First Home

A list of things you need to know before you buy your first home

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Buying your first home is exciting but it can be a daunting prospect. If you would like to take the stress out of buying purchasing your first property, Homesforte has created a list of things you need to know before you buy your first home.

Be sure of your finances before beginning the process of buying your first home

Before you start to seriously consider buying your own home, you must be confident about your finances. You should speak to an Independent Financial Adviser, a FIA, and find out what your options are. There is a range of Help To Buy schemes on offer, with many aimed at first-time buyers. There is assistance available to buy your first property, but you need to ensure that you know what your budget is and that you are on safe financial footing.

Improve your credit score

Your credit score plays a significant role in the mortgage you will be offered by a lender or whether you will be offered a mortgage at all. There are ways that you can improve your credit score, and it is best to do this before you apply for a mortgage. Steps to consider include:

  • Ensure you are on the electoral register for your current address
  • Pay off as much of your debt as you can
  • Retain credit card accounts that have been open for many years
  • Don’t make a fresh application for credit
  • Query any issues and if there is an error, try to have it removed

The more attractive your credit score is, the easier it will be to obtain a mortgage, so this is a step that is worth pursuing.

Save as much money as you can

The other factor that will help you receive a mortgage is the size of your deposit. The larger the deposit you can offer, the more likely it is that you will receive a mortgage or receive a more affordable mortgage.

Carry out research on local areas

It may be that you want to stay in a certain location and if this is the case, you don’t have to do much research into local areas. However, if you have some flexibility in where you can live, do so, because there may be an area that is ideal for your needs. Some of the factors to consider when looking for a place to stay include:

  • Cost of property in a local area
  • Local transport options
  • Local schools
  • Crime rate
  • Pubs, restaurants and shops

The right area is just as important as the right property, so make sure that you research this aspect.

Create a list of items you must have and what is nice to have

There will be features that you need at your new property. This may be a set number of bedrooms, it may be certain facilities, it may be parking. Create a list of items that you must have in your new home and these will be your initial criteria when searching for property. After this, have a list of items that would be nice to have but which you can live with if the price is right or other aspects are available.

When you know what you need to have and what is nice, it becomes a lot easier to narrow down your search.

Hire a good estate agent

One of the best steps you can take in buying property is hiring the services of a good estate agent. The agent should be experienced, they should operate in the local area and they should have a track record which suggests they help first-time buyers find suitable property. At Homesforte, we are delighted to say that we have helped many prospective buyers step on to the property ladder and we are ready to help you.

Other factors that will help you step on to the property ladder include:

  • Hiring a reputable surveyor
  • Hire a reputable solicitor
  • Be willing to negotiate on price
  • Be clear on what exactly is included in the purchase, including fixtures and fittings
  • Don’t leave insurance and the mortgage to the last minute

Buying your first home is stressful but by calling on leading professionals for help, the process becomes much more manageable. At Homesforte, we look forward to helping you step on to the property ladder.

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