24th Feb, 2017
1.What can I afford?
As a first time buyer it is important to know exactly how much money you can borrow for your new home, and most importantly what you can afford. This mean you aren’t wasting valuable time viewing houses that are out of your price range! It avoids any disappointment and ensures you focus on what could become the perfect purchase.
2.What documents do you need?
You’ll almost always need to have these documents to hand when completing your mortgage application:
3.What is your credit score?
If you’ve any concerns about your credit rating, find out what it is. If there is a credit rating error or if the score is far from ideal, it is easier to fix it before your perfect home has been found, rather than trying to deal with it when settling the mortgage.
4.How many homes should I view before making an offer?
This is completely up to you! It may be that you completely fall in love with the first house you visit, so you don’t wish to view any more. But, it may be a good idea to view more than one, because an even nicer house could be just around the corner, and you don’t know what’s out there, until you look!
5.What do you think the seller will accept as a fair price?
As a rule, offering 5% off the asking price is unlikely to rub anyone up the wrong way. If the house has been on the market for quite a few months you could even venture below that. But, in reality, you never know how low a seller is willing to go, as everyone has different motivations for selling. If a seller is eager to move, they may accept a reduced price, but don’t risk missing out if you have the option to spend a bit more.
6.How do I know if a property is a good deal?
It is hard to judge whether a house is a bargain or not. The best thing to do is to check out what similar properties are selling for in the same area. This will give you a good indication as to how good of a deal you are or aren’t getting.
7.Should I have my home inspected?
The answer to this is yes you should. Before you buy a new house, you should always pay a qualified and licenced professional to inspect your potential new home. A survey will provide you with details regarding any repairs that you may be faced with. This will prevent any surprises popping up out of the blue when you move in.
8.What is the neighbourhood like?
Not only do you want your dream house, but you also want it to be in the perfect location! So, look at the amenities, surroundings, schools – whatever factors matter to you in the surrounding area. That way, you’re less likely to change your mind, once the home is yours.
9.How old is the property?
Some people love an old property with bags of character. Exposed beams, open log fire places, real wood floors – what’s not to adore? Older properties can sometimes mean more upkeep though, so work out what you think you’ll be comfortable with, once you’ve got the keys.
10.What if my offer is rejected?
When an offer is submitted to the seller, it may be accepted, in which case, great news, you’ve just bought your first home! It could be rejected, which means you can offer again or walk away. Or, the seller could respond with a counter offer which will give you even more to think about! Only you will know what’s right for you, but if you’re in any doubt, ask!
If you have any questions that we didn’t tackle in this short guide, get in touch and we’ll be happy to answer them. Or, if reading this has settled your nerves about buying your first home, and you’re ready to get out there and search for the perfect property, then let the fun begin!
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