Tips for first-time buyers moving up the property ladder

Tips for first-time buyers moving up the property ladder

30th Nov, 2018

If you’re a first-time buyer looking to purchase a house, you’ll find tonnes of advice online – including from us – but what about when you’re ready to take the next step?

Whether you’ve outgrown your current home or want to relocate to a new area, we have listed below what you need to know when moving onwards and upwards…

Experience

Even though this isn’t a tip to help you buy your second property, it’s a really important thing that needs pointing out. You have now purchased a house, so you have a lot more experience and knowledge surrounding this process than you did the first time round. You will also know the basics of how much it costs to run a home – including bills, insurance and maintenance – so you’ll have an even better grasp of what you can afford.

So, what other things do you need to be aware of?

Additional costs

This will probably be the first time you have had to think about selling a property – alongside buying one – so make sure you budget for extra costs you might not have thought about. Your home will need to be valued (at least once) and you’ll have to make sure it is in top condition to attract buyers. In addition, get all of your paperwork together and in order – you’ll need an energy performance certificate if you haven’t already got one – to ensure the process runs as smoothly and quickly as possible.

Often, the reason for moving is due to the purchaser wanting to invest in a bigger house, which means you will also need a larger deposit – this can even be double the amount of your original one.  

Mortgage

Most people, even if they have a mortgage already, will need to borrow even more money in order to move. Make sure you research the market thoroughly – and even go to a broker for advice – to get the very best deal and interest rate out there for you. If you want some more tips on finding the perfect one for your situation, take a look at our blog.

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 possessing one.

Chain

As you already own a home, you probably won’t be able to move before this is sold – and you are very lucky if you can! Likewise, the people who want to purchase your property will usually have to sell up, creating a house ‘chain’. The number of people involved in this will determine how quickly you can move out.

Earlier this year, a survey conducted by Property Wire revealed that 38.8% of house sales fall through before completion in the UK, so try to be prepared for this potential stumbling block and what to do if it happens.

We hope that these tips will help you to progress up the housing ladder. If you require anymore advice, or simply want to sell and/or buy a home, please feel free to get in touch with one of our reliable sales team.

View all posts by Rebecca Stead


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