6 Tips For Buying Your First Home

The
reason I’ve been extremely bad at blogging in the last couple of weeks
is because I bought a house! It’s been a crazy busy time in my life and
every weekend has been full of house viewings, talking about houses,
bidding on houses and spending time at the bank to buy a house. I don’t
blog in the week because my job is so full on so the most you’ll get out
of me in the week is verbal diarrhea on Twitter and Snapchat. I can’t believe I’ve just said the word diarrhea on my blog, classy.
I
feel that I have learnt so much about buying a house in the last couple
of months and I wanted to share some tips with you because I’ve found
on Twitter a lot of you guys have either bought a house or are currently buying like me. I hope you find these tips helpful if you’re a first time buyer and if you already own your house, I am sure you’ll
sit and silently nod because you know exactly what I am talking about!

1. View all kinds of properties.
When
you come to buying a house I am sure you’ll have in your mind exactly
what you are looking for. A picturesque lawn, a beautiful instagrammable
front door and gorgeous white walls. But limiting yourself to those
kinds of properties, limits your chances of finding your dream home. I
definitely believe that you have to see a lot of properties before you
really know what you want. You need to look past the 60s wallpaper and manky carpets to see the potential. Seeing something in real life is completely
different to seeing it online. You might not have had that instant ‘I
love it’ feeling while looking online but you might get it when you’re
standing within the 4 walls. We found the experience of viewing
multiple properties really helped us to nail down the details of what we
wanted and needed.
2. Befriend the estate agent.
Keep
your friends close and your enemies closer is a quote that sums this
point right up. Estate agents need to become your best friends, however
they need to be the kind of best friend you have in school, the kind
that you don’t tell everything to because you don’t trust them. You
don’t bare all to an estate agent but you really do need to get in there
with them so that they help you find and buy a property. Hold back the anger
they might give you and save it for when you’re home. These people hold
the key to your dream house and you don’t want to rub them up the wrong
way, even if they rub you up the wrong way…
3. Speak to the bank.
The
mortgage advisers that work independently out of an estate agent are
great but they’re not bothered about you, not really. They have targets
to reach and if you come in with a small deposit and budget to match, they
won’t go all out to help you. Going direct to a bank is the best thing I
could have done. After weeks of back and forth with an independent
mortgage adviser who kept telling me I
couldn’t get a mortgage (even though he told us initially we could), I was about to lose my mind and possibly a
house. So I rang a bank and I sorted my own out within 45 minutes. It’s
true what they say, if you want a job doing, doing it yourself. Till this day, we still haven’t heard back from the independent mortgage adviser with a successful application. We could still be waiting on him for all he knows!
Banks
are incredibly helpful and informative. They have your best interests
(money wise) at heart and won’t allow you to get swallowed up into
mortgage repayments you can’t make – they care about that because it
looks bad on them if you get into money trouble (but atleast they care,
right?!). Independent Mortgage advisers will help you find a good rate
but that good rate will only be because of what they will make out of
it. I’d suggest exploring all options and using the internet.
4. Consider your credit score.
Those
non payments made to that credit card during University may actually
cause you a problem. Do a free soft credit score check online to see how
your credit score is going. Having a credit card (that you don’t max out
on make up) and being registered in your area to vote majorly helps you
out on your credit score. Banks also may want to look 3 months worth of
bank statements, so make sure you start paying cash for all those pizza
and eyeshadows palettes…
5. Deposit.
You
can buy a house with a 5% deposit which is incredible. However, if you
can I’d suggest saving for a 10% deposit. From our experience, it makes
you more desirable at the bank and to the person selling their property.
You’ve got more security, you’ll own more of your house and generally
people just approve of it more. Getting a mortgage with a 10% deposit
was a walk in the park but a struggle with 5% because of the rates. You
don’t want to majorly put yourself out of pocket with repayments so I
would suggest it’s better to be patient and save as much as you possibly
can. There are tons of options to help you do this and lots of
different deals you can get, especially if you go down the new build road with a
smaller deposit.
6. Be prepared for the cost.
When
you’ve saved your deposit, don’t stop there. You’ve got to pay for
stamp duty, legal fees, solicitor fees, valuation fees, surveys and the
general cost of moving house is crazy. That bill can add up to about
£6,000-£7,000 which is a heck of a lot of money. We are pretty wise
first time buyers but we both didn’t realise the extend of the after
payments of finding a house. Ask a mortgage adviser to lay the costs out
for you or look online for an example to see how much each step costs when buying a house.
I
hope these tips are helpful to those buying a house or thinking of
doing so! If you’ve bought a house please do let me know in the comments
what your tips would be. Thanks!
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2 Comments

  1. May 23, 2016 / 10:35 am

    This was super helpful. Thank you!

    moremindfulyou.blogspot.com

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