First-Time Buyer? 10 Things Nobody Tells You About Buying Your First Home
Buying your first home is exciting, but there are plenty of things you don't discover until you start the process. From choosing the right property to making an offer and getting the keys, here are 10 things every first-time buyer should know.
Buying your first home is exciting, but there are plenty of things you only really discover once you start the process. From choosing a property to making an offer and getting the keys, there can be more to think about than simply finding somewhere you like.
If you're preparing to take your first step onto the property ladder, here are 10 things worth knowing before you start.
1. Your first home doesn't have to be your forever home
It's easy to put pressure on yourself to find the perfect property, but your first home is simply the first step.
Your priorities may change as your circumstances change, so think about what works for you now and what is likely to work over the next few years.
2. The cheapest property isn't always the cheapest option
A lower purchase price can look attractive, but don't forget to consider the condition of the property.
A home that needs a new boiler, roof repairs or significant electrical work could cost considerably more after completion. Ask questions and make sure you understand what you're taking on.
3. You might have to compromise
Finding everything on your wish list within your budget isn't always realistic.
You may need to choose between an extra bedroom, a larger garden, a particular location or a newer kitchen.
Work out your genuine essentials before you start viewing and be prepared to compromise on things that can be changed later.
4. Don't underestimate the importance of the location
When you're buying your first home, the property itself can become the main focus.
But think about your everyday life. How will you get to work? Where will you shop? Is there parking? Are there local parks, schools, public transport and other facilities nearby?
You can change the kitchen. You can't move the house to a different road.
5. Your first viewing probably won't be your last
Don't worry if you don't instantly know whether a property is right for you.
Viewing different types of homes can actually help you understand what your budget can buy and what matters most to you.
The first property you view may also completely change your idea of what you want.
6. A viewing isn't just about looking
Use your viewing to ask questions.
How old is the boiler? When were the windows installed? Has any work been carried out? What are the neighbours like? How much is the Council Tax? What is the parking situation?
There are no silly questions when you're considering spending hundreds of thousands of pounds.
7. Your offer isn't the end of the process
Having an offer accepted is a fantastic milestone, but there is still work to do before you get the keys.
You'll normally need to progress your mortgage, instruct a solicitor, arrange any surveys and work through the legal process before contracts are exchanged.
Try not to mentally move in before the purchase is legally secure.
8. Surveys can be worth the money
A mortgage valuation and a property survey are not necessarily the same thing.
A survey can provide information about the condition of the property and highlight issues that may need further investigation.
For a first-time buyer, understanding what you're purchasing can be particularly valuable.
9. Things can take longer than you expect
Buying a home isn't always a quick process.
There can be delays involving mortgages, searches, surveys, solicitors and the wider chain.
Keeping in regular contact with your solicitor, mortgage adviser and estate agent can help you understand what is happening and whether anything is holding things up.
10. Getting the keys makes it all worthwhile
After the viewings, paperwork, phone calls and waiting, there is one moment that makes it all feel real - collecting the keys to your first home.
Whether it is a place you've been saving for years to buy or simply the first step towards your next move, getting the keys to your own home is a milestone you'll always remember.
Your first home is a big step
The buying process can feel complicated when you've never done it before, but you don't need to know everything from day one.
Ask questions, take your time, understand your finances and surround yourself with the right professionals.
At Pendle Hill Properties, we work with buyers throughout the process and understand that buying your first home can come with plenty of questions. Whether you're just starting to look or you've already found somewhere you love, we're happy to help you understand what happens next.
Your first home is a big step. Make sure you enjoy the journey as well as the destination.
