Buying your first property can be confusing and stressful, it is a decision that will affect you in the long term.
But it does not have to be a guessing game, with good advice, an experienced mortgage broker and some insider info you can make advised sensible decisions.
Tip #1
Nail down the area you want to buy in
Knowing exactly where you wish to purchase your property ensures you search efficiently. This will also give you an idea on your budget, you can evaluate the type of property you will be able to afford.
Tip #2
Get your finances in order
Unless you are buying without a mortgage, find a lender you trust and establish how much they are prepared to lend via a mortgage in principle. You also need to work out how big a deposit you need and, see if you qualify for the government’s ‘Help to Buy Scheme’
Tip #3
Set up property alerts on property platforms
Setting up alters on property platforms means you can be one of the first people to hear about a new property that matches your criteria. Setting up alerts is simple and differs on each platform. Here is a list of platforms we recommend:
www.Rightmove.com
www.Zoopla.com
www.Gumtree.com
Tip #4
Talk to local agents
Estate Agents in the area will be able to give you a realistic market price on certain properties. This will help you make an offer. The best agents have spent years developing expertise in their local market. You should tap into that expertise.
Tip #5
Research the area
The area a property is in can make all the difference on price, now and in the future if you decide to sell.
Top research subjects:
- Schools in the area
- Travel links
- Crime rate
- Houses sold recently in the area similar to yours
Tip #6
Can you add value to the property?
Not all properties can be readily improved or extended. They may be new-builds or located in conservation areas with tough planning restrictions. But a property which you can expand as your family expands can represent an attractive long-term investment.
