First Time Buyers: What To Expect
So you’re looking to buy your first ever property – it can be a little scary, right? All that paperwork and extra responsibility… there’s no denying that when it comes to owning your own home, there is a lot to think about. And we mean A LOT.
That being said, it can also be one of the most exciting times of your life. All the planning and organising becomes totally worth it once you’re settled into your new home; however, before you can dream about the first night in your property, there’s quite a bit to think about. There’s mortgages, solicitors, surveyors… and that’s before you’ve even decided what colour to paint your walls.
At Ascend, we see many first time buyers come through our doors, so we know what we’re talking about. To get ahead of the game, we’re always keen to help those looking to take that first step onto the ladder. So if you want to know where to start, you’ve come to the right place…
1) Organise your finances
One thing we often see with first time buyers is that they start looking for a property before they’ve actually spoken to a mortgage advisor (or lender) to see how much they can borrow. While it’s good to have a look around and get an idea of what sort of property you want, it’s crucial that you manage your expectations when it comes to budget.
If you speak to your mortgage broker, he or she will be able to guide you on what you could comfortably afford and take into account any other eventualities such as mortgage rate increases. Your broker or lender can also issue you with a decision in principle; this will put you in a much stronger position when you do eventually make an offer. The agent (and vendor) will both consider you as a serious buyer.
We can recommend you to some cracking mortgage brokers if needed.
2) Manage your expectations
It’s very easy to get carried away when looking for your first home. We all dream of a beautiful big house with lavish gardens and scenic views, but unless you’re one of the very lucky few who has an unlimited budget, chances are you’re going to have to compromise a little bit.
This doesn’t necessarily have to be your forever home so don’t beat yourself up if you find a property in your budget that doesn’t have everything you want. Remember you can always adapt a property to suit your needs. As long as you get the basic necessities, you’re good to go!
3) Don’t be afraid to be ruthless
While it’s important not to get too carried away and go over budget, the house-hunting game can be pretty dog-eat-dog at times. Sometimes, time spent wasted or waiting for something better to come along can actually mean you missing out on the opportunity to snatch the property you were interested in.
It’s easy to overthink when it comes to looking for your first property, but remember the practicalities of what you’re looking for and always keep these at the forefront of your mind. Then if you see something that ticks all the boxes, you can quickly get the ball rolling and think about making an offer before someone else beats you to it.
4) Get clued up on the legalities
Granted, this isn’t the most thrilling part of your property buying experience, but it’s fair to say it’s probably the most important. There is a lot of legal stuff you’ll have to learn and you’ll need to get solicitors and surveyors involved which will require extra fees and payments on top of your house purchase. To ensure you’re paying what you should be, it’s important to at least have an idea of what is needed for your property before you go ahead.
The legal implications involved can feel like a long and lengthy process; there’s quite a paper trail that needs to get completed before you can officially say the property is yours. Surveys, instructing a mortgage broker, getting valuations, drawing up contracts are just a few of the tasks that need to be completed before getting your hands on the keys. To see a complete timeline of what to expect, and to find out more about the legal process, you can read our first time buyers guide here.
Want to chat more about what’s involved with buying your first home? Give us a call on 0161 637 8336 today. Our A-Team are always happy to help, whatever your property needs may be.