Here’s our very own property expert Phil Spencer with some essential tips for first-time buyers. There’s a lot to consider when buying your first home, so we’re here with some essential first-time buyers help to make the process run as smooth as possible.
Five Top Tips
Tip 1 – Don’t look for a property until you know what you can afford
This may sound obvious but it is very easy to get carried away searching and viewing properties. Try not to get too excited and be realistic about how much you can actually afford. Affordability needs to be measured on how much you can realistically pay towards a mortgage each month after all of your other outgoings. There are a number of schemes to help first-time buyers get on the property ladder – it’s worth exploring them all.
Tip 2 – Be realistic when it comes to your search brief
It’s great to have dreams, but if your budget doesn’t match up then it’s not going to come true. House hunting nearly always involves a compromise. Don’t waste time looking at properties that are out of your budget.
Tip 3 – Ensure you speak to your favourite contact at the estate agent
Don’t just rely on emails, developing and maintaining that relationship can be crucial to you finding a home. They are your gateway to good properties, as soon as they come on the market. Regular communication is key to ensure you stay top of mind and shows your keen and committed.
Tip 4 – Don’t forget to budget for additional costs
Surveys, solicitor, mortgage admin fees, insurance – these are all costs that you’re going to incur before you become the legal owner of a property. When you speak to a financial advisor, it’s important to plan for these extras and have enough money to cover these unavoidable costs too.
Tip 5 – Be prepared
Before you make an offer, do your research and be sure to know the facts. The Move iQ Property Report can tell you all you need to know before you move to a new area, providing all the important information you need for moving home with confidence.