As a first-time buyer, it’s difficult to know exactly where to start when buying a property. Below are some general tips to help yourself prepare as best as you can:
- Organise and plan – In every aspect of your move and purchase, it is good to have a plan in place in case anything doesn’t turn out the way you expect. Being organised will allow you to be on top of it and ready for anything.
- Determine how much of the property you can afford – This will help you determine how much your will need to lend and save.
- Make sure you have enough money – An obvious one, but extremely important nonetheless. Stay on top of your finances!
- Research the neighbourhood – This is an important step before you look for a property in a certain area as it will give you a better understanding of the people who live there and what life is like in this area. There are many websites online which can show you statistics about the area.
- Check your credit score – There are a number of credit checking website online. This is used to help mortgage load companies get a better understanding of your credit rating. Aim for a score of 750+.
- Pay off all debt and build an emergency fund – Remaining debt free around the time of buying a property is strongly recommended due the likely possibility of there being many new costs during the purchase.
- Get a home survey – The average buyer who does not get a home survey spends over £5750 on unexpected repair bills when they move in. RICS also states that 17% of new owners ended up paying more than £12,000 to make their homes habitable. Below are some examples of things that may happen if you don’t get a house survey.
- Talk to an estate agent – Estate agents’ purpose is to help homebuyers find a house. If you are looking for something specific, estate agents can help narrow down the properties.