As a first-time buyer you may often feel you are about to embark on an intrepid journey, in the dark – blindfolded. Here are some pieces of information other buyers have learned, to help you map out your way more clearly
Hindsight, of course, is a wonderful thing. If you are right at the beginning of your home buying venture, you’d probably give anything for a glimpse of things to come so you can be better prepared.
In the absence of this superpower, we have tapped into the knowledge of mortgage experts at www.onlinemortgageadvisor.co.uk who have shared some nuggets of wisdom on buying a home.
Here are seven pieces of information other first-time buyers have learned, along with some advice on how to navigate each challenge yourself.
- Having an offer accepted can be a long process
Once you find a house you like enough and you feel confident enough to put in an offer, you’ve got to decide how much it’s worth to you.
You could be going back and forth with the seller about how much it’s worth for a long time, so make sure you’ve got a budget in mind, and try not to stray from it. It will make the process much easier and quicker for you.
- You’re not the only one viewing a property
It’s easy to get wrapped up in the whole house buying process and forget that the houses you’re looking at aren’t exclusively being shown to you.
So, if you fall in love with a house, there’s a decent chance than several other buyers have too. Try and avoid getting attached to a property after viewing it.
- Get a mortgage agreement in principle
As soon as you’re serious about a property, apply for a mortgage in principle. They take minutes to get and will make you look like a much more serious buyer to the seller.
It will show them that you’re no longer thinking “I like this house” and you’ve started thinking “this is the house I want”.
- You’ll likely spend a lot before you even step foot in your property
Between solicitors’ fees and survey fees, you’re going to be spending a fair bit before you even get the property
There are fees for everything, but when it comes to buying a property, there aren’t any steps you can skip, so every penny will need to be paid. Make sure you shop around and budget for all these fees.
- Survey reports might look scary
This is particularly true if you’re buying an older property. Surveys are 100% necessary so you know what aspects of the house need to be given some TLC and can help you make a decision on how much you believe the house is worth.
- There are a lot of hoops to jump through
The process of getting a mortgage can be quite long, and you’ll end up feeling like you are constantly jumping through hoops to keep your lender happy.
There will be endless paperwork for you to provide them, but as soon as it’s done, you’ll be that bit closer to getting the property.
- Be prepared for it to be a long process
The process of buying a property can feel incredibly longwinded, especially if you find yourself stuck in a chain where you can’t move out until the owner of the property you’re buying has found somewhere else.
It can take months from the date your offer is accepted to completing, so be prepared for it to feel dragged out.
