Warning: Cannot modify header information - headers already sent by (output started at /homepages/29/d786878964/htdocs/clickandbuilds/Openbrix/wp-blog-header.php:9) in /homepages/29/d786878964/htdocs/clickandbuilds/Openbrix/wp-content/plugins/all-in-one-video-gallery/public/public.php on line 105 First Time – need to know – OpenBrix
Four must-know tips for first-time buyers to get your foot on the property ladder
Getting your foot on the property ladder for the first time can seem like an impossible task at
times. However daunting, it is possible to take that first leap if you are patient enough
and have some excellent knowledge in your locker. Despite the financial difficulties and hard
work needed to make it happen, as a first-time buyer, you bring with you some positives too.
Sellers may prefer you as you will not be waiting on your own house to sell to
progress with the deal, therefore removing a link in the chain.
If you are a first-time buyer looking to take that initial step, here are four must-know tips to
help you along your way.
Start saving early and thank us later
Paying for a mortgage on a house or apartment is probably more than you think. The
average deposit for a first home is currently over £46,000, so it is a good idea to start saving
as soon as you get yourself a full-time job. Try putting a set amount of money away in a
savings account at the end of each month and stick to it. Before you know it, the money will
start to gather up, and you will end up with a sizeable sum to work with.
Patience is key!
This is perhaps the most important tip to bear in mind when it comes to buying your first
house or apartment. There is no set timeframe when it comes to purchasing property as
there are so many variables involved. You may find your dream home within a week, or it
may take you months and months. The transaction time may drag on. Your seller may be
waiting on their purchase deal to go through. A deal may fall through at the last
minute. There are so many factors, so it is important to take your time, be patient, and
don’t be disheartened if something goes wrong. It happens to everyone.
Work out an accurate budget and work with professionals
When it comes to buying you first place, working with professionals is always a good place
to start. The best place to start with this is a mortgage adviser, who can tell you exactly how
much you will be able to borrow based on your savings, income, debts, deposit, and more.
This will give you a value to work with when it comes to searching for properties. You may
even be able to agree a mortgage in principle which is attractive to sellers. Next up, working
with a professional estate agent is always a good idea to ensure that you are focusing on
properties in the right price range and making sensible offers.
Paperwork at the ready!
As we said before, buying a property can drag on a bit, so you have to be patient. However,
one thing you can do to help yourself and the seller you are working with is to have your
paperwork in order. Once you have an offer accepted, you will have to submit numerous
pieces of paperwork, from your ID to named utility bills. You should either have your
mortgage in principle paperwork to hand still, or you will have to start the application
process. This can involve more paperwork, such as payslips/bank statements.