Tips for first time buyers
Buying your first home is one of the most exciting – and scary – decisions of your life. When you are finally in the position to be able to sign on the dotted line, it is a defining moment which you will remember with mixed feelings!
But as you set off on this venture, there are people and organisations such as the UK’s national shared ownership portal who will do their best to ensure that the purchase process is a smooth one.
It is also worthwhile doing as much as your own research as possible so you can ask the right questions and make informed decisions.
Free sources of financial advice are out there, and it might be your employer has a trusted advice for pension and financial matters that you can use. Ask at your local library or Citizens Advice Bureau for further recommendations. It is important that your finances are in good health.
Although there are challenges mentioned below, the benefits of owning your own place far outweigh the long term alternatives. After all, you are not only making an investment, but you will be no longer at the mercy of landlords and rental increases! You are planning and building something for your future.
You have a good job and a location in mind
The chances are, if you’ve a good job, you won’t want to impact your commute adversely so location is important. It is possible that you have been renting long term in an area and you are already settled. You will be familiar with schools and other amenities, or you may already have family links there.
However don’t be put off by looking at alternative location options – property websites will allow you to set up searches for different areas.
London offers something for everyone, which means that not only is choice endless, it is easy to get overwhelmed. You might value something larger with access to green space, or a smaller central location.
So before you consider estate agent alerts such as ‘Houses for Sale in Fulham’ or ‘Houses for Sale in Kensington’, you need to consider your budget and financial obligations. There are potential limitations regarding availability – certain London boroughs are building many more new homes so this will also give you a starting point…