Buying your first home can be an extremely exciting time, but it can also be an experience that is filled with a certain amount of trepidation. First-time buyers may not be fully aware of all the procedures that need to take place before a home can be bought and the sale of the property completed. It may be the case that there is a property chain involved in the sale of the property that you are interested in, and this has the potential to cause delays, depending on the number of people in the chain. However, with a bit of knowledge and planning, buying a first home can be a joyous experience and having a property to call your own is one of the great big steps in life. In this article, three top tips for first-time buyers are discussed in detail.
Save and Budget
It is estimated that the average age of a first-time buyer in the UK is 34 years old. Around this time in life, most people will be in secure permanent employment that brings in enough income to consider getting on the property ladder. It is vitally important before you begin looking at houses to thoroughly work out your budget for a home. Bear in mind that the monthly mortgage amount will be coupled with council tax or ground rent charges, in addition to energy and heating costs. Sit down and work out a budget that allows you to forecast all living expenses against your salary. It is also important to consider that, if you can put a larger payment down on the property, you will need to pay a lower monthly amount. It is, therefore, prudent to consider saving years before you plan to budget for a home.
Speak to Mortgage Experts
As a first-time buyer, it is of paramount importance that you speak to experts in the field of mortgages, such as Respect Mortgages. Companies such as this will have a wealth of expert advice and experience in the property market. Mortgage experts may be able to provide realistic monthly estimates on how much a mortgage on a certain property would cost, along with a range of other sources of information. As a rule, it is important to speak to experts who provide clear and comprehensive advice and who can answer any questions you may have on what to expect as a first-time buyer in the home-buying process.
Making an Offer
After saving, budgeting, and speaking to mortgage experts it is time to begin looking at properties that are within your price range. Be sure to look at a wide range of homes and get a thorough understanding of house prices and how they vary by location. When you have found some properties that are suitable in terms of price, condition, and location, it is time to consider making an offer. As a rule, do not be afraid to put in an offer that is lower than market value, especially if the house has been on the market for a considerable time. The offer must be reasonably competitive, but it could potentially save you significant sums of money if your offer is accepted or a slightly higher counteroffer is made.