The sharp increases in the housing market over the last 12 months have hit first-time buyers exactly where it hurts, especially considering interest rates are steadily rising at the same time.
Organisation is the key factor to remember when thinking about purchasing your first house and as long as you plan carefully, taking every part of the whole process into account, getting a foot on the property ladder should be relatively stress free. The first thing to get to grips with is your budget. You need to save as much towards your deposit as you possibly can and work out how much you can afford to comfortably repay every month, so that there are no scary financial suprises further down the line. You need to the research the market in the area you are looking to live. It might mean looking a bit further afield if you don’t feel you are getting your money’s worth – just 15 minutes down the road you could be looking at a whole different package for the same amount. Find a best-buy mortgage Determining your needs is the next step. It is important to weigh up your priorities and not to get blinded by any added extras which may seem like a great idea; the a cosy local pub just around the corner may mean that you miss out on a garden. You might want three bedrooms, but to get that bigger kitchen you may have to sacrifice one along the way. Three of the biggest factors to consider when scouting for a property should be the type of area (i.e. safe car parking, local amenities), number of bedrooms you’re looking for and whether it is an easy commute to work or not. Bury yourself in research. Visit a good amount of estate agents, scour the local property pages and then set up some viewings. The more properties you go and see, the more you will hone your real priorities and at the same time work out what you need to get from the viewings themselves. Compare mortgages here Put as many questions to the owner and estate agent as you think relevant; what the neighbours are like, the approximate costs of running the house, why they are leaving etc in order to find out as much as you can and satisfy any curiosities before you commit. Check the property, inside and out, for possible problems. A visual inspection will go quite far, allowing you to spot any missing roof tiles, cracks in the walls, or signs of damp. Don’t be afraid to look inside cupboards to check there are no trouble spots. A second opinion is also a very good idea so take someone with you, whether this is a friend, partner or even a parent, they might pick up on something which you’ve overlooked. Don’t get disheartened by décor that’s not to your taste as it can easily be changed relatively cheaply. Find out how much stamp duty you will pay Your biggest strength as a first-time buyer is the fact that you are not tied to anyone else so you can move along very quickly with the sale – something that can heavily sway the deal in your favour. Make a verbal offer to the estate agent and then wait to hear if it has been accepted by the vendor. If the offer is declined, be prepared to haggle, but keep your spending limits at the forefront of your mind. Once you’ve got the legal ball rolling and your solicitor’s on board, contact your mortgage lender to complete the paperwork. Ask any burning questions now and make sure you are aware of all that’s being done, you don’t want to be in the dark. When the report comes back from the conveyancer, check, doublecheck and check it again as this is your final chance to make changes, then once you are happy, sign the contract. In all the excitement of getting your new home make sure that once you get your move in date, you notify your landlord in good time. Tell everyone your change of address, pack up your stuff and start planning where everything goes in your new house! Find your ideal house, flat or apartment here
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Date: 30th, November, 2006 |
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