Top Tips For First Time Buyers
Investing in property is a life-changing venture and so, the first time you do so, it can feel extremely overwhelming and daunting. Over the last few years, getting onto the property ladder has become a notoriously difficult task as housing prices have risen dramatically, leaving young people saving their pennies to try and put down a deposit for a house.
Data suggests that potential first-time buyers must typically save for eight years to afford a deposit to buy a home; the minimum deposit is 20% of the asking price, meaning a £200,000 property will have a deposit of £40,000. With this in mind, getting everything right during your first property purchase is essential. Here are a few helpful tips to get started:
It goes without saying that, with such high deposit rates, you’ll need to start putting aside money early on. If you plan to buy property on your own, this process will take much longer than if you invest with a partner or friend.
For help and advice, enlist the services of a mortgage advisor; they’ll work with you to draft out a budget based on your income and any debts you may have. They can also talk you through the government’s Help to Buy scheme , which many young people are now relying upon to assist them when buying a property.
Researching the current property market, as well as the types of properties available in your chosen location is vital. You should take time to get to know the area and suss out what you can get for your budget.
Outline your requirements, for example, how many bedrooms do you need? Do you want outside space? Do you need to be near your workplace or are you willing to commute? Once you’ve done this, create a list of ‘deal breakers’, as well as areas where you’re willing to compromise.
Be patient and remain realistic
Buying property can often feel like a long drawn out process. Don’t expect to find your dream property straight away, but also, you shouldn’t set your heart on anything until a contract has been signed.
Unfortunately, your offer won’t always be accepted, sellers may pull out and a property survey may reveal some harsh truths about what you thought was a dream home. Just take your time and manage your expectations- the perfect place will come along soon enough!
Get a survey from a qualified chartered surveyor
Once you’ve found a property you like, working with an experienced surveyor is crucial. They’ll carry out a survey of the building, offering you the peace of mind you require when going forward with such a substantial purchase. The survey will also make you aware of any excess costs, eliminating the chance of any nasty, last-minute surprises.
A chartered surveyor can either carry out a Condition Report, a basic requirement, ideal for newbuilds; a Homebuyer Report, offering more detail and maintenance recommendations; or a Building Survey, an in-depth report recommended for older properties or situations where the buyer intends to carry out a lot of structural work.
If you’re a first-time buyer based in Borehamwood, Watford or Greater London, you can rely on our qualified team here at Simon Levy to carry out a property survey at your dream home. We’ll be sure to gather all of the information you need to guarantee you’re making a considered and valuable purchase. Browse our website to find out more about our range of services , or give us a call today on 020 8207 6100.
