Home-Buying Advice for first time buyers

Home-Buying Advice for first time buyers

Buying a new property can be a pretty overwhelming task, especially for first-time buyers. Be it finding the right estate agent or viewing house after house, the whole process of buying a new home can be rather exhausting and often confusing. If you are looking for a property to rent in Sittingbourne or if you are looking to buy a property to let or a home for personal use be it a first-time buyer or a property investor it is a huge big investment as well as a long-term commitment! So if you’ve been thinking about taking the plunge and buying your first home, here is some home-buying advice for you. 

Save for a deposit

Before you even start looking at properties, you need to start saving for a deposit. Ideally, you should start saving for a deposit at least 8 to 12 months in advance. After all, how many of us have thousands of pounds lying around which can be paid on the spot as a deposit? Also, by saving for a deposit in advance, you will be able to save a large sum of money with reduced interest rates and it will also allow you to put down a larger percentage of the total value of the property as the deposit. 

Start working on your credit score 

In order to get approved for a mortgage, you need to make sure that you have a good credit score. Start working on your credit score at least six months before applying for a mortgage or a mortgage pre-approval. To improve your credit score, you need to make sure that you have no outstanding debt. That means you need to pay your credit card bills on time, make sure to pay off any outstanding bills, pay your utility bills on time and try to avoid taking any major loans. 

Set a realistic budget

You must have a budget in mind before you start the process of house hunting. You need to set a realistic budget and stick to it. It is advisable that you sit down with a financial planner so that you can figure out a budget that works well for you. Keep in mind that there are many hidden costs and additional expenses involved, so you need to include those in your budget too.

Apply for a mortgage pre-approval 

Nowadays, most sellers won’t take you seriously until and unless you have been pre-approved for a mortgage. In simple words, a mortgage pre-approval is a stamp of approval from a lender or a bank that states that they are willing to lend you a certain amount of money to purchase a property. Usually, banks look at your credit score, income source, and previous bank statements to determine whether or not you are eligible for a mortgage. 

Hire a good estate agent

First-time buyers will find that the process of buying a house becomes much easier if they have an estate agent on board. You must hire an estate agent who is an expert in his field, one whom you can trust and communicate with openly, and most importantly, a local estate agent who understands the area and the local market. So, if you’re thinking about buying a home in Sittingbourne, you need to get in touch with local estate agents Sittingbourne. Meet with multiple estate agents before choosing the right agent for you. 

Be clear about your requirements 

What exactly are you looking for in your new home? Do you want a two-bedroom apartment or a four-bedroom house? Is there something that your new home must have? What is considered a deal-breaker for you? Before you even start looking at properties, you need to be very clear about your needs and requirements. First and foremost, you need to be clear with your estate agent so that they can show you properties that meet most of your criteria. Also, knowing what you want and don’t want will make it easy for you to shortlist potential homes.

View multiple properties

Don’t set your heart on the first property that you see. Instead, look at multiple properties, weigh each property’s pros and cons, and make a well-thought decision as it is after all a big financial commitment to make! Try to find a property that meets most of your criteria and remember to have an open-mind to choose the property that is closest to your expectation as it would be very difficult to find a property that has everything that is on your checklist.

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