5 Steps To Buying Your First Home

5 Steps To Buying Your First Home

So you’re thinking of purchasing your first property, but where do you start? Buying a house is a big decision, and you need to make sure you know you’re ready before you take the plunge. In this week’s article, I’ll run through five steps that can help you start climbing the property ladder.

1. Do Your Homework

There’s no point jumping into viewings and offers before you know what you’re getting into. Visit your local estate agents for advice on where to start, they’ll be happy to answer any questions you have. The internet is another valuable source of information; there are countless articles online that can help you with beginning your purchase. Be sure to put any questions to rest before you start looking.

2. Do The Math

Sit down and work out your finances. You’ll need a deposit to buy a house, so you need to work out how much you will be able to afford. The amount of deposit you can afford will determine how much money you can borrow toward your house. You also need to work out how much money you can spare each month to pay for your mortgage. The last thing you want is difficulties paying, so make sure you are financially stable enough to buy your first home.

3. Find Out How Much You Can Borrow

Visit your local, independent mortgage broker to find out how much you can borrow. Independent brokers can look across the whole market, so they really could find the perfect deal for you. Find a broker who will do this for free, you won’t have to commit to a deal and the advice given could save you time and money further down the line. Once your broker has found you a deal, try and get an agreement in principal. This is a credit search against your name and address, and will identify whether you are able, in principle, to get the mortgage you wish.

4. Decide On What You’re Looking For

Only you will know what you’re looking for, and having a strong idea of what will suit your needs will help with finding a property. Remember to bear in mind a property is a big commitment, so the property you purchase needs to be suitable for your use in the foreseeable future. There’s no point in buying a top-of-line city centre apartment if you’re a couple looking to start a family soon.

5. Begin Your Search

If you’re confident you know the purchasing process, that you can afford the deposit and mortgage payments for a house, have a good mortgage offer on the table and know the kind of property you are looking for you can begin your search. Contact local estate agents and run through your criteria, they’ll be able to inform you of any properties they have that match, and if not, add you to a mailing list so you’ll constantly be informed of anything new on the market.

These steps will help you when you’re starting to look into purchasing your first home. If you haven’t sought mortgage advice, call one of our independent advisors who can speak to you at length about your needs and the right mortgage deals for your circumstances. Also keep checking my blog for more in depth articles soon.