The desire to own your own property is strong, but achieving the dream isn’t always easy. With rising house prices and stagnant wages, the jump from renting to owning can sometimes feel too far.
Worry not though, with our top tips we can help you buy your first home quicker than you realise!
- Establish the Type of Property You’d Like to Own
When buying a house there are lots of things to consider, but one of the most important is the type of house you want to buy – do you want a new build or an older house?
Lots of new developments come with very attractive deals, including shared ownership, minimal deposit contributions or even free legal work included, which can be a huge help to first time buyers.
Is a garage a want or a need? How important is off-road parking? Is a garden important to you? All of these are things to consider.
Once you establish exactly what it is you’d like to buy, you’ll waste a lot less time searching.
- Location – Can You Save By Looking Further?
Some of the best deals can be found when you stretch your search area slightly.
If you are willing to accept perhaps a slightly longer commute, you may be able to save tens of thousands of pounds when it comes to your house price.
Look at the local area and see which of the landmarks you can avoid to save you money – houses near good schools sell at a premium, but if you don’t have children you may be able to avoid these areas.
Heavy rush hour traffic areas tend to reduce prices, but if you work early or late, does the traffic bother you as much?
Think carefully about what you need – you may save yourself a lot of time and money if you decide on your requirements early on.
Remember, a cheaper house requires less in terms of a deposit, so is quicker to save for!
- Speak to a Mortgage Advisor
Unless you’re very lucky indeed, you’ll need a mortgage to buy your first home.
With the mortgage market being large, complex and very dynamic, it’ll serve you well to speak to a professional mortgage advisor.
A mortgage advisor will have a far better working knowledge of the mortgage market, searching deals that suit you and your requirements and may be able to save you lots of money in arrangement and legal fees.
Additionally, they’ll be able to guide you towards the deals with the best interest rates and lowest deposit contribution, helping you get on the housing ladder more quickly.
One aspect that can’t be overlooked is saving money for a deposit.
With mortgages requiring at least a 5% deposit, the sums of money required can quickly add up. Take an audit view of your finances – are there areas where you can cut back on spending? Could you increase your income?
Speak to your bank and look around for the best savings deals online. You may be able to access better savings deals for your money.
The government help to buy ISA has helped tens of thousands of people get onto the homeowner ladder sooner than they otherwise would. Speak to your bank about joining up.
Be careful with your money, spend wisely and get into the habit of saving as early as you can – you’ll make the whole house buying process much easier.
- Keep An Eye On The Market
By keeping an eye on the local housing market, you’ll be able to spot the bargains when they come up.
Look for property for sale that suddenly drop in price for no apparent reason. There’s a good chance that the seller will want a very quick sale and may be willing to negotiate on price more than usual.
If you can put yourself in a good position early, you’ll have a better chance of securing the house even in the face of competition.
Having a mortgage agreement in principle, a solicitor on standby and a deposit in place makes you a very attractive prospect to sell to.
It’s not easy getting onto the home owner ladder, but with a little bit of discipline and our helpful tips, you’ll make the process much quicker and easier.