Buying your first house is an important and exciting milestone in your life. However, getting on the property ladder can be a challenge and the house-buying process can seem daunting, especially for first-time buyers.
To help make the process as smooth and stress-free as possible, here’s everything you need to know about buying your first home.
Calculate your budget
Before you start looking at properties, you must work out what you can afford and calculate a realistic budget. This will be determined by several factors including your savings, income, and monthly outgoings. Fortunately, there are many useful mortgage calculators online that can help you determine how much you can afford to spend on a new home.
Keep in mind that you should aim to have enough money left over to comfortably cover expenses like utility bills, leisure activities, and family holidays. Plus, you will want to put some money aside each month in case of emergencies, such as a broken boiler or car breakdown.
Save for a deposit
Keep in mind that a larger house deposit offers some great benefits – it means you can borrow less from the bank, have a wider choice of loan options, and gain access to the best mortgage rates and deals. With that in mind, it may be worth saving a larger deposit before buying your first home. Here are some useful tips to help you save a larger house deposit:
- Create a realistic savings plan and stick with it. Work out how much money you can put aside each month and how long it will take you to get your house deposit.
- Set up a direct debit from your current account into your savings account. That way, you won’t be tempted to overspend.
- Find ways to cut down your monthly expenses i.e. cancel a gym membership you never use or start preparing meals at home instead of eating out.
Seek expert legal advice
The house-buying process can be complicated, so it’s advisable to get advice from professional property lawyers, particularly if you’re a first-time buyer. Hiring a conveyancer lawyer will ensure that the process runs smoothly and should help the whole experience seem less intimidating.
Your solicitor will be there to support you through the conveyancing procedure and will be available to answer any questions or queries you may have. Many conveyancing solicitors also have excellent connections with estate agents and other valuable contacts in the local area.
Start looking at properties
Once you’re in a financial position to buy your first home, you should start researching and viewing properties. Remember that buying a house is a massive financial commitment, which is why it’s so important to take your time and never rush into making an offer. Create a property wish list that includes things like – ideal location, number of bedrooms, available outdoor space etc. You may have to compromise on certain aspects, but you should always take the time to consider different options to find your perfect home.