Buying a house is up there with job loss, divorce and death of a loved one when it comes to stressful life events. Buying your first home may be exciting, but if you are clueless about the process, it may be a more stressful journey than you imagined.
The more prepared you are for any possible bumps in the house-buying process the better. Simple things like being aware of what to look out for when viewing properties and understanding the process of making an offer should make your property search less stressful. Never forget that knowledge is power!
If you are preparing to get on the property ladder, here’s what you need to know.
Outline your priorities
There are three basic elements to researching and finding your new home.
- 1. Location
- 2. Budget
- 3. Property type
Set your priorities for each and what you are prepared to be flexible on. Are you prepared to consider other areas? Could your budget stretch a little if you found the perfect home? What are your top must-haves? What are you prepared to compromise on?
Write a priority list on the amenities and features you desire in your first home and where you are most happy to make compromises. Here are some of the things you may not want to make compromises on:
- - Location – how close you are to family, friends and work
- - Upper price limit – don’t be tempted to look at a property way over your mortgage capacity
- - Bedrooms
- - Parking
- - Garden/outdoor space
- - Renovation work required
It’s also a good idea to write down the things you like and dislike about each property you see and if they live up to each of your must-haves. Do try to be flexible – this isn’t the home you are going to live in forever!
Line up your mortgage
Find out how much you can borrow before you start looking. Don’t necessarily trust what lenders recommend you can afford. It’s a good idea to check out how much you could borrow alongside how much you can afford to pay using a mortgage calculator and a budget planner.
Once you know exactly how much you can borrow and have set a limit based on your ability to meet the mortgage repayments, it’s time to start looking. Research on line, go to estate agents and set up some viewings.
First-time buyers can also get up to £3,000 to help buy a property with help to buy ISAs.
Research neighbourhoods
Before viewing properties in a specific area go to the neighbourhood and take a look around. Find out about:
- Local shops, parks, pubs, schools (if you have or are thinking of starting a family)
- Parking - will visitors need a permit?
- Local public transport - is there a station nearby? Will you need to commute to work?
- The general standard of properties in the area
- Property value forecasts in the area
- Neighbourhood reputation
- Any upcoming developments
Being close to decent schools and good transport links are attractive to property buyers so even if you don’t require these things it could boost the value of your property if you want to sell and move in the future. Location is a big consideration.
When viewing a property
Once you are inside a property try to have an open mind. You need to be able to overlook superficial things like the colour of the walls and the style of the furniture (remember all furniture and belongings will be removed when the current owners move out). Also, try not to be taken in by expensive furnishings and impressive interior design.
Here are 10 tips on things to look out for when viewing a property.
- Is there any odour or musty scent – check for damp.
- Check out the lighting – turn lights on to check for faulty wiring.
- Is there enough natural light?
- Where are the plug sockets? Are there enough?
- Test taps for water pressure.
- What is the storage like? Is there enough?
- Do windows and doors open properly?
- How old is the heating system?
- Is there a phone line/internet connection?
- Will your furniture fit in?
-
Always view a property more than once if you are interested, preferably at different times of the day. Always look at more than one property, even if you fall in love with the first one you see. Check out the Which guide on questions to ask when viewing properties here.
Good luck with your house hunting!
