6 tips for first-time buyers
by Mashum Mollah Real Estate 21 August 2018
You could feel despondent about your chances of ascending even the lowest rung of the housing ladder, given backdrop reports of rising property prices. Still, don’t be discouraged, as you can edge yourself closer to securing a house sale if you follow these pieces of advice…
Start adding to your savings early :
The prospect of buying a house could, financially, feel hopelessly out of reach. However, you can get appreciably closer to this goal if, every month, you grow your savings by a set sum, as the Propertymark website advises. Also, take heart that many homes have grown more affordable…
According to a report by The Telegraph, last year saw first-time buyers in the north of England facing properties more affordable than those of 2017. This news suggests that some buyers in this part of England might even be able to free up money to spend on improving their homes after buying them.
Calculate your budget and consult a mortgage advisor :
You can also verify your financial suitability for a house acquisition if you turn to a mortgage advisor. They will take into account your income, debts – if, obviously, you have any – and deposit to assess your borrowing ability. If you get a mortgage offer in principle, this will reassure sellers.
Knowledge is power, so conduct lots of research :
There are many properties from which you can choose for a first time buy, but always closely consider your budget. Your financial leeway will affect where you could purchase.
It might also affect the condition of what you can buy, but rest assured that you can easily find, for example, value-for-money roofing services in Newcastle, Durham and many other parts of the UK.
Negotiate a favourable offer :
This stage will call on you tapping into your inner Warren Buffet, as you will need to be skillful in negotiating what you deem a fair price – whether that be the asking price or a slight deviation.
As negotiations get underway, heed the Homes&Property website’s warning that at any point until contracts are exchanged, either you or the seller could step away.
Assemble and submit the relevant paperwork :
If you do manage to get an offer accepted, the seller will hopefully – on your request – immediately take that property off the market. However, you will still need to submit a range of particular paperwork to get the cogs of the sales transaction turning in earnest.
When dealing with an estate agent, you will need to give them copies of your ID along with utility bills on which your name is printed.
Patient pending: it’s all a matter of time :
Simply organizing all of the paperwork is likely to take you three months – and that would be after the several months you could expend in trying to find the most suitable property.
For these reasons and because buying a home is a vital commitment, resist rushing the process. However, your solicitor might be able to advise you on how to accelerate matters.
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