Buying a house as a first-time buyer? This is one of the most exciting moments in life and a major accomplishment, but it can also be terrifying! Not only is it an enormous financial decision and a major commitment, but it is also daunting, with many hoops to jump through. This post will offer a few tips that should help you navigate the process with confidence.

  1. Understand the Costs & Timescale

First, you need to understand the costs and timescale involved in buying a home. Here are the main costs involved:

Deposit (usually at least 5% of property value)

  • Conveyancing fees
  • Land Registry fee
  • Stamp duty
  • Homebuyer survey
  • Mortgage fee
  • Valuation fee
  • Mortgage broker

It can vary greatly, but generally, it takes around six months to buy a house from start to finish.

  1. Look at Houses & Make an Offer

Next, you will want to start looking at houses. It is a good idea to work out how much you can afford, decide on an area, and come up with a list of must-haves and wants. You should always view multiple properties before making a decision, but once you have found one that ticks all the boxes, you can make an offer.

  1. Get a Mortgage & Find a Solicitor

The area that often causes the most stress for first-time buyers is getting a mortgage. There will be a lot of paperwork that you will need to provide, so you should prepare this in advance. The key factors impacting your application are:

  • Salary
  • Savings
  • Age
  • Credit score

It is always helpful to check and improve your credit score well in advance of applying for a mortgage, paying off existing debt, and boosting your income/decreasing living costs. This is also the time you should hire a conveyancing solicitor who will guide you through the process.

 

  1. Exchange Contracts & Completing

If all goes well, you will then exchange contracts – once this is done, the chances of things falling through are slim. You will then receive a completion statement from your solicitor that will outline the costs involved.

You Own a Home

Congratulations! You are now a homeowner. You can get the keys and start moving your possessions in. You can either hire a removal company which will need to be booked once you have your completion date or hire a vehicle and move all your possessions yourself. If you choose the latter option, make sure you take out temporary car insurance so that you are covered. You should also make sure that you know basic maintenance tasks and start the decorating process once you are moved in.

Buying a home as a first-time buyer can be a daunting process. The above information should help and give you confidence at each step of the journey. It is a massive financial and lifestyle decision, so you should always take your time and make sure that you understand what is happening at every stage.