With first-time buyer numbers hitting a 12-year high during 2018, we thought we’d share some tips to help FTB’s onto property ladder.
First off you should save, save and save. A typical deposit for a first home has dropped but it’s still nearly £45,000. So, if you start to put a set sum into a saving account each month early on, this should help get you towards your goal of owning your first home. You might want to look at products that could help you save, things like a Help to Buy ISA or A Lifetime ISA.
Before you start house hunting, you need to look at your income, any debts and your deposit, so you understand how much you can borrow. Think about how long the property you are looking to purchase will suit your needs. Doing this will mean your property search is realistic.
You need to do your research! Look at which areas you can afford to buy in and the type of property you want before you start your house search. You don’t want to fall in love with a property that is out of your budget.
It might take you a few months to find your dream home, it’s important that you remain patient – as the transaction process can take a while as well. It will probably be one of the biggest financial commitments you’ll make, so make sure you don’t rush it.
When you start your property search you should choose a good, independent agent to take advice from. An agent will make sure you are making a realistic offer and will show you properties that match your budget and criteria.
We hope our tips will help you on your journey to becoming a homeowner.
If you are looking for your first home, you can view all our current listings here.