Top tips for First-Time Buyers

As a first-time buyer, entering the property market can be an exciting yet overwhelming experience. Here are some valuable pieces of advice from seasoned homeowners to help you navigate the process with confidence and make a well-informed decision:

·      Establish a Budget

Before you start house hunting, determine how much you can realistically afford to spend on a property. Consider not only the initial costs such as deposit, solicitor & mortgage fees, moving costs but also ongoing expenses like mortgage repayments, property taxes, service charge, insurances, and maintenance costs. Stick to your budget to avoid overextending yourself financially.

·      Get Pre-approved for a Mortgage

Speak with a mortgage lender and get pre-approved for a loan before you begin your property search. A pre-approval letter will give you a clear idea of your budget and demonstrate to sellers that you are a serious and qualified buyer. It will also help you to move quickly if you find a property you want to put an offer on.

·      Research the Market

Take the time to research the property market in your desired area. Look into recent sale prices of similar properties, market trends, and potential future developments that might impact property values. Think about whether you want to stay in a property long or short term.

·      Work with a Sales Advisor

When buying a new build home, it’s important to discuss your wants and needs with the team at the development. They are the experts in their field and can tell you everything about the development, helping you to understand some more of technical aspects and overall buying process with Shared Ownership.

·      Consider Future Needs

While looking for a home that meets your current needs, don’t get bogged down in the immediate term appeal of the property. Remember to think about your future requirements. Are you planning to start a family or work from home? Consider how the property will accommodate any potential lifestyle changes.

·      Visit Properties in Person

Virtual tours are convenient, especially when buying off-plan, but if it’s worth visiting a property ‘in person’ if you can do so. Walk through the homes you are interested in to get a sense of the layout, neighbourhood, and overall condition. The ‘feel’ of a home is an important deciding factor for some people.

·      Get a second opinion

When buying a home, it can be really easy to get wrapped up in the excitement of it all. Once you’ve settled on a home, always bring along a friend, partner or family member to get a second pair of eyes on the property. They may point out things that you didn’t previously consider (and they’ll be able to help with home décor choices at a later date!)

·      Consider the Neighbourhood

Finding your dream property within your budget can be challenging, especially if the location is crucial to you. Amenities like schools, parks, public transportation, and shopping centres nearby may dictate your lifestyle in a new area. Research the safety and crime rates in the neighbourhood to ensure you feel comfortable living there.

·      Don't Rush

Buying a home is a significant financial decision, so don't rush into it. Take your time, weigh your options, and be patient. It's better to wait for the right property than to rush into a purchase you might regret later.

Remember that buying a home is a journey, and it's natural to feel a mix of emotions throughout the process. By following these tips and seeking advice from experienced homeowners, you can set yourself up for success and get your foot on the property ladder in a way that works for you.

Looking to get on the property ladder? Check out our new build homes across London and the South East here.