Top tips for buying your first home

Setting out to purchase your inaugural home might seem overwhelming, yet it needn’t be riddled with expensive blunders. By strategizing effectively and taking some prudent measures, you can sidestep the typical stumbling blocks faced by novice buyers.

Consider these six invaluable pointers tailored for those venturing into homeownership for the first time:

Obtain an agreement in principle

Make sure to secure an agreement in principle before plunging into the realm of house hunting. Prioritise assessing your mortgage choices by obtaining this preliminary approval from a mortgage provider, also referred to as a “decision-in-principle” or “mortgage promise.”. This document outlines the probable borrowing amount, giving you a clear understanding of your financial scope. Failing to secure this preliminary agreement could result in disappointment if you discover your dream property but struggle to obtain the required loan. If you’re seeking assistance in navigating the mortgage process smoothly, our team of experts is here to guide you and assist in securing an agreement in principle.

Start your mortgage application as soon as possible

Understand that mortgage approval doesn’t adhere to a set timeline. Although the majority of applications are typically processed within 18 to 40 days, delays are possible. Initiate your mortgage application as soon as feasible to steer clear of hastily committing to a home offer.

Choose the right solicitor

The choice of solicitor can significantly impact your home buying timeline, potentially shaving off several weeks from the process. Opting for a proficient solicitor could mean the difference between settling into your new home within 14 weeks and waiting 23 weeks. Consult our local team, and we’ll gladly recommend the top solicitors in your area.

Do Your Research

Establish your requirements for the ideal living space before you start looking at properties. Take into account elements like transportation accessibility, nearby parks, the quality of schools, and available amenities. Clarifying your priorities will simplify the property selection process. If feasible, invest time exploring unfamiliar neighbourhoods of interest to gauge the ambiance and evaluate transportation options firsthand.

Be aware of the risks involved in purchasing a “non-standard property.”

Some property types can pose challenges when it comes to securing a mortgage. Lenders might be cautious about approving loans for properties such as flats above shops, areas with a high density of rentals, or commercial premises due to potential issues like noise, odours, and security concerns that are beyond the control of the owners. Additionally, new-build homes may come with stricter lending criteria. If you’re contemplating a non-standard property, it’s crucial to gather as much information as possible and seek expert mortgage advice to bolster your application. Unsure about the eligibility of a particular property? Our team can offer valuable insights and assist you in navigating the intricacies of mortgage approval.

Ask questions

While the allure of the first seemingly perfect home is strong, diving in hastily can lead to costly renovations and ongoing expenses. It’s essential to approach viewings with a prepared list of questions. Test the functionality of windows, doors, lights, and water pressure, and scrutinise beyond superficial furniture for any concealed defects. Additionally, inquire about the sellers, their tenure at the property, and their reasons for moving. Understanding the duration the property has been on the market can also be beneficial, as sellers may be more inclined to entertain lower offers for a swift sale.

If you’re uncertain about what questions to pose during property viewings, lean on our experienced estate agents for guidance and support. Remember, purchasing your first home doesn’t have to be daunting. Utilise these helpful tips, and don’t hesitate to reach out if you have any concerns. We’re committed to assisting you throughout the process, ensuring a smooth and successful transition into homeownership.