Getting onto the property ladder - Valuable Advice That School Didn't Teach You!
While Pythagoras' theorem might be helpful, practical life advice can be even more valuable, such as how to purchase your first property. If you feel like you've missed out on this kind of education, don't worry! We've got you covered with 5 helpful tips. Take a read.
Purchasing your first home is an exciting but nerve-racking experience, as it's likely the largest purchase you'll ever make. It's crucial to approach the decision with care and consideration.
At Bradshaw Farnham & Lea we take great pride in assisting countless individuals in their journey onto the property ladder. To help you prepare for this significant milestone, we've outlined a few fundamental steps every first-time buyer should consider in this blog post.
Determine your budget and stick to it.
It's important to figure out how much you can afford before you start house hunting. This will help you avoid falling in love with a home that's outside of your price range.
Knowing your budget is a critical first step when it comes to house hunting. Here are a few more tips to help you stay on track and find a home that you can afford:
Consider all the costs involved in homeownership, such as property taxes, insurance, and maintenance
Don't forget to factor in your other expenses and financial commitments when determining your budget e.g Car payments, phone bills, Childcare etc.
Be realistic about what you can afford and don't be tempted to stretch yourself too thin just to buy a more expensive home
Get pre-approved for a mortgage.
This will give you a better idea of how much you can borrow and what your interest rate will be. It will also show sellers that you're a serious buyer when you make an offer on a house as you'll be competing with other buyers. Having a pre-approval letter from a lender can give you a leg up on the competition and show sellers that you're a serious buyer who's ready to move forward.
It's not always easy to determine how much you can borrow or afford when it comes to mortgages. That's why we highly recommend scheduling a meeting with a Mortgage Adviser. This is the best way to gain a clear understanding of your options and what suits you best.
We recommend meeting a Mortgage Adviser who is not tied to a particular mortgage lender, this way you get to see a more holistic view of what's on offer and discover what lender has the most suitable deal for you.
At Bradshaw Farnham & Lea, we work closely with Right Click Finance, an insurance and mortgage brokers on The Wirral. As first-time buyer mortgage specialists, they will be able to help advise and guide you on everything that we've discussed; providing expert advice on the best options for your particular circumstances.
SAVE, SAVE AND...SAVE!
Ask anyone who has purchased a home for the first time, and they'll tell you that the most challenging aspect is saving for the deposit. In fact, it's a longer process than paying off the mortgage itself, with an average saving time of five years. Unfortunately, most people don't learn about this until they are already deep into the purchasing process.
Use an experienced & independent estate agent
BFL Homes can help you navigate the home-buying process and find properties that meet your needs and budget.
Throughout the process, our teams can provide guidance and answer any questions you have. Here are some additional benefits of working with Bradshaw Farnham & Lea:
-Access to off-market properties: Some sellers may not list their homes online, but instead work with us to sell their homes privately to our database. Therefore, we can give you access to these off-market properties, which may give you a better chance of finding your dream home.
-Negotiation skills: As experienced agents, we know how to negotiate the best price for our clients.
-Local knowledge: Having over 170 years of experience in Merseyside, we will be familiar with the desired area you are hoping to move to and can provide invaluable insight into local schools, amenities, and market trends.
Overall, working with a good agent can make the home-buying process smoother and less stressful. Give us a call today to get registered & get notified when a property that makes all your specific requirements comes on the market with us!
Don't rush the process!
Buying a home is a big decision, so take your time and make sure you're comfortable with your choice, we will be there every step of the way!
Want to learn more? Discover our Ultimate Bible For First-Time Buyers here!