One of the biggest challenges in adulthood is making the move to get on the property ladder and buying your first home.
You may have been renting a house in Bootle for a time, or living at home with your parents, but at some point you start to think about owning your own place.
If you are paying rent, then why not pay a mortgage on a house that one day will add in value and become and asset.
Getting started is the hardest part, so here are some tips to help you on the way.
Start Saving Early
The early bird catches the worm they say, and this is especially true when it comes to saving, the earlier the better.
Budgeting is key when it comes to saving, and if you are serious about getting a deposit together then it pays to have a plan.
Whether you get paid weekly or monthly you have to have a saving plan in place, so you have to know ‘your number’ i.e. the minimum amount of money you need to cover the essentials.
Factor travel money for work, rent, utility bills and any other essentials, then what you have left work out the maximum you can afford to save towards your deposit.
Open up a Help to Buy ISA and set up a direct debit so you automate your savings process, and as an added bonus the government will add a 25% bonus to your savings.
If you haven’t already then start today, the earlier you get going the quicker you will have your deposit.
Workout Your Price Range
One of the best things to do when you are starting out your search is to find out how much you can borrow for your mortgage.
The best way to do this is to speak to an independent mortgage advisor, they will take all your details, how much you earn etc, and then they can look at a range of mortgage products, and DIP you.
Which means a ‘decision in principle’ by a mortgage provider; this will also tell you how much you can borrow for your mortgage.
Its important to speak to a mortgage advisor at the start of your process, as this will give you a realistic figure for you to work with, then you can start looking for properties that fall within your budget.
Time To Do Your Research
Now you have a figure in place, and a mortgage in principle its time to research properties in your price range.
Do you want to buy a house or an apartment? Do you have a specific area in mind?
You may want to stay close to work, or have good transport links, these are all important things to consider when looking for place to buy.
So thorough research is a vital part of the process as you consider what you can afford, what type of property you want, and where you want to live.
Get Your Ducks In A Row
Now you are actively looking for your first home its important to make sure you have all the correct items for the purchase.
To be considered for a mortgage you will have to provide proof of income, utility bills and bank statements.
So make sure you can have easy access to all the essential paperwork, it is best to plan in advance and know where they are.
If you start the process and the provider asks you for your financial details, you can delay the process for yourself if you don’t have everything to hand.
So plan ahead and get your paperwork in order before you start making offers.
Start Your Search
Now you have everything in place its time to start looking for your new home. You can search online at your local estate agents, or use Right Move to look for properties.
You can use filters to set your location and price range, and this will return a range of properties that fit your requirements.
This is an excellent way to start the viewing process, once you have a list of properties you’re interested in, you can then contact the estate agent to arrange viewings.
Its best to view during daylight hours as this will help give you the full perspective on the property and the surrounding area.
If you plan on doing multiple viewings in a day, then allow enough time to make the journey between viewings.
Its unlikely you will find your dream home on your first viewing so be patient in the process and you will find success, it’s important not to rush.
Make Your Offer
Once you have found a property you would like to buy, its time to make your offer. Working with your estate agent to liaise between you and the seller to make the deal.
It’s tempting to want to under offer on the price and make a bit of a saving, but its important to not offend the seller and scupper the deal.
Talk with your estate agent before you make your offer and see if there is any wiggle room on price, then once you have established what a sensible offer is, your estate agent can make the offer to the seller.
Then once you have your offer accepted you are well on the way to owning your first home.
Take Care Of The Paperwork
Now you are good to go its time to get the ball rolling with the legal side of the buying process, you can instruct your solicitor to take care of the conveyance for the property.
This is another area where patience is required as depending on the speed of both solicitors for seller and buyer, it can sometimes be a drawn out process.
It pays to keep in touch with your estate agent as they can help liaise with both parties to help the process move quickly to completion.
Collect Your Keys
Once everything has moved along and contracts have been exchanged, its time to pick up the keys. You are at the end of the process and the owner of your first home.
Your estate agent will have the keys waiting for you to collect and you are on your way.
At James Kristian we have helped many first time buyers to find and move in to their first home.
If you are thinking about your first property and a bit unsure of the best way to move forward, then why not call in for a coffee, or give us a call to discuss your situation.
One of our friendly staff will be on hand to give you advice and help you on the way to becoming a first time homeowner.