Tips For Purchasing Your First Property

It’s an exciting time when you decide that you’re ready to purchase your first property. Whether you do it on your own, with your partner or a friend, the process can be a rollercoaster of emotions. But how do you go about it, if you’ve never done it before? Here are some tips to help you through it.

 

Know What You Can Afford

It’s not fair to put yourself through house viewings if the properties you’re seeing aren’t affordable for you. Therefore, before you start seeing places, you need to know what you can afford. Depending on your financial situation, you may be providing a deposit in a number of ways. However, it mostly boils down to the income and what you earn that’ll make the difference between a £200,000 property and a £400,000 property.

Set a budget and make sure that the top end of your budget still allows you to secure a mortgage because, without it, you’ll crush your hopes of getting that place. Seeing a financial advisor is always recommended as they can guide you through the process and get the right deals for you.

Decide On Areas Of Interest

Whether you stay in your own town or move to a different city, it’s useful to decide on your areas of interest. It’s all well saying that you aren’t fussed, but you should have some sort of idea where you want to live. Do your research and figure out what you’ll need from the area itself. Perhaps it’s good transport links to work, or a community feel that you’re after.

Try and shorten the list to just one or two areas if you can because then it means you won’t have to be reaching out to a variety of estate agents.

Don’t Approach Too Many Estate Agents

Unless you want Andy, Todd, and Lucy calling you several times a day, to tell you about the latest property they’ve just secured, you might want to go easy on picking an estate agent. Find the best estate agent that’s reputable within one of your chosen areas and unless something else takes your fancy, stick with just one or two agents. Make sure to go into your initial meeting with a checklist of what you’re after. This helps both parties save as much time and effort as possible.

It’s also good to use your best poker face when it comes to viewing a property. You don’t want to express too much excitement because that might make for a more difficult situation when haggling on the price. The estate agent is going to be representing the client initially, so they’ll likely feedback on how you acted at the viewing.

Ask Questions

Don’t be afraid to ask questions, open cupboards and let the taps run to check the water pressure. When going into a viewing, it may feel rude just to start opening things and turning appliances on, but you’d rather do so in order to get a full understanding of the property. Ask questions about the neighbourhood, about who lives nearby and anything specific about the property that might not have been mentioned in your information pack.

You’ll also need to think about getting a property surveyed to check everything is how it’s been claimed and Allcott Associates are a great example of a company who can help with that.

Buying a property is a milestone in your life, so don’t take it too lightly. Do your research, lead with your head rather than your heart. And enjoy it!

This is a collaborative post.

 

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Lynn Beattie

Aka Mrs MummyPenny

Personal Finance Expert

I write about personal finance made simple, lifestyle choices that will save you time and money, as well as products and services that offer great value.

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