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:
Start saving early
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.
Do your research
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.
