We all know that when you go to buy your first time home it is a huge life event that is incredibly exciting but also an extremely overwhelming and daunting prospect. 

Laura Westcott, Sales Negotiator in our Launceston office, has pulled together some of her top tips when starting to look for your first home. 

1. Start building a deposit 

 The first step to buying your first home is to save for a deposit. Your mortgage deposit will normally need to be for at least 5% of the value of the property you want to buy. So if you want to buy a home costing £200,000, you’ll need to save up a deposit of at least £10,000. Ideally though, the more you can save the better. According to Home Owner's Alliance, the bigger the deposit, the wider range of mortgages you’ll be able to access and at cheaper rates. This is because with a bigger deposit you’re perceived as lower risk by mortgage lenders. 

Want to give your savings a boost? Look into a Lifetime ISA. A Lifetime ISA (LISA) can be opened by anyone aged between 18 and 39. You can save up to £4,000 a year in it, towards your first home or retirement, and the state adds a cash bonus of up to £1,000 a year on top. Find out more here. 

2. Check your credit score and current spending habits 

 Potential lenders will want to see that you are a reliable borrower when they are assessing your mortgage application, so it helps to have a good credit score. You can access your credit score, for free, through websites such as ClearScore and Experian. It is also worthwhile evaluating your current spending habits. Are there any regular monthly outgoings which you feel you can reduce, or even cancel, so that your finances look in better shape? 

3. Speak to a Mortgage Advisor 

Before you start to look for your first home, speak to a mortgage advisor so that you get the right advice early on so that you are fully informed and aware of your borrowing potential so you know what value properties you can view. 

4. Additional Costs 

Make sure, before you offer on a property, that you have thought about you additional costs involved when buying your first home. It is extremely important to not just think about the purchase price but to also consider the many other associated costs of buying. For example; survey costs, solicitor’s fees, removal costs, buildings insurance, initial furnishing and decorating costs, mortgage arrangements, broadband, tv licence, water rates, council tax bills, house insurance and much more. 

5. View as many properties as you can 

Rather than searching for your ‘ideal’ home, view as many properties as you can and create a checklist of what is essential to you and what things you’re looking for. By looking at lots of properties you will be able to identify these features much easier. It’s very unusual for someone to find a home that ticks all the boxes, so make sure you prioritise what is important. 

6. Have some questions to ask the agent when you are viewing properties 

Why are the vendors selling? Where are the vendors going? Are they buying somewhere else? Is their offer accepted? How quickly do the sellers want to move? Is there an onward chain? These questions are important to ask the agent because these points all affect how quickly you will be able to move into your first home. 

7. View a property for a second time 

Found a property which you love? Make sure you go back for a second viewing. When you view a property for the first time you will often forget to look at some of the most important parts of the property and you never take it all in on your first viewing. Also, it's always a good idea to take someone with you who's opinion you value and trust. They may have got lots of knowledge and pick up on aspects of the property you would not even begin to think about. 

8. You're in a great postition! 

When you find a property you feel is going to be your perfect first home, make sure you make it clear to the seller you’re in a good position. Being a first time buyer means you will have no chain and can move very quickly; this is always very attractive to sellers. 

9. Speak to your family 

Including your parents or other family members in the process of buying your first home can be extremely helpful as they are likely to be able to offer a lot of advice, support and information on things that you may not have even considered. 

10. Make sure you pick a good solicitor 

Make sure you instruct a good solicitor. Speak to your buying agent and see if they have any local recommendations and read reviews for solicitors before instructing. Picking a good solicitor will make the buying process a lot less stressful. 

We hope this information has been helpful and we wish you all the best for this exciting chapter of your life. Please ensure that you sign up to our property alerts to be the first to hear about any relevant properties we launch to the market.