Tuesday, January 12, 2021

The Ultimate Guide to Buying Your Very First Property

I was lucky to be able to buy a home approximately 5 years ago. While home ownership definitely has its challenges, it has also been very rewarding. If you're thinking of buying your first property, here's some things you might want to consider first.

Your home is quite possibly the biggest purchase you will ever make in your life. If you make a mistake, it’s going to cost you. If you want to avoid this, then this guide will help you to find out everything you need to know.

Should you Buy a Property Right Now?

As a buyer, you need to stop from time to time and ask yourself whether or not you should be buying a new property. Buyers need to concentrate on what is affordable to them so that they can go on to make the best decision in the long-term. Don’t panic over buying prices or cave into the mentality that now is the best time for you to buy. Not many people are able to predict housing prices, and when you look at 2007 with the pricing boom, you will soon see that it’s impossible to know what is going to happen in the future. It’s much more important that you concentrate on the bigger picture so that you can be much more financially secure overall. This will also help you to avoid going into financial ruin just because you are desperate to stay on the property ladder.

Be Smart and Use a Deposit Calculator

If you can, take advantage of the calculators that are out there. Look into a refinance calculator, mortgage calculator and a deposit calculator. If you do this, then you will soon see that you end up increasing the total amount that you can put down and that you can also come out with way more information. As for the size of your deposit, there are various schemes out there that can help you to increase the chances of you getting a mortgage.

Work out the Cost of Buying

Believe it or not, it’s not easy for you to get a mortgage. You need to jump through a lot of hoops and you also need to pay a lot of fees. Buying a home will usually cost way more than you think. You will need to pay an arrangement fee and a valuation fee as well. The fee will be to check that the property actually exists and that there is enough security present for the loan. The cost will vary depending on the lender that you go through, and it will also depend on the purchase price too. As if that wasn’t enough you will also need to pay a legal fee. If you are using a lawyer then they will handle the conveyancing side of things for you, but of course, this will cost. If you have a survey done, then you may find that you end up having the property fall through. This can be frustrating to say the least, so you have to make sure that you budget for two or three if possible.

Removal Van Hire Costs

Unless you know someone with a van, you’ll need to hire someone. The cost of this can be small, but you could be paying a few thousand if you have to move things like sofas or bulky pianos halfway across the country. Remember that your moving van will need to be insured and that you also need to account for busy moving periods. Most people tend to move in summer due to the longer daylight hours.

Estimating the Cost of Home Repairs

From flaking paintwork to leaking sinks, it’s so important that you put away some cash so that you can pay for anything that may well be unexpected. If you are looking at an old house then expect that they are going to have done a lot of DIY work. You need to expect to undo a lot of the work that has been done and you also need to make sure that you are willing to handle some extra repairs that you might not have thought of as well. If you can do this, then you will soon find that you are able to make the best decision overall.


If you are renting a place that was furnished by your landlord when you moved in, then remember that you are going to have to buy everything. This includes a bed, sofa, carpet and maybe even a lawnmower if you intend to get a property with a lawn. There are also the boring, yet essential extras. This can include toilet brushes, lampshades, doormats, extension leads and more. This will come to way more than you think, so you have to be willing to account for this as much as possible.

Don’t Take the Max

Put in the work and find out how much you are going to be able to borrow before you begin house hunting. Don’t trust whatever lenders say you can afford to borrow. You may find that you struggle to repay everything back and that you end up using your credit cards so that you can make up for the shortfall. If you want, you can try and use a mortgage calculator as mentioned above to find out how much you could be offered. This will help you to find the reality of your monthly payments and it will also help you to include any interest as well. Make the effort to look at properties that are within your budget and don’t go for anything that might be over. If you do this, then you will soon find that you end up keeping your focus.

Check out the Neighbourhood

It doesn’t matter how plush the pad looks, because you have to look into the location as much as possible. You cannot move to another location, but you can do the property up. Prowl the neighbourhood and get out of our car to look around. You need to visit some of the local pubs at various times of the day and you also need to visit the parks as well. Think about it, are the cars clean? Are they well maintained? Do you like the look of the local shops? Get the lowdown from the locals where possible as well and ask around to see if there are any issues. Looking into the general crime rate will also help you out a lot here, so make sure that you explore the idea of that if possible.

Using a Property Finder

Gone are the days when you had to peer through an estate agent’s window just to find out how much a property is worth. Now you can find out anything you need to know by simply going online. There really is a plethora of search sites out there for you to take advantage of. When asking prices are optimistic, you need to remember that this is what the seller wants for the property. It’s not what they are going to get. Some homes are sold long before they appear on sites, so you need to try and team up with local estate agents if you can as this will help you to really take advantage of their knowledge and experience.

Get More Information

Before you even think about putting in an offer, you have to make sure that you ask as many questions as possible. You also need to try and get the important answers you need. Nothing is too silly at the end of the day, and even if they do not tell you the truth, you may well notice them squirming as you try and broach a certain topic. You need to ask how many viewings the property has had, how many offers they have had so far and also how long it has been on the market. It’s also helpful to ask how old the property is and if there have ever been some neighbour disputes. Other questions that you might want to ask include if there have ever been any renovations done and if the boiler is old. If you know that the boiler has been replaced recently then this should help you to make the best decision with your buying journey and it will also help you to come out on top overall.

Of course, buying a property can be a daunting experience to say the least but if you take your time and if you make sure that the property you have found is right for you, then you should have no reason at all not to come out with a positive result. Remember that if you need to get on the property ladder for the first time, that there are various grants and support options out there for you to choose from, and when you explore them, you will soon find that there are endless ways for you to boost your initial deposit. The more deposit you put down, the lower your financial risk and the less interest you pay overall so you need to try and keep this in mind as much as you can. If you need some help, then remember that you can always talk to a financial advisor or even a mortgage advisor online.

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