Buying your first home does not need to be a whole heap of stress. Follow our tips to get your feet on that housing ladder and get your first home bought!
The first thing you need to do when planning to buy a house is to get your finances in order. You will need to have a sizeable savings pot, usually around twenty percent of the value of the property to put down as a deposit. This can vary depending on the area you are buying in, and the type of house as well as its value. If you are finding it difficult to save up the large sum required, it is definitely worth looking up the help to buy scheme. This is a scheme developed by the UK government to help get first-time buyers onto the property ladder. It works by offering a loan of up to twenty percent of the value of the property (up to £500,000), while the buyer just needs to save up to five percent. They take out a 75% mortgage, using the prop up from the government, which is paid back after a set period of time, or when you sell the house. For those looking to use this scheme, it is usually used on newly built homes. It is only available for first-time buyers, so it is fairly limited, but there is no income cap.
Another key thing to consider when buying your first home is whether you wish to live in a flat or a house. Flats and apartments have their benefits; usually, they are smaller and cost less to run. However, they also usually come with limited outside space and can be awkward to get to if there is not an elevator in the block! Houses are usually a good choice for couples and those with children, offering slightly more space and usually having some outside areas. The difference in price can be quite pronounced, however, so if you are on a very tight budget, a flat may be more affordable for you.
Once you have found a choice of properties you like the look of, it is a good idea to view them with someone who has bought them before. They are likely to know more about the sorts of things to look at, the right questions to ask, and be helpful to you. You should try to take some photos of the house if you can, as it can be difficult to remember everything you see once you have left. Ask the seller or estate agent all the questions you need answers to, such as how recently it was decorated, if there were any changes made to the property, how long since the boiler was serviced, etc. The more information you can gather at this stage, the easier it will be to make your decision on which to place an offer.
Finally, do not be afraid about making the leap to buying your first house! It is easy to get stuck into a rut of renting but remember that you will always be just paying someone else’s mortgage. It is far better to be putting your money into something which actually belongs to you. Plenty of people buy their first home every year, so it clearly is possible and something you can definitely achieve!