10 Tips for First Time Home Buyers

Female First Time Buyer Looking At House Survey With Realtor

Buying your first home is a major life moment and the start of an exciting new chapter. It is also a stressful process to go through, but fortunately, there is a lot of helpful advice that can help to make the process easier and allow you to find the perfect house.

1. Save as Much as Possible

The first tip is to save up as much money as possible for a deposit or look into a secured loan. Keep in mind that the more that you can put down now, the more affordable the mortgage will be.

2. Keep Other Costs in Mind

You must also remember that there are other costs that you will need to cover, including mortgage arrangement fees, legal fees, stamp duty and surveys.

3. Use an Affordability Calculator

You also need to work out how much you can safely afford to spend on a home based on your current situation. This can be complex, but you can use an affordability calculator to make the process quick and easy.

4. Improve Your Credit Score

It can take a while to improve your credit score and you will need a positive rating to qualify and for the best rates for a mortgage, so it is smart to take steps to improve your rating as early as possible.

5. Look Into Home Buyer Schemes

There are a handful of helpful schemes for first-time buyers that can help you to manage the costs, such as a LISA or Help to Buy Scheme.

6. Get Preapproval

A preapproval letter from a lender allows you to show what you can borrow to home sellers, which can put you in a strong position and help to get the ball rolling much faster.

7. Speak to Mortgage Brokers

Choosing a mortgage and qualifying is the aspect that causes the most stress for many. The key is to spend time researching different mortgages so that you have a strong understanding and then to speak to a mortgage broker that will be able to advise.

8. Consider Wants & Needs

You should draw up a list of what your wants and needs are from a property before purchasing and always think ahead to the future. You may need to make some sacrifices or perhaps look into a home that needs some work.

9. Use Property Search Sites

Property search sites are the perfect way to find houses that fulfil your criteria and allow you to get a good idea of properties before arranging a viewing.

10. Research Neighbourhoods

It is hard to get an idea of a neighbourhood simply by visiting a property, so be sure to spend time researching the area and perhaps speaking to locals before making a decision.

Hopefully, these 10 tips will help you to find your perfect home and have a stress free process.