First time buyer tips

8th August 2019 posted in BUYERS

If you are looking to buy your first property, you will likely be overwhelmed with options. Buying a home is the most significant commitment you’ll make in life, and the sums of money involved with a property deal are eye-watering. At Country Properties, we know many people need assistance or guidance in selling their home, and we are happy to provide first-time buyer tips.

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Communicate with your estate agent

As you are buying a home for the first time, you will likely have many questions. Don’t be afraid to ask your estate agent some leading questions about the property and the deal.

Why is the vendor selling the property?

Is the vendor purchasing another home, and if they are, have they made an offer that has been accepted?

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Does the vendor have a timeframe?

The answers to these questions help you consider your options, hopefully making the buying process more straightforward.

Arrange your finances

Given how vital funds are in buying property, it makes sense to have these in place as soon as possible. First-time buyers should arrange a mortgage in principle. The mortgage in principle guides how much you should look to spend when buying property, and it indicates you are serious about buying a home.

Some vendors may question first-time buyers with suspicion, so if you can show you are serious about buying property, you’ll engage vendors more effectively.

If you are receiving money from family members, make sure you inform your solicitor about the sources of money. There is nothing wrong with receiving help from family members when buying a home.

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A growing number of buyers seek assistance from ‘The Bank of Mum and Dad’. If you are in a position where family members will help you onto the property ladder, you should take the assistance.

You also need to be clear on what the deposit is, and how much you need to pay. The larger your deposit, the better your chances of obtaining a mortgage. Ideally, you should save as best you can before looking to buy a property.

You should also be aware of the various Help To Buy schemes provided by the Government. You may benefit from these schemes, so take the time to review your options, and make an informed decision on how best to boost your deposit. However, it is crucial to inform your solicitor where your money comes from.
 

When you compare quotes, make sure they are like for like

You should obtain conveyancing quotes, but remember that not all conveyancing quotes are the same, or include the same features.  A lower price may look appealing, but if it doesn’t include the services you need or expect, it is a false economy. If you have any doubts as to what you’ll receive for your money, feel free to ask.

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If you are a first-time buyer and you need guidance in purchasing property, get in touch with Country Properties. We are pleased to say we have helped many buyers make informed decisions, and we look forward to assisting you.