Buying your first home is a fantastic experience, but it can be daunting and sometimes pretty stressful.
That’s why we’ve put together our own guide to buying your first home so you can make the process as easy as possible.
Use our guide as a starting point to each step. After you’ve read it, go away and do your research.
That way you’ll make sure you get the best deals you can, and you’ll be so clued up you’ll be ready for anything the process throws at you.
Save for a deposit
If you want to get on the property ladder, the first thing you’ll need to do is save up enough money for a deposit. You’ll need at least 5% of the cost of the home you’re looking to buy. If you save for a larger deposit, you’ll have better mortgage rates available to you.
Make sure you open a Help to Buy ISA if you haven’t already. you’ll get some of the best rates around – and for every £200 you save, the government will give you £50.
Remember – we’re not financial advisers, so always speak to an expert before opening an ISA.
Get a mortgage
This is the part of buying your first home that can be daunting. There are so many deals and rates out there that it’s difficult to know what to go with. Make sure you do a lot of research and speak to lots of advisers who can help you.
Remember all the extra costs
Make sure you budget for all the added costs that come with buying a house. These include the charges for the mortgage agreement, a surveyor, solicitors and removal services.
Put in an offer
Once you’ve found your dream home, you need to put in an offer. Make sure you do your research and find out whether the owners are in a rush to sell, as they might be willing to accept a lower offer.
When the property owners have accepted your offer, you can formally apply for your mortgage.
Employ a solicitor
A solicitor will do all the legal and admin work for you and ensure there are no planning issues around your property.
Get a survey carried out
You’ll need to have a survey done to rule out any structural issues with the property. There are three different types of survey to choose from:
- Condition report: This is the cheapest type, and is best suited to new-builds as they shouldn’t have any structural issues.
- Homebuyer report: A more detailed survey that looks at interior and exterior condition of the property and offers a valuation.
- Building/Structural survey: You should use this type of survey if you’re buying a property that is older or more unusual.
When you’re happy with everything and your solicitor has finished their work, you can sign the contract! Exchange with the sellers, pay your deposit, and then you can get the keys!
Now you can get into your home and decorate and furnish it exactly how you want it. Once you know the steps, buying your first home needn’t be as daunting as it seems.