Buying your first home is one of the most exciting however scary things you will ever do In your life.
It comes with a lot of decision making and financial decisions however with the right information and mindset, you can navigate the process confidently and find a place you’ll be proud to call home.
Whether you're just starting to browse listings or seriously considering a down payment, this guide will walk you through the key steps of the home-buying journey.
- Save Save Save
Before you fall in love with a property, take a clear-eyed look at your financial picture. Ask yourself:
- How much can I realistically afford?
- What does my credit score look like?
- Do I have enough saved for a deposit?
Tip: Use an online mortgage calculator to get a ballpark estimate of what your monthly payments might be.
The Average deposit paid by first time buyers is £34,500 according to the UK finance therefore you ideally need to save enough to put a deposit down.
- Get Pre-Approved for a Mortgage
Getting pre-approved by a lender shows sellers that you're serious and financially ready. During this process, a lender will assess your income, credit, and debt to determine how much they're willing to lend you with a mortgage in Principle.
There are many low deposit options in the UK for Fist Time buyers.
- Research what you want
Make a list of must-haves and nice-to-haves. Be realistic about what you can get in your price range. Research online and even contact agents who will be able to help you narrow your choice down.
Also really consider where you want to live, some areas are more expensive for smaller houses.
- Make an Offer
View properties and once you’ve found “the one,” it will be time to make an offer. Your agent will help you determine a fair price based on the market and comparable sales.
You may need to negotiate and in a competitive market, be prepared to act fast and make a strong offer. Once your offer is accepted always have your paperwork ready to go as this can delay a sale.
- Get a survey
A surveyor will assess the condition of the home and identify potential issues, like foundation problems or outdated electrical systems.
This can save you thousands down the line or help you walk away before you commit.
- Close the Deal
The final stage involves:
- A home appraisal (ordered by your lender)
- Final mortgage approval
- A deep dive into your finances
- Signing a mountain of paperwork
The sale process can take time, so be patient. On average it takes up to 3 months however sometimes it can take longer.
This is one of the most important financial decisions you make therefore don’t rush!
