Am I Ready To Buy My First Home?
Getting a foot on the property ladder is an exciting milestone, but also a significant achievement. In this guide, you’ll find all the key information and considerations when making the decision to buy a home.
1. Do you know what first home you want?
Having an idea of the type of property you would like to buy is a great place to start in your property search.
By having a checklist of needs and nice to haves, you can better find homes with the number of bedrooms you need. Or if the house has a spare room for a home office, or enough space to entertain guests, and even storage for children’s toys or your hobbies!
You can review our current developments available from Tilia Homes to help you figure out what you need from your first home.
Every buying journey is unique and while you may think that buying a bigger property for your first home may be a little out of reach, the reality is that with the right planning, financial circumstance and budgets in place, a wider range of properties are available to first-time buyers.
2. Have you considered your future needs?
What might you need from your first house in the years to come?
For first-time buyers hoping to start a family in the future, for example, it’s important to consider if the house will have enough bedrooms in the future, not just for now. It's also important to look at schools in the area if you plan on staying in the same home when you have a family.
Should you wish to make a move in the future, understanding the local area and whether the property has the potential to make a good financial return could be the thing that helps you to make your decision.
4. How to save for a house
How much money do I need to buy a house? How big of a deposit should I have? Both great questions but there is not one size fits all answer.
It’s easier to think of buying a home in averages.
According to Which? the average first time buyer home costs £203,695 and the smallest first-time home buyer deposit (subject to lender) is 5%, which is at least £10,815 based on this number. You may want to look at getting a Mortgage in Principle – more on this in our guide – to find out how much you're likely to be able to lend.
As well as having the required deposit, there are other fees to consider when buying a new home, including conveyancing and survey costs, as well as legal fees, which can start from £5,000.
As simple as it sounds, starting to save as much and from as soon as you can really does go a long way to helping you secure your first home.
5. Do you have good credit?
Do you know what your credit score is? You may not, but a mortgage lender will need to find out to decide how much money they will let you borrow.
Lenders are more likely to provide you a mortgage with more favourable interest rates when you have a higher credit score. The lender will likely perform a credit check on you during your mortgage consultation to establish the most accurate assessment of your credit score.
6. Have you sought expert advice?
As well as doing your own research and reading our helpful guides, we recommend you speak with the experts. Whether it’s to talk about mortgages, savings or finding the right home for your circumstances, consulting with an expert offers unrivalled peace of mind.
For anything related to property buying, you can of course contact our teams who are always happy to help.