Things first time buyers need to know about buying their home
Buying your first property is a daunting proposition. There are many steps in the process and at Prince Evans we will do all we can to guide you along the way. With that in mind, here are 5 things you need to know about buying your first property:
- If you are buying with a mortgage then it is advisable to get approval from a lender before you start your search. Pick the right mortgage for you and make sure you shop around before settling for one. Once you are pre-approved, then you are ready to home-hunt. When you find your ideal home, you will need to make a detailed application to your lender so keep your mortgage advisors details close to hand.
- Choose your ideal location before searching for your home. Even if you do not have children, living near a school will enhance the value of your property.
- When deciding on your budget remember to factor in the costs of purchase, so as well as your deposit, you will need to cover legal fees and disbursements (such as search fees and registration fees) and Stamp Duty Land Tax.
- Although the budget may be tight on your first property purchase, it is really important not to scrimp on the cost of a good survey. Try to have at least a ‘Homebuyer’s Report’ carried out and not just the mortgage company’s basic valuation. A property survey will ensure you are not only aware of any hidden flaws the property may have but also that you are paying what the property is worth taking in to account any major works it might need.
- Pick the right conveyancer! There are many ‘cheap’ options on the internet, but a mix of unqualified staff carrying out the legal work and potentially missing important points and also not being able to return your enquiries quickly can actually end up costing you much more in the long run. A good conveyancer will be your main point of contact and be only a phone call away to answer any questions you may have and guide you through the process.
We wish you happy home hunting and the best of luck for this adventure. If you would like to instruct Prince Evans please contact the Residential Conveyancing Team CLICK HERE