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Beginners Guide for First Time Buyers

One thing a first time in the UK housing market may lack is experience.So what should you look at for in the daunting period of securing your first rung on the ladder. Today we have put together a beginners guide to at least give you some simple and clear advice to point you in the right direction

Ask Questions

Don’t avoid asking questions. It’s easily done. This seems counter-intuitive, but the fear of looking stupid or immature drives many first-time home buyers into making really poor decisions. Just explain that you don’t understand or you need more details. You are about to make the biggest purchase of your life so no amount of questions are too many.

Beginners Guide for First Time Buyers

Beginners Guide for First Time Buyers

Prepare for Additional Costs

Its easy to convince your self that you have a bargain. Or even to overlook several costs to justify your purchase, but the bottom line is buying a house does have more costs than just the agreed purchase price. Don’t forget moving costs, stamp duty if applicable, the need for a surveyors report along with possible work thereafter, solicitors fees, estate agents fees, contents and building insurance, utility bills and council tax are all worthy of consideration before you agree your price. First-time home buyers often unconsciously think of the agreed purchase price as the single cost that drives their purchase decision.

Know How Much You Can Afford

So what is your budget? How much house you can afford after taking into account all other expenses? With the potential for so many additional costs, you will need to set a realistic amount. Si often i found that the dream property is always a little stretch of finance away. Certainly look at properties just above your maximum price range as you could always put in a cheeky offer especially as you are “the start of the chain”, but never overstretch, as you may end up being forced to downsize when you cant afford to exist.

Consider it as a First Rung Not the Last

Reports suggest the average UK first-time home buyer only stays in their home for 4 years. So your first house should also have the thought of resale behind it. Try and buy a property that also has a large demographic of interest from several potential buyers.If you can, purchase the least expensive house in an ideal location, in that way any improvements will likely reflect in an increased price. Consider transport links, schools, shops and location, bedrooms in your property, they are all likely to have an impact on the ease of selling in the future.

What other tips do you consider essential for a first time buyer?

posted by Zane in Buying,Guide,Property and have No Comments

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