First time buyers are the lifeblood of the UK housing market. They are the chain breakers, the drivers that can unlock a locked transaction grid . It is not unknown for a property vendor to discount the price of a property if they find out that the prospective buyer is a first timer and so are in a position to continue with the transaction at a speedy pace, compared with someone who has a property to sell. I did this myself when I last came to Sell My House.
But being a first time buyer is quite a daunting process . When We Buy Homes it is usually the greatest financial transaction we enter into and the commitment is most acutely felt by the first time buyer who may possibly not have the experience or knowledge of how the whole house buying process works and , quite often , feel a little bit intimidated by the entire situation.
Thus here are some helpful pointers, do’s and don’t if you like, for easing the process when We Buy Houses as first time buyer.
1. Firstly make sure that your financial situation is sustainable. Buying a home is a huge commitment and We Buy Homes usually to live in so If you aren’t going to be able to make the payments in the future then don’t get into the market. It’s not much use thinking “I need to Sell My House” twenty months down the line.
2. Do look around for the best deal that you can get as far as mortgage finance is concerned and remember that this may not necessarily be your own bank or building society.
3. Remember that an IFA might well charge you fees that would not be payable if you search out a deal on your own.
4. Try to remember all the ongoing fees that you will have to pay as part of your property ownership. It’s not just the mortgage, it’s the council tax, insurance, utility bills etc and whilst you may think that the mortgage on it’s own seems reasonable enough , these other cost can be real deal breakers.
5. Always view your intended purchase with half a mind to what could happen if you had to sell up and move on. Often when We Buy Houses a couple of years down the line our circumstances may change and this looks to be particularly relevant to first time buyers , as they may be wanting to move to more roomy or salubrious accommodation sooner than they think!
6. Always do your homework when buying a property. By this I mean visit the area and the property a number of times before finalising the deal and do this at differing times of the day and evening. What seems like a bargain on a sunny Sunday afternoon may look very different Monday evening when the rush hour traffic is hurtling past causing the neighbour’s dog to go into a fit of unhinged barking for hours on end.
7. Try and get the best deal on your solicitor or licensed conveyancer. Shop around and use the Web , but be sure that you get a full breakdown of costs before entering into a commitment. And understand that not all finance companies will deal with a licensed conveyance – some will only deal with a solicitor so it’s worth finding this out before sign one up .
8. And finally , don’t believe everything the estate agent tells you about a property. Whilst there are new rules in place about how an agency can describe a property it’s often the things that they don’t say that can catch you out.
So there it is . Some simple rules to help smooth the path for the first time buyers new home purchase.
Tags: home, homes, houses, property, Real Estate