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10 Top Tips for Buying your First Home

Published: 21/06/2017

Whether you’re 18 and ready for independence or 40 and ready to settle down, buying a house for the first time can be very stressful. You don’t just get your dream house – you wish! There are a lot of steps and processes that you need to go through before you finally snag the place you want and, as first-time buyers, these can be quite complicated.

As estate agents in Hampstead, we here at Wayne & Silver want to help out you newbies, giving you some advice when you’re taking the plunge and jumping on the property ladder.

1) Budget for All Costs
The price of a house isn’t just what we advertise as estate agents in Hampstead. There’s a whole lot more to consider other than the house price, such as stamp duty, solicitor fees, survey costs and initial furnishings and set-up. WiFi doesn’t just appear, you know – you’re going to have to pay for all that, too!

2) Take Savings Seriously
When it comes to saving for your deposit, put your heart and soul into it. The more you have to put down now, the easier it’ll be to get a mortgage and the less you’ll be owing the bank. Find somewhere that offers good interest on your money and work hard to cut back your general living costs in order to save.

3) Be Vigilant in Viewings
When you’re ready to start viewing houses with estate agents in Hampstead, make sure you’re looking with keen eyes. Check every nook and cranny of your potential home for faults, ask as many questions as you can think of and really try to imagine yourself in the home.

4) Don’t Rush In
Buying a first home is exciting, but don’t rush anything! Never just go with something that’s “okay” for the sake of moving out or getting the ball rolling. Wait until you’re completely ready and you find somewhere absolutely perfect. Even if that means coming to our estate agents in Hampstead every day for three months until you finally find the one! It’ll be worth it, trust us.

5) Pick the Right Mortgage
Just as you need to find the perfect house, finding a mortgage that works for you is essential. Shop around and see what you can get, then weigh in on your options. Consider your future as well as where you are now and make sure you’re going with a mortgage that’s going to work in the long-term.

6) Government Home-Buyer Schemes
Check out the government backed schemes to see if there’s any that could work for you. Things such as the Help to Buy scheme and Shared Ownership schemes can really help to get you on the property ladder and make things that little bit easier.

7) Guarantor Mortgages
If you’re struggling to get a good mortgage, look into having a parent, guardian or close relative agree to be a guarantor. This means they’ll be responsible for paying the mortgage if you can’t. It’s something you’ll all have to think about as it’s a big commitment for the guarantor, but it can be a great help for first-time buyers.

8) Get Advice from Other Homeowners
You should also be asking people close to you for advice if they own their home. As estate agents in Hampstead, we know that professionals can only advice you so far and sometimes it takes the impartial advice of a friend to help you see clearly.

9) Know the Jargon
There’s nothing scarier than going to discuss mortgages or meet a solicitor and not knowing a word of what they’re saying! Do some research beforehand so you know things like the difference between freehold and leasehold - that way you won’t feel completely confused.

10) Estate Agents in Hampstead
Never be afraid to ask for help from those who know what they’re talking about. As estate agents in Hampstead, we’re always willing to help our first-time buyers with advice and support. Don’t ever be worried to ask us or any other professional questions you may have – that’s what we’re here for!

If you do need any help with looking for or buying your first property, get in touch with us at Wayne & Silver today and we’ll do our very best to support you.