Buying a house is one of the biggest and most complicated purchases you will make in your life. Navigating the market as a first time home buyer is not easy, so we’ve compiled five tips and tricks to help you avoid costly mistakes.

Story Highlights:

  • The value of mortgage brokers
  • Don’t limit your search by location
  • What your survery may and may not include
  • Don’t worry too much
  • Exchange and completion
  • Conclusion

Challenges of a First Home Buyer

One of the largest purchases a person makes in their lifetime is to buy a home. Trying to buy a house for the first time is not easy. For a single person, the price of a home and the process involved can appear particularly intimidating. With the average first time home buyer reported to be facing a deposit of £33,000, it has become increasingly difficult to climb on the property ladder over the last few years. For those seeking to purchase their first house alone, we at Quick Loans Express have produced a couple of tips and suggestions that will assist you along your journey of buying a home.

  1. First Time Home Buyer Mortgage Brokers

    Most people will need to get a mortgage in order to fund the purchase of their house. However should you use a direct lender or a broker?

    When it comes to short term financing, many prefer to search for bad credit direct lender loans only, as they tend to be faster and simpler to obtain. Additionally, your information will not get passed around the way it does with a broker. However, things are a bit different when it comes to a mortgage.

    Looking for a mortgage is a challenging task. Different providers will each have their own set of rules and their own set of fees. If you approach a mortgage provider directly, they will probably only be able to offer advice on their products. Mortgage brokers, however, will take the information you provide and look through many different providers to find the best mortgage for your circumstances.

    Any agent should make clear to you precisely how much your mortgage will end up costing you, including any charges or free surveys. Mortgage brokers will usually be very familiar with the industry, and may even have advice to share about important issues, such as the outlook for interest rate rises. Knowing this type of information can help you make the right decision. However, as we will soon discuss, nobody can tell you with 100% assurance what will or won’t occur.

  2. First Time Buyer Vs. Prime Location

    A lot of people have fixed ideas in their mind about where they want to live. They then restrict their searches to these areas only.

    You may well be surprised by how much more you can get for your money if you expand your search net and look at houses in other locations. If you’re a first time home buyer, you may decide to compromise on the location in order to acquire the house you desire. If you’re lucky, you might even find an ‘up and coming’ area that is still undiscovered.

  3. Ensure You Get a Home Evaluation Survey

    If you’re taking out a mortgage, a creditor will most likely do their own evaluation survey. They want to ensure that the house is worth the amount you want to pay. However, remember that a valuation survey is not a complete survey. It’s well worth checking which kind of survey could be most suitable for you. A HomeBuyer Report, for instance, can be opted for by people who are purchasing a home which looks like it’s in relatively good shape.

    This sort of survey can alert you to any major issues, but the surveyor won’t check beneath floorboards, for instance. This generally costs around £500. It may seem steep, but finding out about problems in advance can save you from turning desperately to quick cash loans to cover emergency repairs. You can get more or less comprehensive surveys for different costs. It’s crucial to understand what sort of survey you’re receiving and exactly what is and isn’t included. For a comprehensive list of surveys and their advantages and disadvantages, visit the Money Advice Service‘s site.

  4. Keep Calm When Buying Your First Home

    • It’s impossible to accurately predict the future.
    • Take guidance from professionals and use it to inform your choices, but try not to worry too much about all the what-ifs.
    • As we mentioned previously, nobody can forecast the future with 100% certainty.

  5. How a First Time Home Buyer Should Exchange and Reach Completion

    The two main stages of the final steps of the sale are:

    • Exchange, where the contracts are signed and exchanged
    • Completion, which is moving into the new property

    Although they can occur on the same day, this is seldom true. A lot of individuals now need a few days, weeks or even months between completion and exchange. This gives them the time to organise moving vans and to give in notice on leased accommodation.

    It’s important to note that, it might not be an especially good idea to hand in notice on any leased accommodation until you’ve exchanged contracts and are fairly certain the purchase will proceed. Otherwise, you might discover that you’re left without a house. Talking to your lawyer about your legal position is a fantastic idea when you have any queries or worries about the home buying procedure.

Research to Buy your First House

Buying your first home can be stressful, particularly if you’re a first time home buyer. On occasion, it could be required to expand the search net to find that dream house. Purchasing a house is often a time-consuming and very demanding undertaking. Do your research and solicit expert advice to make sure you completely understand the procedure. First and foremost, enjoy it. If it all works out, you’ll never be a first time home buyer again!

Crystal Evans
Crystal is a Web Content Manager with a passion for helping others. A Marketing Specialist by trade, Crystal’s first job was in the financial sector and she has been adding verve to personal finance ever since! When in high school, Crystal enjoyed creating revision notes and study aids for her peers – making concepts Crystal Clear. She continues this practice in the post-university School of Life – channelling her love of sharing information into blogging about personal finance

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