Are you a first-time buyer?
Finding the perfect property can seem like an extremely daunting prospect. When buying a property, it is essential that you are doing the right things. Risk-taking can pay off in other aspects of life, but not when making such an important commitment like buying your first home. Today, the team at Houso want to give you some advice that we feel should be considered before purchasing your first property – and ensure the process is as stress free as possible!
As a first-time buyer, you may have fewer funds than others within the housing market. We suggest that you save as much as you can before you take the leap. Many first-time buyers are now gaining financial assistance from parents, using Help To Buy schemes, or are buying properties with friends or family. Whichever route you take, do not rush – take your time to go and view homes, do research in your area and prepare your savings.
Before making an offer, you may want to look at similar properties in similar areas to compare prices. Some property owners may not be overly eager to sell their properties, consequently, they may put high price tags on their properties and vice-versa. When you have a property in mind, make sure that you know every cost involved before you sign on the dotted line. Factoring in hidden fees and costs such as finishings and decorations and try to leave some money aside to put your stamp on the property after purchase.
It is vital to understand the processes and jargon before buying your first property. Gaining an understanding of terms and phrases used will give you confidence when buying a property. Learn what terms like ‘Capital’, ‘Freehold’, ‘ISA’ and ‘Peppercorn rent’ mean. If you are not involved within finance or the housing market, many of these terms will be foreign to you so do not be embarrassed and nod your head in agreement when something is being said that you do not understand. Ask many questions!
If you are taking out a mortgage, it is very important to research your mortgage lender. Every lender is different, make sure that you understand what your specific lender is offering you. We advise to look at the Help to Buy government scheme which offers advice and potential loans, great for first-time buyers!
Houso offers exclusive access to properties before they actually join the market. If you are ahead of the game, this will present you additional time to fully research properties and locations. It also allows you to bombard the seller with every question that pops in your head! Downloading the Houso app is a great way to get alerts and view properties before other buyers.
We wish you all the best in your new adventure. Good luck!