Being a first time buyer can be daunting, with stressful decisions needing to be made. It is highly likely that you might not necessarily understand the market and it can be very easy to end up wrapped up in the excitement of viewing potential new homes.
However, the property market is extremely competitive and it's very important to make sure you are in the best position possible before starting the process.
Discuss your plans with a financial advisor
Before you begin the process of house hunting it can be useful to discuss your plans with a financial advisor. This will allow you to find out exactly how much you can afford as well as which mortgage route is best for you. There is always a large misconception regarding the level of deposit required and how much you can borrow so it’s important to be clear on your price range from the very start.
Obtaining a mortgage agreement is also something that can make you stand out to the estate agents and vendors as this shows that you are a serious contender and ready-to-go.
Before beginning the viewing processes of houses that have caught your eye, researching into the sold prices of similar homes in the area can be a key indicator for room on price negotiations, as well as also taking into consideration the vital things you wish your new home has.
Once you have an idea what you can think you can afford you can then decide some further factors of your future home:
What does the property need to have? When looking at different houses available it can be very easy to lose track of what it is you want your home to have, make sure to keep a list of what you would consider vital for your home to have, this can include a large garden or two car drive. By looking at homes within a similar price range you will be able to develop an understanding on what preferences are realistic.
What property would work best for you? Each house available on any market all have different styles and characteristics, some being an older style, new build, or even a flat. With a wide range available it is important to make sure to take into account the costs after purchasing the home, e.g. maintenance costs for an older home, or additional yearly costs for flats.
Use a Local Estate Agent
Something else that can be useful to first time buyers is using local estate agents when looking to view houses. They will understand the local property market better than estate agents operating nationally.
Once you have established a clearer vision on what you want your home to be like you can then begin the more exciting part of the process and arrange viewings for homes.
Make an offer
When you think you have the best home and feel ready you can then make an offer on a property, you will need to show the agent your mortgage agreement in principle and confirm the time-scale that you are looking to work towards.
As a first time buyer you can be just as appealing as a cash buyer or investor provided that you are eager and organised enough to move the process forward quickly.
Being open and honest with your estate agent is vital from the beginning. It will help you to build a good rapport and make the entire transaction process a lot smoother.
Once your offer has been accepted there's no time to stop. Ensure to have a solicitor at the ready to do the conveyancing so that you can get the transaction moving along quickly.
Understanding the property market can be daunting to new buyers, but with the correct preparation and advice you can find your perfect new home in no time.
Let us help you find your first home, contact us today - https://www.letsmovepropertymanagement.co.uk/contact