Buying a house for the first time is probably one of the biggest purchases you’ll ever make and, as a first-time buyer, it can feel daunting. In this video, Phil Spencer shares his advice to ensure you are fully prepared and in the best possible position moving forwards.
Preparation is absolutely key. One small mistake can have huge consequences.
To help you through the buying process, we’ve created a complete first-time buyer checklist, which Phil explains in the video below. We’ve outlined the key areas covered in the checklist, but be sure to watch the video to catch the full details on all these aspects of buying a home for the first time.
Checklist for first-time buyers:
Make sure it’s the right time for you to buy and that you can comfortably afford it. Remember that you’re not just investing in the house, but also the area you’ll be moving into. It’s important to ask yourself if the area is right for you and if it’s worth the money that you’re putting into it.
- Additional Costs
It’s also worth remembering the other costs which could be easily overlooked on your first home purchase. These include home insurance costs, stamp duty, mortgage arrangement fees, and more. As a first time buyer, speaking to an expert advisor and financial planner will be extremely valuable.
- Upfront Costs
When it comes to your deposit, you’re looking at around 10% as a rough guideline. There are other upfront costs such as surveyor, legal, professional conveyancer and removal fees (consider insurance for your belongings while they’re in transit).
- Ongoing Maintenance
Once you officially own the house, be prepared for the ongoing maintenance, from council tax to utility bills. If you’re buying a new build, there’ll be even more costs to plan for.
Considering all these factors will help put you in a good position when buying your first house.