There is much uncertainty when it comes to buying property, even to the point where proposed deals can fall through at the last moment.
Still, much of the ambiguity can be lifted by conducting sufficient research. It should help demystify the process and bring clarity in your time of need.
Obviously, you likely knew to do this already, but how and what you research is just as important to. Otherwise, you may spend countless hours meandering on Google instead of unearthing the crucial answers you require.
To provide you with some inspiration and direction, here are some of the things you must research as a first-time buyer.
You may feel some nerves when choosing a conveyancer, simply because so much is resting on your decision.
However, if you know what qualities they should hold, choosing the right service for you should become an easier process. The best types of conveyancers will be fountains of knowledge and communicate their wisdom to you effectively. Moreover, they may be on your mortgage lender’s panel, and your friends and family may passionately recommend them. After this, there should be a clear frontrunner for your attention.
Quality conveyancers should also be accessible and provide insight into real estate goings on out of their own volition. A good example of this is the aptly named Conveyancing Expert, who publish sharp analysis online of rising house prices and how long the huge increases in homemovers will last. They backup their comments with the latest data and provide links to their stamp duty calculator and consultation services with their expert team. As you can see, they go the extra mile, and that is what you should look for.
As you well know, buying a home is an expensive ordeal. The first thing you must do is acknowledge the financial scope that you’re dealing with.
First, try to gain a good idea of your deposit requirements. Estimates vary from place to place and as time goes with market changes. Still, in February, The Times reported that first-time buyers in Scotland would need £35,000 minimum, which is perhaps a sobering and unexpected figure for many. Having an awareness of where you stand in these matters should tell you whether you can proceed or not.
Next, consider all the additional expenses that could be incurred also. Factor in things such as survey costs, furnishing expenses, stamp duty, and any fees that your solicitors charges as well. Once all of that is contemplated, you should have a bigger picture of what you’re grappling with financially.
If you find yourself lacking on the financial front, it may not be cause for concern just yet.
There are many support schemes that could be available to you. For example, there is the Help to Buy scheme, whereby the government may help first-time buyers secure a property with just a 5% deposit. Affordable housing and shared ownership schemes may also help to make the financial burden less taxing.
It’s important to remember that you do have options here. While being a first-time buyer may seem futile at times, there are other avenues that you can explore to make things easier – providing you do the research!