The research phase of buying your first home.
Once you know how much deposit you have and how much you’re likely to be able to borrow to buy your first home, you’ll be able to start thinking about where and what you’d like to buy.
To kick off your market research, you can Search Our Website to find out what’s available in the area you want to buy. You could also do your homework on large property websites such as Rightmove and Zoopla.
To a large extent, the location you are looking at buying in and the amount of money you have to spend will determine the price and type of property you will be able to buy.
You should also consider whether you want your first home to be a flat or a house; an period property or a new build.
Don’t forget, there are many benefits to buying a new build home – from the security of a two year new homes warranty to the luxury of being able to choose all your own brand new fixtures and fittings.
Set a realistic goal.
If your research reveals that the three bedroom house in the upmarket part of town that you’ve got your heart set on is not available within your budget, then you may have to compromise.
When trying to decide what you can compromise on, consider which aspect of your home search is most important to you.
Many people think that location is the most important aspect of buying a home. If you’re desperate to live in the location of your choice, then think about the following:
- Could you buy a flat instead of a house?
- If you’re looking for a two bed flat, think about whether you really need that extra bedroom. It could be adding thousands to the price.
- Do you need to have a garden or a parking space?
- Could you set up a work space in a corner of a room?
On the other hand, if the size of your home is really important, then think about whether you could consider making some compromises on the location? Is there a nearby up and coming property hot spot that offers similar transport links and local amenities at a cheaper price?
If you really can’t compromise on either the location or the size of your home, then maybe you need to think again.
- Could you postpone buying your first home and take time to save a larger deposit so that you can afford a larger home?
- If you’re not already, then could you buy a home with a friend, sibling or partner to help you afford the home of your dreams in the location you want?
Ultimately, you need to decide which of your property search criteria is non-negotiable and which would be an added bonus. We’d recommend that you cut out any properties that don’t meet your “must have” criteria but don’t get hung up on the “nice to have” aspects of your prospective first home.
Getting to know your new home.
Once you think you’ve found somewhere you’d really like to buy, make sure you thoroughly get to know the property and the surrounding area.
Think about the details:
- How long will it take and how much it will cost for you to get to work?
- Are there any maintenance charges on the property?
- How much are energy bills and council tax?
- Are there amenities such as shops and transport links nearby?
- Does the property need any maintenance work such as a new roof?
- Is there likely to be any upcoming development in the area?
If you’re buying a new home from us, you can ask our trained Sales Executives as many questions as you like about the local area, the development and the property you are interested in buying.