Buying your first home is a rite of passage but that doesn’t mean being a first-time buyer is easy. With so many things to consider, it’s easy to feel overwhelmed. When you’re signing up for a mortgage that will last decades or ploughing your savings into a deposit, it’s natural to feel nervous. However, you can ensure you’ve got everything covered by checking out these four things you should know before buying your first home:
1. There are more than one type of property survey
If you’re applying for a mortgage, your lender will probably insist that a property survey is carried out before they’ll approve your loan. However, there are numerous different types of survey you can have. A mortgage company may require a valuation survey, for example, but you could also choose to have a full structural survey or a RICS building survey. This will identify potential risks or work that needs to be done and give you a clearer idea of whether renovations or repairs will be required.
2. You don’t have to wait until your home is built
If you want to purchase a new build property, don’t wait until construction is completed to make an offer. Buying an apartment off the plan means you can finalise your contract before the building is ready for you to move in. In fact, you can buy off the plan before constructed has even started, if you choose to. Although you may need to wait some time until you can move in, it can be a great way to secure a property in a popular area.
3. You can get your financing pre-approved
When you find a property you love, you’ll want to be able to make an offer straight away. If you have to start approaching lenders, it’s likely that another prospective buyer will jump the queue and snatch the property from under you. With pre-approval, you can secure a mortgage offer, subject to certain conditions. This enables you to make an offer as soon as you decide a property is right for you and can speed up the process of buying your first home.
4. You may not need a large deposit
Saving up a deposit can be one of the reasons it takes so long to get on the property ladder, but first-time buyers can often access assistance. There are various Government schemes designed to help first-time buyers purchase a home, even if they don’t have a large deposit. Under the Help to Buy Scheme, for example, you only need a 5% deposit, so you could purchase your new home sooner than you think.
Planning Your First Property Purchase
No matter how eager you are to buy your first home, it’s important to do your research and find a property that suits your needs. By seeking professional advice and exploring all your options, you can ensure that you access the help that’s available, as well as securing competitive interest rates. Similarly, take your time when you’re looking for your first home. By waiting a little longer and finding a property that ticks all of the boxes, you can ensure you’ll be happy and content in your first home.