Three things to do before taking your first step on the property ladder

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Getting ready to buy your first home can be an exciting time, but it is also a huge financial step and there are some key matters you must address at the very outset.

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Here we look at three issues which can make the difference between fulfilling your dream and making serious mistakes along the way.

1.Getting your finances in order

In terms of an investment. UK property continues to buck the financial trends. The average UK home costs £234,742 and according to the latest figures available in December 2019 this reflected a rise of 2.2% year on year. This, of course, means that property continues to become more expensive each year, and so saving for a deposit is a challenge.

Finding a mortgage broker will help you find your way through the lenders’ deals which are available on the market.

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It is important to be realistic about what you can afford on a monthly basis, based on your income either individually or as a couple. Your adviser will explain the multiple of your income which is applicable to the amount you can borrow comfortably.

2. Surveying the property

First of all, you will need to address the expectations you have of the property you are looking for. Location is an issue for many people. Do you want to have access to amenities? Are you looking to be close to green spaces? Are school catchment areas important? Try creating a list of your needs and check each potential purchase against it.

Once you have chosen a property which reflects the above requirements you need to carry out an extensive survey known as a Homebuyers Report, to find and document any problems which may cause damage or require repair in the future. Your mortgage lender will carry out a valuation survey but this will not cover any issues which may arise in the future.

3. Conveyancing

Once you are happy that you have found the property you wish to proceed on it is time to find a conveyancing professional. Everyone wants to find the best deal and cheap conveyancing, offering solid professional guarantees, can be found online at sites such as cheap conveyancing.

Always get a number of quotes and ensure that your conveyancer is a member of a professional body.

 

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