Tips for first time buyers Purchasing your first home is a big milestone in anyone's life, therefore as well as it being very exciting, there are some points you should consider.
By preparing in advance, you can prevent disappointment further down the line and the move into your dream home will go as smoothly as possible.
1) Working out how much you can borrow - You have your deposit saved up, so now is the time to talk to a mortgage advisor (assuming you are not buying without a mortgage). Talking to a qualified mortgage advisor will determine how much much money you can borrow and what the monthly repayments are likely to look like.
2) Saving money - Very broadly speaking, the more you can save as a form of deposit, the less you will have to pay in monthly repayments. I would advise to start saving as early as possible. Every little helps as they say.
3) Location - Understanding where you will potentially buy is key. The last thing you want to do is purchase a property and realise you don't like the area. Looking at things like school catchments, local amenities and transport links are crucial in your buying decision.
4) Comparing - Once you have seen a property you like, make sure you have an idea of what you can get for your money. This comes down to being able to make the right offer and knowing you will be buying at reasonable market value.
5) Second viewings - A second viewing is essential before deciding if you are going to commit to buying your first home. My advice is that you bring your family members along to have a look, a tape measure (in order to see if the furniture fits) and an open mind. There are typically some compromises you may have to make along the way.
Overall we wish you the best of luck in buying your first home and if there is anything we can do to advise or help you with, we would be more than happy to. This is a very exciting time! Good luck!