subject: Top Tips For First Time Buyers; Make It An Enjoyable Experience [print this page] Buying property is no easy task, especially for first time buyers. It involves a huge amount of dedication and hard work to be able to save diligently and scrape together those hard earned pennies. It is a real commitment, buying a house, most owners look for a 10% deposit to clinch the deal.
It can be a frustrating experience both saving and then in fact finding the right house. On top of this there are other worries; will the seller pull out or go for a higher offer? Is the estate agent trustworthy? Even thoughts of whether you have checked for all of the right things when trying to spy out any faults with properties.
But do not let these things bog you down; buying your first house should in fact be an exciting endeavour. Having a few helpful tips to steer you in the right direction can soon make the process much more smooth running and enjoyable.
The first key piece of advice is to be responsible with the amount that you borrow. The main bulk amount should relate to the top earners income and should be around no more than 3 times this amount before tax, plus another 1 times the second earners income. Try if possible to stay slightly below this maximum amount as interest rates are constantly changing. Although lenders have become stricter in recent years this is still a general rule of thumb to go by.
Make sure you are aware of all of the extra costs. A lot of lenders will add fees of up to 1000. There is usually the option of adding these to the repayment costs however this will cost more than if they were paid straight away up front. Then all of the usual living costs will also apply; think about contents, building and life insurance, gas and electricity bills, water bills, ground rent and possibly service charges.
Make sure that you visit properties that you like more than once. If you have fallen in love with a property on the first visit go back and take a second look. On the next visit make sure you check the state of the house, look past the superficial, especially in the bathroom and kitchen areas. These could cost a lot to sort out if there is anything wrong.
Finally make the correct bid, don't bid your entire budget on the first offer. Work out a suitable place to start and each time add small amounts until you reach a deal.
These handy tips will hopefully help to make buying your first house a more enjoyable experience!
by: Alan Trotter
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