There are few things in life that provide a more intense sense of achievement than buying your own home. Many of us strive to become homeowners, growing up with aspirations to hold the keys to our own property in our hands one day. Although it’s much more difficult to get onto the ladder than in years gone by, it is still possible to take that giant leap. If you’re hoping to buy your first home in the coming months, this guide should come in handy.
Saving a deposit and getting a mortgage
Buying a house doesn’t come cheap. These days, you’ll need a sizeable deposit to take that first step onto the property ladder. In 2017, the average first-time buyer deposit was £33,000. Now, most people don’t have that kind of money lying around, and in many cases, it takes years of saving to reach the point where you’re ready to start a property search. Not every buyer will need a deposit as substantial as this sum, as property prices vary hugely according to where you choose to live. However, the days of putting down a minimal deposit are long gone, and typically, you’ll need around 10% of the value of the home. If you’ve got a deposit saved, the next step is to think about your mortgage. There are myriad mortgage providers and types of mortgage out there, so it’s essential to do your research and compare offers. Ensure that you understand the different kinds of mortgage and that you know exactly how much you’re going to be paying each month over what period of time. Once you’ve got mortgage offers on the table, this will give you an idea of how much you can afford to spend.
Finding the right home and seeking legal advice
Buying a house isn’t as simple as falling in love with a property, making an offer and going to collect the keys a few weeks later. There are complex legal processes involved, and this is why it’s so important to seek advice from experts like those at Bannister Preston if you do find a home you love. When you’re searching, always bear your budget in mind, and factor in additional costs, such as stamp duty and legal fees, as well as the purchase price. Try not to rush into making decisions or get stressed because you don’t find the perfect house or flat straight away. Take your time. Being able to compromise is important, but don’t feel that you have to take the plunge if it doesn’t feel right. If you do fall head over heels, arrange some more viewings, and use your head and your heart. If you want to proceed, be prepared to negotiate on the price. You can always start low and increase your offer provided that there aren’t other buyers already knocking on the door. Once you agree a price, you can instruct a solicitor to oversee the acquisition and then wait for the processes to be completed. Once the legalities are sorted, all that’s left is to look forward to life in your first home.
If you’re on the hunt for your first home, hopefully, this guide will prove useful. Good luck!