Buying your first home is the stuff of dreams. With housing prices still at an all-time high, it’s almost impossible to get a foot on the housing ladder. Where previous generations had housing which was affordable on the average way, times have changed.
If you are in a position to buy a property, then you need to know what to do. There’s lots of paperwork involved and legal matters. Failing to follow proper procedures could result in your attempts falling flat. You could also lose money. Read on to make sure you know what’s what when you’re purchasing your first home
Know your budget.
You need to have a budget, and stick to it. There are a whole range of costs and expenses when you buy a house you may not have as much room to manoeuvre as you first thought. Don’t max yourself out financially to buy a house, if you have no reserve the whole deal is far more likely to end in tears. Buying a home is meant to be a dream, not a nightmare. The average deposit for a house these days is around 15-20%. You’re going to have to have some substantial savings. The average house price in the UK is £164k but you’d be lucky to find a small apartment from that in some big cities.
Find your dream home
Work out the areas where you might like to buy. Make sure they’re accessible for employment. Do you have kids? Will they need to move school? There are so many factors to take into consideration. Location can be a real bugbear. Look at different houses in different areas to compare value, convenience and amenities. There can be wild variations in prices not just from town to town but from street to street. Check out neighbourhoods closely when you’re looking for a place to call home. It may be cheaper, but sometimes you might want to ask why.
Make an offer
Once you’ve found the property you want, make an offer. Take into consideration the condition of the building, but bear in mind you may have competition. Start low. You can always offer more is they say no. You can go with all guns blazing and offer your maximum straight away, but you won’t have any room to negotiate or bargain. It’s always worth a try. You might be able to save even a little money to help decorate!
Finding the right mortgage
There are so many different types of mortgages and related savings accounts out there it can be hard to know where to begin. An independent mortgage broker will be able to find the best mortgage for your needs. They may even have access to specialist mortgages if you have any specialist needs from a mortgage. In order to get a mortgage, you need a get credit rating. If you need to find out how to check your credit score before you buy your house, you can. It needn’t leave an imprint on your credit file either. You don’t have to worry about impairing your chances of credit in the future when you check your own score.
Think carefully when taking out a mortgage. Don’t overstretch your finances when you’re committing to a mortgage. You’re going to be paying it for a long time, and if you fall behind you could lose your home. But follow these steps and you should be just fine. Here’s to your new home!