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Valuable Advice for First-Time Home Buyers

Buying a house for the first time can often be an incredibly stressful, complicated and ultimately time-consuming pursuit, yet it is one which, at the end of the process, can become incredibly beneficial and rewarding.

In an effort to help you through the first-time home buying process, here is some valuable advice and top tips on property purchase.

The Bigger Your Deposit the Better

 As a general rule, you will need to hand between five and ten per cent of the value of the property you are interested in to place down as a deposit.

Crucially, the larger the initial deposit, the more mortgage options are available to you, so even if this means waiting a few more months or even years before you take the plunge, this can be very financially beneficial.

Custom Home Building is, as you might expect, not for everyone, but should you have the initial outlay to be able to finance your dream home, this would be an incredible way to launch yourself onto the property ladder.

Build Your Credit Score  

 Another factor affecting the likelihood of you receiving a mortgage offer that you can comfortably afford to pay is your credit score, which you should ensure is as healthy as it can be.

There are a variety of different apps for your phone, tablet or laptop that offer a thorough breakdown of your credit report and even supply ways and means of building your credit prior to applying for a mortgage.

Familiarise Yourself with Every Additional Cost

 Whether you have already lived on your own in a rental property and are more than familiar with gas, electricity and water bills or else are currently saving money and living with your parents, the last thing you need is a financial shock when you learn about household running costs.

You could choose to seek advice on the matter from professionals or simply ask your parents to sit down with you and explain every additional bill they receive in an average year and what it is for.

Consider Applying to First Home Schemes

 Governments offer a variety of schemes and advice to help first-time buyers onto the property ladder, which can be worth considering applying for. For example, the First Homes Scheme was launched in the summer of 2021 in the UK and offers new-build properties to people who have never owned a property before, usually with between a twenty-five and thirty per cent discount.

View as Many Houses as Possible

 When watching a film, when the characters are looking for a new house, they are often depicted as falling in love instantly with the first property they see, sometimes without even stepping foot inside.

Now, it may well be the case that you already have your eyes on your dream first home, but even if you are almost certain, it is still essential to book and attend additional house viewings to give yourself a broader understanding of the properties available in your price range.


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