Some Good Tips For Buying Your First Home
The decision to buy a property is a big one, it’s a lot of money to spend, but the investment in the long run is worth it. If you think
about it paying rent for a property is another big investment, you pay an amount every month, paying off the landlord’s mortgage and you pay council tax on top of that.
The money you are paying towards rent could be paying for a mortgage of your own, enabling you to get your foot on the property ladder and have your own investment for the future. Properties are available throughout the country and depending on the type of property you are looking for, where it’s located and general size will determine the price.
You will also notice that certain city properties are more expensive than others; of course London is the most expensive area of them all with small apartments costing around the same price you would find a two or even three bedroom freestanding house in other areas.
Before you start to look for properties, work out what you can afford each month towards your mortgage. When working out what you can afford, try not to over extend yourself, remember you will need to keep a little kitty in case of repairs and to ensure your family is comfortable and not struggling while you are paying off the mortgage.
Choose the Location Carefully
Once you have done this you will be able to determine the price of property you can afford. This will enable you to look in specific areas depending on the average price of properties in that area. If you are working in the city but find the properties are slightly out of your reach price wise, you should consider looking on the outskirts or in neighbouring towns and villages that still offer you easy access to work either with your own vehicle or via public transport.
We are very lucky in the UK and have a very extensive and reliable public transport system, often a half an hour commute to and from work is normal, enabling you to widen your search considerably.
Choose an estate agent that specialises in the area you are interested in, these agents know their area well and will be able to advise you on what you can expect to pay for a property in terms of area, size and location.
Always View a Selection of Properties
Always ensure you view a selection of properties, don’t buy the first one you see and once you find that perfect property that you believe you will be happy in for years to come, you can sign on the dotted line.
Now you may have been with your specific bank for a number of years and are tempted to walk in the door, meet with your bank manager and get a mortgage. While this seems simple enough, it may not be the most cost effective option for you.
Mortgage Brokers Do the Hard Work for You
Using mortgage brokers is often a safer and more cost effective method. These brokers are knowledgeable on current mortgages and will not only be able to advise you, but will be able to find the best deals for you, also giving you a higher chance of being awarded a bond. Rather than using only one bank, these brokers will approach a choice of banks on your behalf and find you the best deal, which can save you a lot of money in the long run.
When purchasing your first home, you need to remember that there is no landlord to phone when the boiler bursts or when a tree smashes your fence down, these are all problems that you are responsible for. If you can save even a small amount on your mortgage repayments, you can place money to one side to pay for unexpected problems which may arise.
Mortgage brokers are specialists in their field, offering you an excellent service and finding you the best mortgage deal for your future new home and enabling you to invest in your future.