AUTUMN is traditionally the time when the property market gets going again after the summer holiday lull – and many house hunters take their first step on to the property ladder.
If your grown-up kids or grandkids are first-time buyers, here are 10 tips to pass on which might make the process a little less daunting:
Work out how much spare cash you’ve got left over each month and consider setting up payments to go straight from your current account into a savings account, to avoid the temptation to spend.
Boost your savings
First-time buyers can turbo-boost their savings with, for example, a Help to Buy Isa or a Lifetime Isa, which come with bonuses. Generally speaking, the bigger the deposit you have to put down, the more choice of mortgage deals you’ll have, which could help when it comes to making repayments.
Show you’re responsible
If you’re not diligent already when it comes to paying back debt, such as credit cards, make sure you change your ways now.
Factor in all the costs
You may have thought about the deposit, but what about all the other costs, such as removal firms, estate agent and surveyor fees, conveyancing costs and taxes? There’s also the cost of furniture to kit out your new home.
Put spare cash aside
Rather than spending every last penny, try to keep some money aside to start a “rainy day” fund. This will help if you suddenly have a big bill to pay – such as if the boiler breaks down.
Choose your mortgage wisely
Navigating the mortgage maze can seem quite daunting – but the good news is, there are still plenty of low rate deals available.
Target your area
Make the most of property websites to get an idea of what prices are like in your desired area, to give you an idea if what you are looking for is realistic on your budget.
Get to know your local estate agents
Even if you aren’t quite ready to buy yet, it could be worth building relationships with estate agents to find out what’s available.
Be confident about haggling
Do some research first to help bolster your case and make sure what you’re asking is reasonable. Politeness when haggling could also help.
Be prepared to compromise
Whether it’s the location, the size of the property, or your new home being more of a “doer-upper” than you’d originally planned, a willingness to compromise could make all the difference.
Even if your first home isn’t your dream home, at least it could be a step towards it.
Enjoy the convenience of having The Sunday Post delivered as a digital ePaper straight to your smartphone, tablet or computer.
Subscribe for only £5.49 a month and enjoy all the benefits of the printed paper as a digital replica.Subscribe