There is nothing more exciting than buying your first home.
There is nothing more nerve wracking than buying your first home.
These are two statements that we have come across in our time here at Reality Estate agents. The excitement of seeing first time buyers looking at property details in the office but also at the same time, confusion and frustration can easily come into play.
There are two things that separate the two statements above; Knowledge and Being Prepared.
Let’s look at this in a little more detail.
It is important to ensure you know at what level you can comfortably afford. Over the years, we have experienced many buyers who spend time looking at properties that are outside their price range because they did not investigate this at the outset.
Booking an appointment with an independent mortgage advisor will help you get a better understanding of this. It is also worth noting that, in more recent times (since the credit crunch back in August 2017) obtaining a mortgage is not as straight forward as it once was. This is not meant to scare you but it is good to have all the information in front of you first.
Having a deposit and the credit rating to purchase are not the only cost factor to consider. There are several other costs to consider too which are; Stamp Duty, Legal Fees, Mortgage Arrangement Fees and even Removals.
Our advice to first time buyers is to look at all costs associated before you start this process. We are on hand to help you get a better understanding of this from the start.
Needs and Expectations
This is an important one. What type of property do you need to buy? Are you planning to start a family or do you already have a family that will need some additional space. We often see first time buyers move in a short period of time after buying because a life event takes place and they realise that they need to move to a more suitable property.
Location, Location, Location
One of the most over used statements in an estate agents life but it’s true. Where do you need to live? Where would you like to live? Do you need access to any particular area by road, rail etc?
A Wish List
This one is our favourite. Write down your perfect property (but please be realistic and not use the property that you have also dreamt about if your lottery numbers come up!). Work with that list of property requirements and, in accordance with your financial status and budget, look to see what is realistically achievable.
On this list, maybe highlight a few of the areas that you are prepared to be flexible on (for example, you may want a garage but would sufficient parking be ok?)
Advice and Guidance
We respect that first time buyers are susceptible to taking advice from various people. Often parents are the best source of sound practical advice but do consider that the buying process may have changed somewhat since they last purchased.
We are here and ready to help where we can. It’s interesting because people will naturally assume that estate agents work for their clients when it comes to selling but that is not always the case. We need you; the first time buyer, to help our clients so we have a vested interest to ensure that you get the right advice from day one.
We hope this short guide has helped and if you need to speak to an experienced member of the team, get in touch.