Whether you are going on your own, or doing it with a partner, buying your first home can be a very daunting experience. You must understand mortgages, solicitors, how to find the perfect property and also deposit amounts. Here are 4 tips to help explain the process and make the experience a lot less stressful.
1) Choosing the right mortgage- This is the most important step when buying your first home. It is crucial that you shop around for mortgages so you can compare rates and find the best deal. You must also factor in the length of the mortgage and also how long the rate is fixed for. Also look out for any additional fees when choosing your mortgage. You can go to a mortgage advisor who will be able to help you find the right mortgage and take a lot of stress out of this process.
2) Get a Solicitor- Getting a solicitor is a vital step when purchasing your home. They are going to be able to help you with all the legal parts of the purchase, which includes conducting searches and surveys and handling all of the contracts between yourself and the seller. It is very important that you find a solicitor that specialises in conveyancing, as they will be best suited to dealing with the buying and selling of properties. If you live in the Gloucester area, you can find a Gloucester Solicitor such as deeandgriffin.co.uk/
3) Help to buy schemes- If you are a first-time buyer, you may want to consider taking advantage of some help to buy schemes. The UK Government has put in place help to buy schemes to assist first time buyers get onto the property ladder. Shared ownership is one of these schemes. This is where you only purchase a percentage of the property, making the property a lot more affordable.
4) Save for a deposit- Depending on the value of the property you buy, will depend on the deposit that you will need. On average your deposit will be around 5% of the property value. This is going to be a lot of money, so it is important that you spend a lot of time saving your money to build up enough money to afford the deposit.
In conclusion, you will need to shop around for the best mortgage, find a good solicitor, use the help to buy schemes and save your money for the deposit. If you take these tips on board, you should find buying a property for the first time is not as daunting as initially thought.