Looking to buy your first home? The very thought can bring feelings of excitement and anxiety at the same time. In this brief guide, we look at some important things to consider when buying your first home.
Ensure You Can Afford It
The first step is to ensure you can afford a home. You should be able to afford the deposit, which can range from 5% to 20% of the market price of the property.
The more money you can put down as a deposit, the more affordable your mortgage will be. And your chances of qualifying for a mortgage will depend on your deposit, debts, salary and credit score.
The lending company will want to determine whether you can afford the monthly installments if the interest rates were to go up or the circumstances changed. You must also consider additional costs like stamp duty, legal fees, surveying costs and moving costs.
Consider Applying for Government Schemes
The government offers a range of schemes to support first home buyers. Here’s a look at some popular schemes you can consider:
- Lifetime Individual Savings Account offers a bonus of up to £1,000 per year.
- Help to Buy Equity Loan offers an interest-free equity loan of up to 20% of the purchase cost.
- Help to Buy ISA offers £50 on every £200 of savings you make.
Begin Your Search
Once you’ve determined your budget and what sort of homes you can afford to buy, it’s time to start your search for your dream home. You can start with online property portals. Begin with the location and consider the features you’d like.
Refer to this list to find homes. You can filter your search for various aspects like the type of property, price, the number of bedrooms and more.
Once you’ve done your research, it’s time to get in touch with a real estate agent who can help you find a home quickly and easily.
You must view each prospective property to ensure it’s the right fit for you. When viewing a home, look at aspects like room size, damp, cracks in ceilings and walls, garden, electrics and services, aspect neighbourhood, drainage, parking, leaks, the condition of the property, etc.
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