First time Buyers - Our Top Tips For Buying Your First Home

Buying your first home and taking that initial step onto the property ladder is an exciting time, but alongside the excitement there is often a feeling of being overwhelmed and anxious. So, what steps can be taken to help make the process go as confidentially and smoothly as possible? We take a look at our top 5 tips to take into consideration when looking to purchase your first home.

1. Know your budget: 

It is vital that before you start house hunting, that you know exactly what your budget is. This isn’t just limited to the budget for the actual property but also, deposit, monthly mortgage repayments, taxes and ongoing costs like maintenance, utility bills etc. Pre – Approved mortgages are also a great resource as you will have a clear idea of the total amount a lender is willing to offer you. They are also a great way of showing that you are a serious buyer and can often give you an advantage when it comes to buying in a competitive market. 

2. Know the neighbourhood and market: 

Location is key! It is likely that as a buyer, you may already have an idea of the area you would like to buy in – but before committing, research the area. This may include things like local transport links, schools, local amenities or job opportunities, whatever is important to you. If you have a few different preferred locations, check and compare property prices in relation to your budget and ideal amenities. This gives you the best opportunity in finding your ideal home and within a manageable budget. 

3. Know the future resale value: 

Even though you are only just buying the property, it is important that you also take into consideration the ‘future resale value’. Purchasing a property that that will appeal to a wide range of future buyers is highly recommended, should you need to sell further down the line. Another point to consider is the condition of the property and any potential costs of repairs or renovations that may be needed after purchase. Will they be worthwhile if you were to sell, or will the costs outweigh the total value of the house at point of sale? 
No one knows what the future holds, so planning ahead is always wise.

4. Surveys, Tests and Inspections: 

Home inspections are highly recommended and should be carried out prior to exchange of contracts. Hiring an experienced and qualified surveyor before committing to a purchase will help to identify any structural problems, damp or mould issues. It is also wise to have the boiler and electrics tested. These checks will potentially reduce the risk of any nasty surprises arising, that could prove costly further down the line. On the other hand, if any issues are identified during the inspection often negotiations with the seller can be agreed as to whether the cost of the property is reduced to reflect the cost of the repairs, or the repairs are carried out by the seller before the sale goes through. Any such negotiations should be carried out prior to exchange of contracts.

5. Find the right conveyancing team: 

Finding the right conveyancing team to work with through the purchase of your house is often the key to a smooth and as stress free process as possible. You need to have confidence in the team you are working with and know that you and your new home are in a safe pair of hands. Our award winning and highly regarded conveyancing team are exactly that! Using our free website online conveyancing calculator (which includes compulsory searches costs) means that our prices are completely transparent, and you are fully aware of the costs involved.

So why choose us?

We are proud to say that our team is both Conveyancing Quality Scheme and Lexcel accredited by the Law Society, which is recognised for quality standards. Our reputation is longstanding in Warwickshire and beyond and we are known for handling even the most complicated property transactions. Our well-respected team is also proud to be on the majority of major Bank and Building Society’s mortgage panels, showing how our expert legal advice and service is recognised. 

Finally, you have direct email address access with your conveyancer ensuring that you can always stay in touch and up to date with your process.