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What You Need To Consider Before Buying Your First House

What You Need To Consider Before Buying Your First House
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The average price for a property in the UK is £288,000 in February 2023, according to the ONS. This figure has increased by £16,000 since last year. The rising costs are not predicted to slow, so now could be a good time to look into buying your first home. But how do you get on the property ladder? We’ve looked at the basic steps below, to help you get started:

1. Do Your Research

It may sound pretty basic to suggest this, but the first step to moving out is research. Use sites like Rightmove to assess where you’d like to move, what needs you have for your property, and how much you can afford. It’s important to go for a walk around the neighbourhood to make sure you feel comfortable living in the area too.

The key thing to remember is to be realistic. Unless you can afford it, don’t overstretch your budget for the sake of an unnecessary feature – we’d all love an indoor swimming pool but it’s generally not essential!

2. Start Filling Up Your Piggy Bank

If you haven’t already stashed a fair few pounds away, then now is the time to save! Becoming a homeowner is one of the most expensive things in life for many people – but it’s certainly not out of reach. Even if you have a small budget! Sorting out your finances means you’ll have a clearer vision of what you can afford and how much your mortgage payments will cost every month. Use our blog to find out how to cut down on your monthly outgoings and save money!

Don’t forget to account for all the extra fees that come with buying a house either, such as stamp duty, deposits, estate agent fees and so on. These costs can come out of the blue, which might leave you short for the month. If this happens My Financial Broker can help you find quick payday loans to cover your finances until your monthly paycheck is due.

3. Could a Help to Buy Scheme Help You?

The government try to encourage first-time buyers to make use of the Help to Buy schemes. These schemes aim to help you if you cannot get enough money together to afford the mortgage fees and deposits required for ownership. A Help to Buy ISA, for example, is a savings account that will give you an extra 25% of your savings to go towards the exchange deposit.

4. Make a Suitable Offer

Once you’ve found an ideal home, making the offer is nerve-wracking as it’s likely going to be the biggest amount of money you’ll ever spend. You obviously don’t want to overpay, so it’s important to negotiate. Important questions that may affect the price include:

  • Is the property in need of repair or redecoration?
  • Is the property in a desirable location i.e. near to good schools or good transport links?
  • How likely is the property to be impacted by a natural disasters like floods or coastal collapse?
  • Are there any big nearby building proposals like a motorway that could adversely affect the house’s aesthetic? Or are there any good developments like a shopping centre that would increase local convenience?
  • Do you have a selling chain on your end? If not, the buyer may be willing to take a lower amount to push the sale through.

Give yourself ample time to understand all the moving processes, and make sure you are financially ready for your first home. Make sure you repay any bad credit short term loans with high interest first too – you can then save more each month for a deposit.


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