Advice for First Time Home Buyers

| February 17, 2016 | 0 Comments

If you’re buying your first home, you’re going to need as much advice as you can possibly get. Although this is an exciting time in your life, buying a home is stressful. Many things can go wrong, so you want to make sure that it goes as smoothly as possible. This advice will help you:

Save Up as Much Money as Possible

Saving up as much money as possible is so important for first time buyers. You won’t just have the down payment of your home to make, but the other payments too. You’ll have fees to pay, surveys, solicitors, and more. That means you want to get as much as you can behind you before you go ahead with buying your first property.

Know How Much You Want to Borrow

Know how much you want to/can borrow before you put in an offer on a house. There’s not much point in house hunting and falling in love with properties if you’re not going to get the okay on a mortgage that will allow you to afford it. You will usually be able to borrow more than you actually need, but this isn’t always the case. Remember, you don’t need to borrow the amount you’ve been cleared to borrow from a mortgage broker. You need to make sure you can afford the mortgage repayments!

Could You Keep Going if Your Circumstances Changed?

If your circumstances were to change, would you still be able to afford the repayments? Anybody’s circumstances can change at any given time. You might fall pregnant, lose your job, or have to take a pay cut. You never truly know what is going to happen, so you want to be sure you’re making the right decision when it comes to your mortgage.

Researching Your House

Make sure you learn a bit about the house you have your eye on. Know why it’s on the market, who lived there before, and what it sold for. You’ll need to make a note of what the market was like at the time, because house prices will vary depending on that.



Putting in Your Offer

Putting in your offer is a great time if you’re a first time buyer, as you’re not a part of a chain. This will leave you in a good position to negotiate. The process from here on in will be handled mostly by solicitors, so make sure you’re working with the right place.

Building’s Insurance

Having building’s insurance by the exchange date is so important, as it’ll protect your investment. Just bear in mind that you only need insurance for the amount it would cost to rebuild.

Moving In

Once you’ve sorted everything, you can get on to the fun bit; moving in! There’s no feeling quite like spending the first night in a home you can call your own.

I hope this advice has helped you with your first time home buying experience. If you have tips of your own that could help others, leave a comment!

Category: Home Loan

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