What first-time buyers need to know about property buying

First-time buyers are bound to be excited about their first home. But it can also be a bit worrying because there’s so much to think about.
It can be easy to forget the long list of items on your checklist. This outlines what you need know about buying your first property. It will make your debut move on the ladder that little bit easier.

Choosing the right property

It’s not rocket science is it? To get on the ladder you need to find the property that works for you. There’s so much to think about here: location, style and, most importantly, the cost. If it’s out of your price range, it’s probably not workable. You need to speak to a mortgage advisor to work out what you can afford. They’ll ask for payslips, proof of deposit etc and will give you a range of the types of properties that will be available to you.

Budget

Sadly, it’s not just the deposit and mortgage costs you need to think about. When buying a house, there are LOTS of other costs.

Stamp duty is now back after the short Covid break, then there are other fees, such as payments for:
    •    Solicitors
    •    Removal firm
    •    Land searches

And all this is before you’ve got the keys to your new home. It’s also worth researching council tax band as this varies from council to council. Also figure in the approximate cost of utility bills and other running costs. Again, these aren’t the same across the country.
It’s definitely worth doing your research to check there aren’t hidden costs. Insurance for the property is also higher in certain areas.

The process

Once you’ve found your property, set your budget and calculated your costs, you need to make an offer via the property’s estate agent and then the negotiation process begins. This can be slow and if you’re up against other buyers (which has been the case in recent competitive times) then there’s a good chance you might have to increase your offer to be successful.
Once your offer is accepted, solicitors are commissioned and then it’s the joy of filling forms, carrying out searches and having lots of patience.

The wait

Once the solicitor is underway and the legals are being drawn up, you have lots of time to sit back and wait. The average home sale in the UK will take 8-12 weeks to complete, but this can be longer if searches are delayed and if complications arise.
Your solicitor will be able to advise you on the approximate timings and give regular updates. If you fill your forms and do your bit as soon as you’re asked, it’ll speed up the process and at least you won’t be responsible for any delays.

Once everything is signed off, the funds will need to be in place which you’ll typically transfer to your solicitor on competition day and then you can sign on the dotted line and say hello to your new home.

If you’re a first-time buyer, contact our helpful team who can help you find your first property.