Collaborative Post
If you are a seasoned renter, the chances are that you have loved the flexibility of not having roots has given you. You haven’t had to worry about a mortgage, the housing market or furnishing a pad. Instead, you have been free to move around the country depending on your job, your personal circumstances and your need for space. Now that you have some money in the bank and you are a little older and wiser, you might be keen to put down roots. What was once seen as a disadvantage in life now seems something worth having. You now want to be tied to a place and you want a little patch of bricks and mortar to call your own. Check out this guide to purchasing your first pad.
Save
It seems obvious but you need to save up for a deposit in order to buy your first home. While there may be some 100 per cent mortgages out there, they tend to be poor in comparison to those at ninety per cent. The better loan to value ratio you have, the more favourable your interest rate will be. If you have just started taking baby steps into the property market, check out sites like www.themortgagelibrary.co.uk to see the sorts of repayments you might have to make on your home loan. You must never stretch yourself financially, especially for a first property purchase.
Save up as much as you can and shift some debt. Not all debt is bad, but you must ensure that you can prove that you manage your credit effectively. Pay more than the bare minimum off of credit cards each month so you aren’t just scraping the interest. Don’t buy any big ticket items before you plan on applying for a loan and make sure that you stay in the black at the end of each month. Your credit score needs to show how responsible you are when it comes to your finances.
When considering where to buy, think about your lifestyle requirements. If you want to be in the thick of it with cafes on your doorstep, amenities and good transport links, you may need to go for a smaller pad. If you need space, you might need to look a little further out in the sticks. Either way, you want a property in a location that has seen property price rises for the past five years. This way, you know that your asset will accrue in value and you have a chance to outperform the market. Don’t go for a dwelling just because it is cheap. There is probably a reason for this such as high crime rates or poor local schools.
Finding the right balance between location and value can be tough, especially in highly competitive areas like London and the Home Counties. Many buyers find that the best properties are sold before they ever reach public listings. Working with a specialist buying agent like Bradbourne Property can give you access to these off-market homes. They help you find quiet family houses or central apartments that fit your exact needs. This kind of professional support saves time and helps you avoid common buying mistakes.
Solicitor
You will need the help of a conveyancer to guide you through the house buying process. Ensure that you check out https://www.localconveyancingdirect.co.uk/ to source your local solicitors. Going local may seem old fashioned but it’s vital if you want to pop into the office to sign a last minute document to avoid delays. Online options are available but they are subpar, which is why they are cheap.
Buying your first home should be exciting. Follow this guide and make the home buying process as smooth as possible.