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Buying your first home can be incredibly exciting. However, like all big purchases that you make in life, you want to be clued up and knowledgeable in how it works. As this might be your first home, you are going to be somewhat unaware of how the process works and what it entails. This might be the home you spend the rest of your life in, or it could be a stepping stone on to the property ladder.
Whatever it is, it’s important to know everything before going into it. Here are six tips for buying your first home.
Start Saving Now
It’s important that you start saving for your home as soon as possible. The major hurdle that many find when it comes to buying a property is the deposit. You need to typically have 10% saved to put down a deposit on a property, but this can be 5% if you’re doing the Help To Buy Scheme.
It’s also worth mentioning that on top of your deposit costs, you’ll also need the money for solicitors fees and then the moving costs. You may also want to put aside some money for the purchasing of furniture.
It can be hard to save money when you’re not used to doing so, or you’ve never tried budgeting your money before. Everyone has the ability to save in some way, shape, or form, so look at your income. Figure out what you’re spending your money on and then find out just how much you could be setting aside each month. By putting some money aside, it’s going to slowly build up to a sizeable amount, enough so that you have enough to fund the house-buying process.
Educate Yourself About Buying Property
Buying property is a new area for you, and so it’s important to educate yourself on buying a home. If you’ve not really got any clue as to what it entails, reading helpful guides like this can help. Asking those around you who have bought a property before for tips can also be very handy. They can give you their own experiences, what they might have done differently, and anything in particular to look out for.
There’s plenty of books that you can buy and borrow that explain the process, and then when you come to deal with mortgage brokers, solicitors and lenders, you can find out more information with these too. Don’t be afraid to ask questions and to get answers to anything that you’re unsure of. The last thing you want to do is put yourself in a situation where you don’t have a clue what’s going on, and so you end up signing something that you’ll later regret.
Approach A Mortagage Broker For Advice
An interest only mortgage broker can be a great help for anyone who’s looking to secure a mortgage. When you’ve figured out the type of property you’re after, there’s a lot of lenders out there to choose from. A lot of lenders you’ll immediately assume to be banks, but there’s plenty of other companies and organisations out there that will be willing to give you money as a loan. Instead of traipsing your way around each bank and lender one a time, it’s worth saving the time and hassle by approaching a mortgage broker.
A mortgage broker is an individual who will have access to all the relevant information you’ll need about the mortgage process. They’ll also have access to thousands of lenders and will be able to use your information to pull up the top results from best to worst. It’s worth paying for the services of a mortgage broker so that you can get the best deal for your money.
Have All Your Paperwork Handy
Paperwork is going to be coming out of everywhere when it comes to buying a home. You’re going to expect so much paperwork to have to read through as part of your home-buying process. However, it’s also important that you have all of your paperwork to hand in order to speed up the process where you can.
You’ll also need relevant documents when applying for your mortgage, which would usually be proof of addresses, income statements, and any further evidence needed. The more paperwork you have in a file and ready to go, the better. It’s something you’ll also need if you end up moving again and selling your property to someone else.
Be Patient When Shopping For A Home
Shopping for a home is a process that can sometimes take its time. For others, they may find their ideal home within the first few viewings. You might find that you’ve looked at a dozen properties already and still not found the one you like enough to move into. It’s important that you trust the process and that you don’t rush into buying a property. If you rush into it, it’s only going to cause you problems in the future, especially as you could be in a position where you lose out on a profit. Have patience, and believe that you’ll find the right one for you.
Buying your first home is an adventure, so make sure you enjoy it!
