Top 6 tips for first-time buyers

17th January 2015 by

Being a first-time buyer can be useful

The fact that you don’t have a home to sell before purchasing a property is viewed by many estate agents as a great positive. Without being reliant on a chain of transactions, your purchase will probably be less complicated than when someone needs to sell their current home as well as buy the next.

As a result you could find that you get a bargain, even when the housing market is slow, just because you can purchase and move in quicker. You might feel out of your depth, but being a first-time buyer actually makes you a strong player.

Get your finances in order

If you can’t afford to purchase a property outright (most first-time buyers can’t), make sure you have a ‘decision in principle’ from your mortgage lender. This will make estate agents more confident in your ability to get a mortgage, and could make you stand out from other buyers.

Also, it is important to know that you will definitely be able to keep up with the mortgage payments, so carefully scrutinise your finances to make sure.

Contact expert conveyancers

For most people, buying a home is the most expensive purchase they will make in their lives, so it is well worth having legal experts on your side to help you navigate the whole process as smoothly as possible.

Healys have years of experience in house purchase, as well as house sales, so we’re in a good position to help you steer clear of any property buying traps and ultimately making sure your hard-earned money is only used to buy a home you’ll be happy in.

Don’t bid too low for a property

You don’t want to insult the seller by asking for the house price to be lowered too far, and you also don’t want other potential buyers to offer a better price and get the property instead of you.

Be careful how much you bid. If any other properties have sold nearby, find out what they sold for.

Also, if the house hasn’t been on the market long, the owners might not be willing to lower the price yet. Homes which have been on the market for several months are better bets if you want to try and lower the price.

Consider the seller

Along a similar vein to bidding at the correct price, it can be useful to know why the seller wants to move. If they need to leave soon to start a new job elsewhere, then you could be an ideal candidate for the purchase because you’re not tied to a previous house and could buy their property straight away. This might make them more inclined to accept a lower offer you make on the house.

Keep in touch

When you’re in the middle of trying to buy a property, don’t fall silent. You should make sure you respond to any emails or letters you receive about the potential purchase, and make enquiries about anything you don’t understand.

This will keep the estate agent and seller confident that you are interested in the property, and make sure you remain in the running as a buyer.