Buying your first home can be one of the most exciting things that you ever do. Not only are you making a huge commitment but you also need to have the funds to cover all of the expenses.
However, if you get advice from the right people, you can simplify the process and find your dream home without too much stress.
To help you with your first purchase, we have put together a guide. Check out our tips below.
Are You Ready?
Before you even think about buying your first home, you need to decide if you are ready or not. This is an extremely big commitment, especially if you are planning on buying a property with your significant other.
When you are a homeowner, you will have a lot more responsibilities including paying for maintenance, furniture and your mortgage payments. Check that you are ready for this before proceeding.
Save for The Deposit
To buy your dream home, you will need to pay a deposit from your savings. If you don’t have any savings, you will probably find it difficult to get a larger mortgage.
Usually, it is advised that you save between 5% and 20% of the cost of the home that you are thinking about buying. The smaller your deposit, the harder it will be for you to find a good mortgage deal. Start saving now if you haven’t already.
Go To Lots of Viewings
One of the biggest mistakes that first time buyers make is in relation to the homes that they want to buy. Your expectations of what you can get for the budget that you have in place could be very different from the reality.
House prices go up and down and if you strike the market at the wrong time, you might not get your dream home within your price range. For this reason, you should go to multiple viewings and check out some properties that are within your budget. This way, you’ll know what to expect.
Don’t Forget Additional Costs
Think the only cost of buying your first home is the deposit and monthly repayments? Think again! You’ll need to pay for a lot more when it comes to buying your dream home.
Some of the costs to budget for include the cost of the conveyancing solicitor, the mortgage arrangement fees, building insurance and stamp duty. You’ll also need to furnish the property and buy white goods. These costs will all add up so make sure that you can afford them.
Finding A Mortgage
Before you make an offer on your first home, you will need to have a mortgage in principle. There are lots of mortgage deals that are suitable for first time buyers so you need to know what you are looking for.
An independent mortgage advisor is the best solution in this case if you want an unbiased opinion and the right deal for you. To get your mortgage in principle, you will need to provide the lender with as many details as possible from your salary to your debts.
The mortgage advisor will help you through this process. Unless you have a poor credit rating and a low income, you should be able to find a good mortgage.
Get In Touch With GPD Mortgage Solutions
If you are ready to buy your first home, GPD Mortgage Solutions is here to help. We can offer independent mortgage advice and help you be accepted for your dream home. Make sure to follow our tips in this guide and get in touch if you want to arrange a consultation.