Tips on buying your home as a first-time buyer
Tips for the first-time buyer
Property experts are predicting that the year ahead may become more stable, but with mortgage lending becoming more affordable and flexible working becoming the norm many people are looking to move home.
The first-time buyers’ market is very strong now and is predicted to remain so throughout 2022. There are many incentives in place for first time buyers. The stamp duty relief on the first £300,000 of your purchase price should keep the market buoyant and help many to take that first step on the housing ladder.
With many first-time buyers saving large deposits during lockdown many can now start purchasing properties they otherwise would not have been able to afford. Along with affordable lending rates this should increase the demand for house sales.
What should you do to prepare for buying your first home?
Set a budget. It’s not just the house price you will need to you to consider but also the cost of moving, including legal fees, surveys, Land Registry fees, stamp duty and removal costs. Not only will you need to save for a deposit, but you may also need to factor in any property repairs and renovations that could need doing when you move in.
Make sure you have spoken to a financial advisor or a mortgage lender before you make any offers on a property. You can obtain an agreement in principle for your mortgage product to use when making offers. This may help you have that competitive edge when there are offers on the table from other buyers.
Speak to a Lawyer who can help you with your conveyancing and will be able to advise you about current market conditions and any problems you may come across in the current market.
Get a survey done on your property. It is advisable to commission a full property survey. This is different from a valuation survey undertaken by a mortgage lender and may save you money in the longer term as they will be able to highlight any problems you may have in the future. If there are any issues it can also help with renegotiating a price with your estate agent.
Ask as many questions as you can about the property to both the estate agent and surveyor. Do your research and find out about the area you are buying in for resale and amenities. Remember that once you have exchanged contracts you are then committed legally to purchase the property and it will be too late to pull out of the sale.