Top 10 Tips for First Time Buyers
Thu 22 Jun 2023
Buying your first home is an exciting and significant milestone in your life. However, the process can also be overwhelming and complex, especially if it’s your first step on the property ladder and you're unfamiliar with the property market. At Kaybridge Residential, we understand the challenges that first-time buyers face, and we're here to help. In this blog post, we'll share our top 10 tips to guide you through the home buying journey and ensure a smoother and more successful experience.
1. Establish Your Budget
Before you start house hunting, determine how much you can afford to spend on your first home as this will help narrow down your options. Consider your income, your expenses, how much money you have available for a deposit, and how much you think you’d be able to comfortably afford for your mortgage and bills every month. It’s best to get advice from a professional mortgage advisor, which brings us onto our next point…
2. Get Pre-Approved for a Mortgage
Obtaining a mortgage in principle is a great idea as it gives you a clear understanding of how much you can borrow. It also demonstrates to sellers that you are a serious buyer. This can be done by discussing with your financial advisor or lender directly who will assess your financial situation.
3. Identify Your Needs vs. Wants
Make a list of your must-have features, VS those that would be nice to have. Consider factors such as location, number of bedrooms, parking and amenities. This will help you prioritise your requirements and focus on properties that meet your needs.
4. Research Areas
Take the time to research different towns and assess their suitability. Consider factors such as proximity to schools if appropriate, transportation, amenities, and safety. Visit the areas you're interested in and get a feel for the local community. It's essential to find a neighborhood that aligns with your lifestyle and future plans.
5. Work with a Knowledgeable Estate Agents
Do your research and register your details with all Estate Agents in your desired area that the type of properties you’re interested in. They’re likely to ask for your personal details and property preferences, and will contact you if a suitable property is coming to the market. An agent will be able to guide you through the process, and provide valuable insights into the local market.
6. View any Properties you like
It’s a good idea to get a feel for different type of properties so you know what feels right. If you’re interested in a property, you need to book a viewing as soon as possible as competition could be high, so book these in with the acting agent who may also be able to let you know how much interest the property has.
7. Consider a Survey
Your solicitor will advise you whether to get a professional inspection done on your property. A survey will evaluate the property’s condition, and can also identify and hidden issues.
8. Understand the Process
Familiarise yourself with the whole sales process and the associated costs. Work closely with your estate agent and solicitor to ensure all necessary paperwork is completed accurately and on time. Be prepared for unexpected delays!
9. Don't Forget About Additional Expenses
In addition to the purchase price, be mindful of other expenses involved in the home buying process. These may include removals costs, stamp duty and furniture purchases. Plan your finances accordingly to avoid surprises.
10. Trust Your Instincts
Finally, trust your instincts. If a property feels right and checks most of your boxes, it may be the one for you. Remember that buying a home is not just a financial decision; it's an emotional one as well. Trust your judgment and make a choice that feels right for you and your future.
Navigating the home buying process as a first-time buyer can be challenging, but with the right guidance and knowledge, it can also be a rewarding experience. By following these top 10 tips, provided by the experts at Kaybridge Residential, you'll be well-equipped!