Beginners guide to buying your first home
Buying a house for the first time is a daunting prospect. Most of us have no idea where to begin. Buying your first home is the best way to start building towards a financially secure future. We have put together this guide to help steer you in the right direction.
Remember, if you have any questions any time you can call GSS Property and we will be happy to help.
Being properly prepared for buying a house is the most important thing you can do. There is no point finding your dream home, only to discover you actually don’t have enough of a deposit, or the commute to work is too far. Make sure you consider everything as carefully as you can.
Your first home may not be you dream home, but it’s (hopefully) a step towards it. You need to make a list of everything you need in a house. How many bedrooms? How big a garden do you need? How far from work or school are you willing to be. All of this needs to be taken into consideration.
Before you buy a house you need to put down a deposit. Most mortgage providers in the UK require a 10% deposit. This means if you’re buying a house for £150,000 you will need £15,000 for a deposit. This is a lot of money and it will take you time to save it up. Keep working on it though!
Lenders may offer you more than you want to borrow, or you may be tempted to spend more than you originally wanted to when you find the perfect house. Stick to your budget the best you can. Nothing would be worse than not being able to make your mortgage repayments, or making them but having to eat baked beans on toast for the next 10 years of your life!
Having realistic goals is essential. If you live in a city centre you’re going to struggle to find a detached, two storey house with a massive garden. And sadly, if you can only afford a £150k house you’re probably not going to be buying a castle on a private island any time soon. Do your research and find out what you can reasonably afford.
Choosing the right estate agent to work with is essential. You need to consider their rates (call them and they should be able to tell you over the phone, transparency is important), they need to know their local area and you need to trust them. Get recommendations, scour their social media and pop into their offices. (If you’re looking in Devon then we highly recommend you give us a call. *cute smiley face*)
It might seem smarter to buy a house that needs a lot of work as you can snap them up for a bargain price. These houses are cheap for a reason though. They need a lot of work, and often skilled work. Unless you’re a trades person this is going to be expensive, and might require you to live on a building site for a while… think about it carefully.
A house can be an investment, or it can be a place you will live forever with no intention of selling. Either way, it’s a lot of money to spend on one thing, so ideally you want your home to appreciate in value. This is a topic you should discuss with your agent before you buy as they can give you predictions and projections on your home and the area.
Make sure you view the property in person, or through a virtual steam or 360 photos. This allows you to get a really good feel for the house. Don’t be afraid to take a measuring tape, or ask the agent to measure. If you have an antique dining table that’s been passed down through the generations you’re not going to want to saw it in half to get it in your kitchen!
Don’t be afraid to negotiate. A good agent will advise you on what you should offer when you make your first offer. Don’t be afraid to go in under the asking price. You never know what being a little cheeky might get you! Listen to your agent and let them guide you. They are experts!
Please please please PLEASE get homeowners insurance. We cannot stress this enough. This will protect you from things like flooding or fire. We live in a turbulent world and you never know what might happen. We can all cross our fingers and toes in the hope we will never need to use it, but it’s so much better to be safe than sorry!
If you have any more questions about buying your first home get in touch with GSS Property today. We are here and willing to help!
You can message us on facebook, check out our website www.gssproprty.com or call us on 01837 54504.
Best of luck!