8 Simple Pieces Of Advice For First Time Buyers

When you’re looking to get on the property ladder, you’ll likely be feeling both excited and perhaps a little stressed. The process can take a little time, and arrive with both great successes and (sometimes) a few setbacks! The key is to get good and organized with a solid action plan. For some simple steps for your to-do-list, these eight should set you straight. 

1 . Determine your budget

A solid budget is crucial before you start shopping around as you need to determine exactly what you can afford and what is your ideal price range. Going in without a strict budget makes it difficult to assess whether you will be taking on a comfortable financial situation with your purchase. 

Apart from your monthly mortgage payments, there are others costs to be considered. You’ll also want to draw up a budget for all other expenses associated with buying your home. For example, think about your building's insurance and the costs of any furnishings you might need to begin with. There will also be the costs of the solicitor and the survey. Besides this, you’ll likely need to pay a removal company to move your belongings from a to b. 

2 . Seek mortgage advice

As a first time buyer, it’s a good idea to speak to a mortgage adviser who can help you to determine how much you will be able to borrow. A mortgage advisor will seek to gain a clear picture of any outstanding debts plus your income and your deposit. To get started on your own, try a free mortgage calculator to gauge an approximate figure to work with. 

3. Prep your documents

Before you take on the mortgage application process, you need to gather all of the appropriate documents that you’ll need. You’ll need detailed proof of your income, bills, outgoings, and your debts too. While you're at it, it’s a good idea to get your check your credit report to see that everything is in order and correct. Bad credit does not necessarily mean you’ll fail to get yourself a mortgage, but it’s a good idea to know where you stand anyway.

4. Research the neighborhood 

Perhaps it’s the case that you are considering a few different neighbourhoods? If so, it’s vital to spend enough time in each and every one. Check out the schools, if appropriate, and spend time in the areas experiencing the amenities and the atmosphere. Read about the neighborhood online—find out if it’s up and coming or slightly in decline. Look at the average prices so that you’ll know what to expect. Remember, you’re not just buying a home; your buying into the whole neighborhood as a community and a lifestyle. If it’s not a place that you like and feel at home, you won’t be able to fully appreciate the property. When finding a dream home is your new year’s resolution, you won’t want to choose the wrong neighborhood.

5. Start saving early

When you’re looking to buy, it’s a good idea to start saving as early as possible. You may not think you’re ready to buy yet, but time-flies and it’s preferable to put down a larger deposit. If you’re someone who finds it hard to save, try making use of a budgeting app to help you out. Mint is an excellent financial app that can track all of your accounts, spending, investments, and debts all in one place. Once you’ve provided Mint with all of your financial information, the app provides you with a workable budget for each category. 

When you can see a detailed picture of your spending, it’s easier to make adjustments and therefore-savings. The app also offers you a free look at your credit score (always handy for those looking to buy)! Ideally, you’ll want to save a down payment of at least 20%; however, lower down payments can still land you a favorable mortgage. 

6. Find the right realtor 

Finding the right realtor is crucial for first-time buyers. You’ll want to prioritize those with a wealth of experience and an excellent reputation. Don’t be tempted to go for the first or most convenient option you're presented with. Take your time, and shop around until you find the perfect match. It can be useful to look to friends and family in your local area for advice. Often, recent buyers may be able to offer advice on the best realtor options around. Failing this, see if you can find any reviews online about the realtors who you are considering. When you meet with each one, be sure to ask about their successes and experience—to get a clear idea. 

7. List your must-haves

Before you start looking for homes, you’ll need to list your must-haves; the non negotiable things that you require in a home. Perhaps the number of bedrooms is particularly important?

Is it essential that you have a garden? It could be that you want an energy-efficient home or a property within walking distance of a train station? Whatever your requirements are, it’s vital to make a detailed list of what you need and what you are looking for before you start the process. Going in with a clear idea of what you want makes the procedure much less stressful!

8. Remain patient

Lastly, patience is really important when it comes to buying a property. It can take a little time to get through each stage of the procedure. What’s more, it’s normal to get beaten on offers or find places that just aren’t what you are looking for. Try to enjoy the process and see the wait as a positive in finding a property that’s just right.

First-time buyers looking for further advice would be well advised to look to sites like Altrua Financial. Here you’ll find some excellent info and services for first-time buyer mortgages. It’s important to find the right kind of company who can talk you through the fine print and who are committed to offering you the lowest rate that they can.