We understand that as a first-time buyer, taking that initial step into property ownership can be daunting – especially during such turbulent times. There are plenty of things to consider – from choosing the right location, to arranging your homeowner’s insurance. Here are our top tips to make the process of buying your first home that little bit easier.
How much deposit?
The lowest deposit amount that will be accepted by lenders is 5% of the value of the property, however, most will ask for upwards of 10% of the house value.
Location is key
It’s a good idea to research ‘up and coming’ locations for your big move. For example, if the council are planning to spend money on new developments such as housing, schools or supermarkets, property prices will soon be on the increase – meaning a good investment for you!
Arrange more than one house viewing with your agent and don’t settle for the first property you see – the next one could be even better!
Here at Applegate, we make a point of having honest discussions with potential vendors about their expectations, so we can understand the kind of property they are searching for – and even schedule additional viewings which could fit the bill!
Take plenty of photographs – from all angles – of the properties you are considering. This way, you can remind yourself of the details, remember any areas to revisit, and perhaps even start to plan how you would make the place your own.
The majority of lenders will also insist that you have a buildings insurance policy in place, so ensure that you don’t hold up the process by not having one.
Take a look on comparison sites for the best options out there, and make sure you read the small print about what is covered in your policies.
Although buying your first home can feel overwhelming, we can make the process as smooth and stress-free as possible. Contact the team today to find out how Applegate Properties can help you.