If you’re considering buying your first home in the very near future, you’ve come to the right place.
In this blog, we’re going to talk you through the basics of buying your first home and what to expect. It will no doubt become one of the most exciting yet stressful experiences of your life, and you will find that getting the house of your dreams can be a lengthy process. You’ll need to have a degree of patience and understand the basics of the house-hunt.
This blog will take you through some of the main pointers to keep in mind as you start the search for your first home.
Start saving as early as possible
Buying a property is most definitely the largest investment you’ll ever make, so you should aim to start saving up for a deposit as early as you can. The average deposit for a first home is between £10,000 and £20,000, so it’s no surprise that purchasing a property over renting can seem far out of reach for some people. Getting a home loan isn’t easy, but there are many ways of maximising your chances of being accepted.
It’s also worth considering other options to help you with saving and making the most of your money, including putting your cash into a lifetime ISA or high-interest savings account.
Hire a solicitor
When putting an offer in on a property, it would be worth hiring a solicitor to carry out the necessary structural checks. While there is no legal obligation to do so, it would be highly advised to cover you legally if any issues around and ensure that the financial aspects are handed over securely, particularly if you are taking out a mortgage.
Mortgage lenders are likely to recommend a list of solicitors for you to choose from; however, if you live in a particular region such as the Midlands, you may wish to hire solicitors in West Midlands, which are more local to you.
Speak to a mortgage advisor
A mortgage advisor will take a closer look at your income and any outstanding debts that need to be paid before informing you of how much you are eligible to lend. This task is one of the most crucial aspects on the to-do list in the early days of house hunting, so you’re aware of what you can realistically afford. You should also aim to have your mortgage offer accepted before browsing properties, as this will set you off on the right foot and hopefully secure you a deal.
Buying a house isn’t as straightforward as you may think, and there is a lot of waiting around to do. It can take months to find a property that is suitable for you, and then you’ll have to wait for the transaction to be processed before the keys are handed over. If you are in a chain, the wait can be even longer. On the odd occasion, house sales can even fall through, which means you’re back to square one. However, this is something you need to prepare for.