Buying a home is one of the most important decisions of anybody’s life. For this you need to be prepared, both financially as well as emotionally. It is a complicated process that may leave you confused, exhausted and worried. However, with some planning you can make it through and get that perfect home deal, which suits your pocket and family. To grab this kind of deal, you need proper planning, some research and a minimum financial balance.
Most of the time first time home owners end up getting a home of their dreams but it often turns out to be an overwhelming experience. It can turn out to be financially draining if not planned in advance. To avoid this, here are a certain tried and tested tips that will help you put your first steps on the property ladder without any hassle.
Tried and Tested Tips that every home buyer should follow:
Check your credit score: To check you financial stability, lenders use a certain criteria which includes checking your credit score. Your credit report forms the basis of your loan and so, you need to check whether it suggests a positive financial behaviour or not. Also, you need to be very clear about what you can afford, you can use online loan calculators to estimate the monthly repayments and see the different kind of home loans. For first time home buyers, deep research is the first step towards becoming a successful home owner.
Manage the deposit: The next step towards buying a home is to manage the deposit amount. It may not be a big amount but could be anything between 5% and 25% of the total value of the potential home. If you are a first time home buyer with little savings then you can deposit just 5% of the property value and the rest can be managed through mortgage and government home buying schemes. Enquire with an experienced mortgage expert like FreePriceCompare to find the government schemes and mortgages that would be most suitable for you.
Take the mortgage expert’s advice: Before jumping onto the home buying ladder, you should take advice from mortgage experts. They would take into account your credit score, savings and income to check your eligibility for a mortgage. Your financial plans for buying a home should be in line with the expert’s advice. As per experts, your mortgage payments should not exceed one-third of your gross income. You should be clear about the closing costs and so, ask your mortgage broker as well as your estate agent about these costs.
Find the best estate agent: It is important to meet various estate agents and zero down on the one that offers you genuine advice and a profitable home deal. You can take recommendations from your friends and other home buyers. The estate agent should be ethical and be able to get you the best possible purchase price. You should discuss with them the kind of home you want along with other details like the preferred area, neighbourhood, schools, parks and more.
Research, research and research: You can research just about everything that you want in a home and around it. You need to check the area, surroundings, background, people, schools, public places, pet parks and more. You can get help online by using sites like zoopla.co.uk and gov.uk/council-housing/apply-for-a-council-home. Taking information through word of mouth is also important as they are genuine and displays first-hand experience.
Go for a home survey: A complete survey of the potential home is a must before investing into it. For this, you should arrange for an experienced surveyor who would ensure that the property is safe and worth an investment. The surveyor will inform you about the major or minor issues with the property so that you can rethink your decision, if needed. If the issues are major then the best thing would be to decide on another property. For minor issues, you can negotiate with the seller and get some genuine price cuts.
You need to keep these tips in mind to buy a good home for yourself. Apart from these things, you need to check on several aspects like government schemes, mortgages and more to get that perfect home deal for yourself. For more details on mortgages and home loans, you can read our guides, visit our website Freepricecompare.com or even call our friendly team of loan and mortgage experts on 08008807656.