Purchasing your first home is a very big and exciting step which requires much careful consideration. This guide is aimed at helping you build a bigger picture to verify if buying is your best option.
Advantages of Buying a Home
Disadvantages of Buying a Home
WAYS TO SAVE FOR A DEPOSIT
Saving for a deposit can be the trickiest part of buying your first home. Today the average/ more acceptable deposit required for obtaining a mortgage is in the region of 10% of the total property sale price. Below are a few tips on how you can save for your deposit a lot quicker.
OBTAINING A MORTGAGE
Finding a mortgage that is right for you can be very tricky if this is your first time in the market. The key is to plan and thoroughly research until you have exhausted all measures available to you. Start by assessing yourself as an applicant for a mortgage. To sustain a higher chance of being accepted you will need to consider the following:
Note: If your credit is poor be wary of asking many lenders for a mortgage, as every check performed against you goes on file and if you have been rejected by many lenders then your search will prove longer and very difficult.
SEARCHING FOR THE PERFECT PROPERTY
There are plenty of things to take into consideration when looking for your first home. Location is one of the most critical things to take on board.
HOME INFORMATION PACKS (HIPs)
Home Information Packs (HIPs) were brought into the UK in December 2007. Every sale property marketed in England & Wales requires a HIPs. The HIPs provide the following important information:
REQUESTING A SURVEY
Once you have found a property that you wish to buy it is advised that you hire a chartered surveyor (RICS Accredited) to assess that the property is structurally sound and fully worth the money you wish to invest in it. In addition your mortgage provided will also carry out their own assessment to further protect their investment in you.
PLACING OFFERS & NEGOTIATING
Placing an offer on a property takes careful and strategic consideration. If you offer too low you could risk alienating the seller and if you offer too high you will lose out in costs. Consider asking your estate agent the following questions before putting anything forward.
The more information you find out the more likely it is you will be able to bargain and negotiate.