Top tips for buying your first home

Victorian house renovation

If you’re tired of renting and want to make a solid investment for the future, buying your first home can be a dream come true. However, in an increasingly competitive and turbulent market, it can be difficult to get on the property ladder as a first-time buyer. If you’re in the process of house hunting for your first property but don’t know where to begin, take these top tips on board to increase your chances of success:

Establish a sensible budget – In order to get the wheels in motion and work out a plan, you’ll first need to establish a sensible budget for purchasing your first home. Be realistic when you’re creating a budget and take into account all of your monthly income, outgoings, and expenditure. As well as monthly mortgage costs, you’ll likely need to pay a range of fees including survey costs, solicitor or conveyance fees, and decoration, and renovation costs, so take these into account too.

As a prospective first-time buyer, chances are that you’ll have been putting away some savings to go towards the big purchase. While savings can certainly come in handy when you’re in the process of budgeting for a first home, try not to deplete these all at once and remember to set aside some money for unforeseen circumstances.

Assess any available schemes/ ISAs you should be using/ taking advantage of – If you’re working on a limited budget or you’re struggling to make ends meet using your income and savings alone, check whether you’re eligible for any grants, l,oans or schemes to assist with buying new homes – many first-time buyers in the UK have made use of Help to Buy ISAs to land their properties.

Keep on top of your admin and finances – If you want to land your dream property, you’ll need to be highly organised and keep on top of your paperwork. Ensure that you keep copies of all notable correspondence and maintain a comprehensive record of events and paperwork – don’t hesitate to consult with a mortgage broker ahead of time, who may be able to advise you on how much you’re likely to receive.

Attend plenty of viewings – When you’re on the lookout for your first home, try to attend as many viewings (and ask as many questions) as you can. Seek out diverse home viewings in your local area and further afar to get a better understanding of the market and typical property pricing. If you like the look of a property, try to book repeat viewings at varying times of the day to make sure it’s right for you before you put down a deposit.

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