Whether you’re buying a house with multiple bedrooms or your first one-bed flat, purchasing your first home is always exciting and a big deal. Not only does it mark a milestone, it’s a chance to enjoy real security as you shape your own future and living space, especially if you’ve been living with parents or sharing places for years.
Clearly, your first home also represents a significant investment, there’s a lot to think about and you may not previously have dealt with sums of money on this magnitude. And, understandably, you may have concerns over affordability or the commitment involved, or worry that you have made the wrong decision or choice, or that you don’t fully understand the buying process.
Happily, all these completely normal and understandable fears can be allayed. Here are our 10 top tips for entering the property market this summer:
1.) Work out what you can afford
We know this is an obvious one, but do it before you even start house-hunting. Understand how much lenders are likely to offer you and add up bills, including food plus any other monthly outgoings, including, if you’re a leaseholder, service charges and ground rent.
2.) Get your mortgage application in as soon as you can
Doing this always saves time in the long run. Equally, you’ll be a more attractive prospect to potential vendors looking for a brisk sale. So get your mortgage application completed early if you can.
3.) Save as big a deposit as possible
It may mean foregoing a bit of fun in the short-term, but cut back on some spending if you can and get together the biggest deposit possible. That way, you’re far more likely to bag a good deal and a low interest rate with, of course, a smaller mortgage.
4.) Don’t be afraid to haggle
Remember that, as a first-time purchaser, sellers will love you because you’re not part of a chain, therefore it should be possible to complete more quickly. So you have more leverage than you may have thought. If the place you’re viewing needs some work doing, for example, negotiate on price and don’t feel embarrassed about it.
5.) Remember the extras
Along with the cost of your mortgage and any associated charges, factor in extra expenses including solicitors’ fees, a mortgage advisor, and stamp duty if you’re paying it, plus the removals company if you’re using one, and things you may have to buy for your new home, such as a washing machine.
6.) It’s OK to ask questions!
Never hesitate to ask your solicitor, mortgage broker or estate agent anything you’re unsure about, however trivial or silly it may seem. These professionals are there to support you as you buy your first home.
7.) Get all your documents in order
Gathering all your documents together can be a serious time-saver. You’ll need the standard ID paperwork, as well as proof of your current address, including stuff like bank statements, payslips and any pension plans.
8.) Understand that it won’t happen overnight
There may well be weeks, or even months, where not very much seems to be happening. It doesn’t mean that things aren’t going on in the background. That said, it’s completely OK to maybe nudge your solicitor now and again, as you play the waiting game.
9.) Work your contacts
Know someone else who’s already bought a place? Don’t be afraid to ask them any questions you may have. The same goes for anyone else who may have experience or knowledge and who could offer useful advice.
10.) Read the small print!
Again, this may seem a blindingly obvious one. There will always be a huge pile of paperwork to get through, but give it all a thorough read. Be aware of exactly what’s included and what you’re agreeing to before you sign anything.
Be a first-time buyer with Carter & May
At Carter & May, we’re the highly experienced, leading independent estate agent in Salisbury and the surrounding areas. With a strong presence in the city centre, we also cover the New Forest, Amesbury, Ringwood and Fordingbridge. And if you’re a first-time buyer, we can help with our extensive experience and the outstanding service that has won us a string of prestigious industry awards.
We’ll provide a service tailored to you and your own situation and take you through the whole process and be with you every step of the way. Get in touch for an initial chat and we’ll take it from there.