Buying a home is often the largest purchase you will make in your lifetime. It is really important you have the right information, at the right time, to ensure you make informed decisions. You can avoid stress and speed up the process by knowing which questions to ask, what your rights are, and what responsibilities you have as a home buyer. We appreciate how daunting it can be jumping onto the property ladder as a first time buyer, but we’re here to help you through the process, step by step. We have local firms we can recommend for your mortgage in principle, conveyancing, surveying and more.
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What can I afford?
Before you start looking for a new home, you should have an idea of how much you can afford to spend on a property. Most buyers will require a mortgage in order to purchase a home. You can typically borrow a multiple of your household income and this amount will be influenced by your credit score. Adding this sum to your deposit will give you an indication of your budget. The larger your deposit, the more favourable the mortgage deals you are likely to be able to access.
You should remember that buying the property is not going to be your only expense. You may also need money to pay for:
- getting up-to-date surveys / reports
- conveyancing fees
- search fees
- building insurance
- moving costs
- essential home repairs or improvements
- mortgage costs and life insurance
Do I have to pay Stamp Duty?
No! As a first time buyer, you do not have to pay stamp duty.
How to make an offer on a property:
Making an offer on a property is a big step. A second viewing of the property is usually helpful when deciding whether it is the right place for you. As estate agents, we’re legally obliged to pass on all offers and the seller is not obliged to accept any offer, regardless of how much it is. If your offer is accepted, congratulations!
Are there any considerations to think about before proceeding?
- What is included – which fixtures and fittings does the offer include e.g. will the seller leave white goods or the garden shed?
- If the property is leasehold – how much is ground rent and service charge, and will these change over time?
- What you can afford and are willing to pay – have an upper limit in mind, above which point you will walk away.
- The seller’s circumstances – is the seller part of a chain?
- Your appeal as a buyer – let the seller know that you have a decision in principle and that you’re a first time buyer with no chain attached!
Get in touch
Call us on 01884 257997 or send us a message...