4 Oct 2024
First Time Buyer to Do List
It is a very exciting time when you are ready to take that step onto the property ladder and purchase your first home. Not only is it a huge achievement, and a big milestone in our lives, it can also be very daunting. Buying a house can be a long, complicated process, which is why we have set out a “To Do List” to help you get started.
The process
Buying a new home can take several months and during this time there will be plenty of checks that need to be completed, plenty of paperwork, and the exciting part – looking at lots of different properties.
Try not to feel overwhelmed – the below to do list will hopefully simplify the process and help you on your house-buying journey.
First Time Buyer to Do List
- Save a deposit
Although there are schemes available for first time buyers where you don't require a deposit, or only require a small deposit, if you can save for a deposit it will open up more options to you. Depending on the type and size of home you would need to look at saving between 5-20% - Budget for extras
There are various fees involved that you will also need to include in your budget. These include; lender arrangement fees, legal fees, survey fees, broker fees, valuation fees, and stamp duty (free for first time buyers unless the property is worth £425,000 and over) - Talk to a mortgage adviser
Whole of market mortgage advisers have access to a vast panel of lenders and can see all of the mortgages available from UK lenders which aren't available to everyone. A mortgage adviser can provide honest and impartial advice and help you to secure the best possible deal to suit you - Get a mortgage in principle
A mortgage adviser can help you obtain a mortgage in principle from your chosen lender. This is an agreement that the lender will give you a specific amount towards your new home - Register with your local estate agents
Talk to the estate agents in your area and let them know you are looking for a new home. They will help you to decide what property you are looking for and arrange showings for you to view potential properties - Browse for properties
You can regularly check online for any new properties that become available. You can also register what you are looking for with some property sites so you are notified when a new one comes to market - Look at properties
Go and view different properties - be sure to visit a range of different houses to help you decide on the property that best suits you - Make an offer
Once you've found your dream home, the next step is to put in an offer. It doesn't have to be the full price of the property, but bear in mind if the offer is too low it won't be accepted - Speak to a conveyancing solicitor
Once the offer on the new home has been agreed, you will need to find a conveyancer to help you with the legal side of purchasing the property - Get a survey completed
You will need to get a survey of the property completed. The idea of the survey is to flag any issues which could be structural or cosmetic. The survey is an important step as there could be issues that could end up being very costly - Exchange and complete!
The bit you've been waiting for! Once you have followed the legal procedure for exchanging contracts, you will be a very proud owner of your first home, and can reap the benefits by putting your feet-up in your newly acquired space!
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