Buying a house is a complex process for anyone, so when it is your first time there is a lot to know and a few things that might take you by surprise. We’ve put together a few points that could help you decide if the time is right to buy your first home or if you need a bit more time to get prepared.
You should start saving early
The bigger the deposit you are able to save, the better position you will be in when getting a mortgage. Starting to save early means you have more time to plan the other aspects of homeowning while your saving pot builds up.
If you are using the Help to Buy scheme, you will only need a deposit of 5% which can be boosted with the scheme’s government support.
Your deposit and mortgage repayments aside, there will be other expenses involved when buying a property. Consider the extra money needed to cover mortgage fees, home insurance, council tax and regular bills.
Location
One of the most important things to consider when buying a house is the location, especially if this is your first time. You shouldn’t feel pressured to purchase a property just because it is a good price, or if you have been unlucky with previous viewings. New properties come onto the market regularly so you could find the perfect home sooner than you think.
If you are considering a property in an area you are not familiar with, make regular visits at different times of the day to get more comfortable. Do some research beforehand and look out for crime rates, parking and schools if you have children.
Second viewings are important
Second viewings can shed light on things you might not have noticed the first time and committing to purchase the property means you will want to know all the details, big or small. Some fixtures and fittings might not be included with the property, so you will be able to ask about these and any other potential problems at the second viewing.
Keeping to your budget is tricky
Planning a budget ultimately means finding how much house can you safely afford with your income and outgoings. You can determine if a home is affordable by calculating your debt-to-income ratio which is all your monthly expenses divided by your gross income.
Key Mortgages can help you put a budget plan together and give you a realistic idea of what you can afford. You can then move forward and start searching for properties, knowing what prices and locations are within your budget.
It can be easy to let your spending run away with you when buying furnishings and creating your idea of the perfect home. Keep your budget in mind so that you don’t have to make compromises when it’s time to total up.
If you’re ready to make the first move towards getting your first home, give us a call to discuss your next steps and find out more about our first time buyer services here.