This year certainly has been testing for everyone. However the property market is experiencing a busy time, with 93% of first-time buyers still considering buying a home, and 51% determined to get on the property ladder this year. The government is continuing to incentivise buyers and sellers by slashing interest rates and implementing a stamp duty holiday.
From your budget to viewings, to conveyancing, being a first-time buyer can be quite daunting but also really exciting. This is likely to be the biggest purchase of your life, which is why the team at Redmayne Miller Rees are here to guide you through the whole process.
If you are looking to take your first step on to the property ladder you will need some help and advice navigating the market. Here are our top tips for first-time buyers.
It’s important to do as much research as possible into every aspect of the buying process. Educate yourself on all the available options of buying. For example, Shared Ownership is now a popular choice for young buyers. The government also has several schemes that will help you save for your deposit.
When it comes to choosing the right home for you, you’ll need to establish your budget and decide the area in which you’ll start your search. To ensure you find the right property, consider researching the area thoroughly, think about its location in relation to your workplace and social life. If you are planning on starting a family, it’s also a good idea to research some of the local schools and nursery.
Finances for a first-time buyer cover your credit score, budget, deposit and fees. Before you begin your search you will need to determine how much you can afford to spend on your first home. By speaking with a mortgage adviser, you can find out exactly how much you can borrow and roughly how much deposit you will need.
To increase your chances of getting a mortgage you should work on improving your credit score as soon as possible. You can sign up for a free account with websites such as Experian, Equifax or Credit Karma. Your Mortgage Adviser will be able to give you advice on how to improve your credit score. Knowing how much deposit you need well in advance gives you time to save money leading up to the purchase.
When buying a house there will additional fees such as the valuation fee, surveyors fees and conveyancing fees.
A common cause of delays when buying a property is errors with your paperwork. Once your offer is accepted you will need to submit various paperwork. First, you will need copies of your photo ID (driving license or passport) and a utility bill with your name on it.
To keep the process moving complete and return any paperwork as quickly as possible, but double-check for any mistakes as this can cause unnecessary delays.
Stay in the loop by keeping in regular contact with your Estate Agent, Mortgage Adviser and Conveyancer. You may sometimes feel like you are pestering them, but regular communication will help make the process a lot smoother and hassle-free.
Keep a close eye on your emails, junk email and answer machine so that you don’t miss any important calls or documents. If you have any changes from your end you should notify everyone straight away.
If you are ready to take that first step on to the property ladder call our team on 01223 811101. Our Sales Team are always available to offer support and advice during your purchase.