When you are looking to purchase your first home, there are lots of things you need to consider. The first thing is how are you going to pay for the home! Most people require to save a great deal of money before they can even think about looking for potential homes. Usually, the deposit required to put in an offer and secure a mortgage is 20% of the value of the property. This can be even greater in areas like London, where demand outstrips supply substantially. One of the ways a first-time buyer can get hold of the money to buy a house is to use the government-backed scheme, “help to buy”. The Help to Buy scheme is designed to give assistance to new buyers who do not have a huge deposit saved up. The scheme allows first-time buyers to only need a 5% deposit, with the UK government loaning 20%. This means that you only need to get a 75% mortgage, which can be much more affordable, especially for those on smaller incomes.
Other things new buyers need to think about including the type of property they wish to buy. Depending on where you are looking, it can be more cost effective to start off with a flat or apartment rather than going straight in for a house. Flats tend to be smaller, with fewer bedrooms, so can be a good choice for individuals or couples. Houses on the other hand, are better for those with children and pets, offering slightly more space and often a garden. All the extra room, garden, driveway or garage can add to the value of the property though, so it is worth bearing this in mind!
Choosing the perfect location for your new home is always a difficult task, as you want to be nearby to the things you use all the time, such as your workplace, any schools required, and shopping facilities. Getting the right balance between being close to amenities and still matching your budget is one of the most difficult parts of buying a house! Some people want to be within walking distance, or at least with public transport options close by. Others don’t mind driving their car or using a bicycle to get from A to B.
The looks of the house are important to consider when you are buying, however, be careful not to write off a house just because you don’t like the décor inside. The cosmetic changes required to bring a house up to your standards are likely to be fairly straightforward – jobs like redecorating or adding different furniture can really make a house into a home. Be careful to check the quality of fixtures and fittings when you do go to view a property. Structural change can be very expensive!
Finally, looking for a new home should be exciting, not too stressful! Try to get help from people who have done it before. Seek the opinion of your parents, friends or other relatives you trust. You might oversee something that they spot straight away!
