Top 10 Tips for First Time Home Buyers in 2018
Buying your first home is both a daunting and exciting challenge. Along with all of the butterflies you get looking around at potential properties come a heap of anxieties and obstacles that can make purchasing your first home seem like a never-ending battle.
Rest assured, you’re not alone and we have compiled a list of the top 10 things to do in order to make your first house purchase a seamless and enjoyable experience.
1) Don’t Rush. Too often, the anticipation of owning our first home gets the better of us, this can lead to many complications down the line. When choosing your property think carefully about what you are looking for. Are you looking to move in and start a family? Does the property have enough bedrooms to accommodate that?
Another really important but overlooked aspect of purchasing a property to live in is the neighbours. We have all seen those horror shows like Neighbours from Hell. When considering a property that you are going to have a mortgage on, remember there will be a penalty if you come out of the mortgage during your fixed term. Knock on doors in the neighbourhood and find out from the residents what it is like to live in the area, this will give you a tremendous insight into the lives of the people that you will be surrounded by if you choose to buy. We surveyed 100 of our clients and found that the overriding thing they had wished they had done was ask about the neighbours!
Be sure to check that local schools and facilities are to your liking as well!
2) Be aware of future developments occurring in the area. Perhaps, you’re looking for a little peace and quiet that could be ruined by a major arterial road being constructed in the area. Local searches that your conveyancer will conduct should show up any planning and development issues.
3) Choose the right property, certain properties are no go for mortgage lenders. If it has a thatched roof or is of unusual construction, it is likely to not meet the lenders property requirements and can lead to a lot of hassle down the line.
4) Check if you’re eligible for any government incentives, the help to buy scheme is an attractive and potentially fantastic way of getting onto the property ladder with reduced costs.
5) Stamp Duty. If you buy a property over a certain value in the UK, you will unfortunately be subject to taxation. Stamp duty can make a potentially viable property purchase too expensive. Make sure you use a stamp duty calculator to work out exactly how much the tax will be.
6) Help to Buy ISA. A common misconception is that the help to buy ISA will aid in getting the all-important deposit down on the house of your dreams. In actuality the funds for the help to buy ISA are only released at the point of completion, so sadly, can’t be used as a deposit.
7) Choose the Right Solicitor for your Conveyance. A good conveyancer is worth their weight in gold. Too often home buyers are left in a perpetual state of uncertainty and spend time chasing solicitors. A good solicitor will take you seamlessly through the process and keep you informed as every step progresses.
8) Get the Right Survey. There are a number of surveys available to homebuyers, each with different costs attached. Getting a comprehensive survey allows you to know exactly what you are getting into when purchasing your home. Detailed surveys can save you thousands in repair costs down the line.
9) Be Patient. The homebuying market in the UK is likely to churn up at least one hiccup along the journey. If you have onwards property chains, there may be points where buyers in the chain pull out. This of course is incredibly frustrating, but, keep your eyes on the end goal and weather these annoyances. Keeping a cool head will make this process go like a dream.
10) Don’t Skip the Protection Insurance. Mortgage debt will be passed onto your next of kin in the event you pass away during the mortgage term so having life insurance at a minimum is vital. If you have extra disposable income for protection, critical illness and income protection policies will be a lifesaver if you can’t make mortgage payments due to being unable to work as a result of illness.
At Woodgrange Solicitors we help first time buyers every single day buy their dream homes. We pride ourselves of having the expertise that is second to none and love the market leading reputation we have built.
Enquire now to instruct us for your first property purchase and we will hold your hand every step of the way.