First Time Buyer
Being a First Time Buyer and buying your first property marks a major milestone in your life said by many to be as stressful as having your first child!
It is harder than ever before for most young people and first time buyers to get their first foot on the ladder. The latest study by Abbey into first time buyers has revealed one in two prospective homeowners feel that if they don't get on the property ladder soon they never will.
The Property Market is a bewildering minefield of estate agents, banks, mortgages and solicitors - As a first time buyer where do you start?
1. Ensure that you have a realistic idea of the cost of buying your first home (see our article on The Hidden Costs of Buying Your First Home). Even a newly built home may require decoration and furniture. As a first time buyer remember to factor in legal fees, stamp duty, land registry fees (your conveyancing solicitor can help you with this). Older properties may need additional work, for example, a damp course or re-wiring.
2. Take someone who is experienced in buying houses with you. As a first time buyer you may not pick up the details about the house that are visible to an experienced eye. There is also an element of excitement when buying your first home, this may cloud your judgement. Always visit the property more than once, preferably during daylight.
3. When buying a house it is important to think about the neighbourhood in the property is in. As a first time buyer you need to be aware that although you may be able to get a cheaper house in a run-down neighbourhood – buildings and car insurances may be higher and you may not be able to sell it when you come to move on. A property close to the main transport links with all the amenities and in the catchment area of a good school, may be more expensive, but you will be able to insure it more cheaply and sell it more easily. Consider issues such as parking, a lack of parking may affect the saleability of the property.
4. First time buyers need to remember - When thinking of the affordability, remember to add the extra expenses of owning a property such as council tax, gas and electricity bills, boiler servicing and home repairs, especially if you have been living at home or in rented accommodation.
5. Think about your own lifestyle. Are you used to urban living with the main shops, sports centres, pubs and restaurants close at hand? If so, do not move to a small village in the countryside. If you have a dog, check that there are places to exercise it close at hand.
6. If you use the internet a lot or rely on it for work check to see that broadband or other high-speed internet is available in the street you are moving into. The Estate Agent should be able to tell you this.
7. Where possible, find somewhere to live that is close to your main place of work. Commuting can be one of the biggest household expenses and as a first time buyer you dont want to be unable to afford your new property.
8. Do not move too far from your friends and family. Moving into a neighbourhood where you do not know anyone can be lonely and you will find yourself spending a lot of money travelling to and from your old ‘stamping ground’ visiting your friends and family. Buying your first property can be a daunting experience for a First Time Buyer.
9. Get professional financial advice when choosing a mortgage: a mortgage that seems a good deal at the outset may be loaded with high fees such as early repayment fees that you may not have been aware of. As a first time buyer it is a good idea to have the mortgage fully explained to you in detail.
10. Get the right conveyancer to act for you. An inexperienced and inefficient conveyancer can cost you money especially if the transaction falls through due to avoidable delays, or your mortgage offer expires and you have to start again. Further, if your conveyancer does not spot an issue with the Property, for example, a planning or buildings regulations issue or a restrictive covenant that has been breached you, as the new owner of the Property may face enforcement action.
At iconvey, we are specialists in conveyancing and Property Law with many years of experience of acting for first time buyers. Buying your first home can be daunting; iconvey will guide you through every step of the way; our expert conveyancers working closely with you, our qualified property solicitors are always at hand keeping you informed every step of the way. We ensure that you are always aware of the costs at the outset with a transparent fee structure and no hidden fees.
You can obtain an instant quote for your conveyancing from this website, (just click here). Our quotes are guaranteed, fully transparent and include no hidden extras for a normal conveyancing transaction. Alternatively, simply call us on 0844 225 2061 for more information about conveyancing or to discuss your particular needs.
