Ready to buy your first home? Getting your foot on the property ladder is an incredible feeling and hopefully it will be a place where you make many happy memories. While it is exciting buying and moving into your first home, the process itself can actually be stressful and difficult. This can take some of the magic out of the experience. If you are a first-time buyer, then it is helpful to have as much expert advice as possible so that you can find the perfect home, get a good deal and streamline the entire process. Read on to find out more about how to do this.
Determine Your Budget & Speak to a Mortgage Advisor
First, you need to work out exactly how much money you have to work with and speak to a mortgage advisor. It is a smart idea to start saving as early as you can as the typical deposit for a first home stands at around £45,000 (with a mortgage deposit of 20%). Keep in mind that the larger deposit that you put down (greater than 5%), the better the mortgage you will have access to.
Schemes
It is important to keep in mind that there are a handful of Government-backed schemes which are designed to help people get a foot on the property ladder. This means you should research your options as there may be a scheme that suits you and can make it more affordable to buy a home.
Obtain a Mortgage in Principle
It will be a big asset if you are able to obtain a mortgage in principle while you start looking for a home. This is a written estimate from a lender which will give you (and the seller) an idea of how much money you can borrow. This, in turn, can help get the ball rolling before the mortgage is fully approved.
Work out Your Wants and Needs
Before you start looking at properties, it is a good idea to work out what your wants and needs are from the home. Make a list of everything that you need (a certain number of bedrooms, within a certain distance from work, a garden, for example) and then what you would like, but is not essential. This will help you filter your results and find suitable properties to start looking at.
Find an Experienced Property Lawyer
The legal process of transferring ownership of a home can be long, arduous and stressful. Having an experienced property lawyer available can streamline this process and ensure that you do not encounter any issues which could hold up the sale.
Be Patient
You may be desperate to get the sale through and to move into your new home, but it is a process that can take time so you must be patient. You should also avoid rushing into a decision about a property because it is a huge financial commitment and one which you need to make sure is right.
Buying your first home is an incredible feeling and a huge life accomplishment. It can also be an extremely stressful, long and complex process but hopefully the information in this guide will help.