There is always a first time for everything, and that even includes buying a house. According to recent reports in the Telegraph, the average age of a first-time buyer is around 30. More and more young people are being forced to rent for long periods of time. What was once a temporary source of accommodation is fast becoming a long-term solution.
So, for those first-time buyers out there who are about to step foot onto the property ladder, a little advice and ‘need-to-know’ can go a long way. It can be a daunting time for anyone, let alone someone who is investing their life’s savings into a property for the first time.
Here are just a few things that first-time buyers need to know:
How are your finances?
Do you have good credit history? Do you keep on top of all your purchases and spending? Now is the best time to really look at what you are spending and where your money is going. Moving house is not cheap. There are solicitors fees, stamp duty fees and of course, you will want to have money to buy new furniture too. All those added extras that are on top of your deposit.
Getting a mortgage is tricky these days. It has probably never been so tough to get a mortgage as it is now. So make sure you are one step ahead of the game. Get your finances in order, pay off any outstanding debts that could go against you and make sure you are on the electoral register. Yes, even being on the electoral register will stand you in good stead.
Don’t stretch yourself too far
That three bedroom family home with the beautiful garden will always be appealing. But if it is way out of your price range then it is best not to stretch yourself too far. Know your limits and work within these. Speak to a mortgage advisor who will be able to help you understand how much you can realistically afford. Remember, you still need to eat and live once you move into your new home.
Get the right mortgage
Getting a mortgage means shopping around. An independent financial advisor will probably be your best bet. They are independent because they are not tied to a bank or building society. So this means that they have access to the best deals. This is a chance for you to be really open and honest about your finances and to get the best mortgage rate you can.
By using a portal such as Property Property Property you will be able to find the right home for you. You can search by postcode or place name and search within a price bracket that suits. Here you will find plenty of information, pictures and details on the properties you plan to view. You can even email them to a friend or partner to let them know what you have been looking at.
At the end of the day, it is all about finding the right property at the right price for you. And, as a first-time buyer you need to take as much advice as you possibly can.