Five Tips For Buying Your First Home

Buying your first home can be a daunting process, but it is undoubtedly an exciting one. Whether you’re looking at government assistance such as Help to Buy or an ordinary mortgage, it’s important to take into consideration a few points before you can start your journey.

Below we have listed a few of the things that we believe it's necessary to think about before you begin your mortgage application.

1. Borrowing power

Regardless of what you’re looking at buying you need to get a better idea over your borrowing power. Without an understanding of how much you can borrow, you may be wasting your time when looking for properties.

Speak to your adviser and you should be able to target appropriate properties with a realistic budget, whilst accounting for any extra fees and charges.

2. Future plans and your life

Everyones lives are constantly changing. Whether it be marriage, a new job or even children, it’s vital that you consider what your plans are for the future. It’s important to communicate these plans to your adviser when discussing your mortgage, this ensures they’re offering you the right products for your personal circumstance.

3. Don't snap the first one you see!

Remember that "early bird gets the worm" doesn’t apply to bidding on your new home. You're looking for a home that you'll want to spend several years living in, so careful consideration is needed at every step of the process.

One of the most important factors at this stage will be whether the home is habitable or not. Whilst some homes just need a touch of updating, it's vital to remember that if the property does require any work you can change your offer to reflect of this.

4, Location and amenities.

Whether you're a family with kids at home or a young couple, it’s vital to understand what your priorities are and what amenities you need. It can sometimes seem practical to find something on the lower end of the budget, but this may not always be the best idea. Property prices are usually reflective of the amenities available. So be sure keep an eye on properties which are a reasonable distance from amenities such as schools, shops, and public transport access.

5. Government Assistance Schemes

There's many different ways to take advantage of these schemes, however you should do your research. Depending on what you would like to purchase, some schemes may be more favourable.

For example, if you'd like to use the Help to Buy scheme, you'd be restricted to just new build homes,. Meanwhile, the shared ownership sector of the market is nowhere near as big as the Help to Buy market so if you’re not keen on new build developments, you’d be limited for choice. Your advisor will be able to go through any options with you.