first home can be a daunting and expensive prospect. However, we also know that it’s an exciting time. In just a short time you’ll have a place that you own all to yourself – no more answering to landlords! But if you are a first time buyer then you are probably going to need some advice to get by. Here are some of the things that you need to know:
1. Ensure Your Finances Are Sorted Out
One of the first things that you should do once you’ve made the decision to become a home buyer is to get in control of your finances. You need to remember that your credit score is going influence the options you have for your mortgage. It’s advisable that you don’t make any other big purchases during this time as well as making all your bills are paid on time. Try speaking to financial advisors or banks so you know how much you’re able to afford.
2. Take Time with Your Decision
Make sure that you are visiting lots of different properties and noting down what you like and don’t like each time you go to a viewing. Getting the best understanding of what you want in a property will maximise your chances of securing the best home for your needs/wants. You need to learn to be realistic, as well as being able to compromise.
3. Flexibility Will Help
While it is definitely important to have your list of what you want from a property, it’s also key to remember that you probably won’t find the “dream home”. If you find a home that checks off most your wish list but it’s not in the right location – you can still go for it. If you are a perfectionist when it comes to buying a home you’ll never find the right one.
4. Know Local Estate Agents
Getting to know all your local estate agents will make your property search much easier. Get to know as many estate agents in your area and have face to face meetings with them. This way they will get to know you better and will think of you as soon as a property comes to market.
5. Do Your Research
So you’ve done all your viewing and found that perfect property for you, what next? You should do as much research on the property as possible so you can make an informed offer. Look at how long it’s been for sale, how much the bills are going to be, hiring a surveyor to check the structure of the building are all important.
6. Buying Your First Home: The Negotiation
Remember that the price you see the property on sale for is negotiable. Lots of sellers are open to negotiating a price. If you’ve found anything slightly wrong with the property then you can use this to your advantage. While you can ask your estate agent to negotiate on your behalf, remember that you will always have the final decision.