Your questions are coming in thick and fast to us at Warrington Mortgage Centre, so we wanted to turn those q’s into answers through a series of blogs.
This blog will explain what first-time buyers need to know before they start looking at houses, ensuring they have everything in place should they find the right match.
1st thing you need to do is check your affordability. Come in and see us at Warrington Mortgage Centre where we can go through your finances and then provide a budget of what houses you can afford (otherwise known as affordability). We’ll then be able to provide you with what your repayments will be per calendar month.
Most, if not all houses on the market today can be found online through various sites. Right Move, Zoopla, On the Market, as well as the estate agents own websites can all be great places to start your search.
Another new and exciting tool that has come around of recent is the option to set up alerts for your area or the type of property you’re after.
This is helpful as you may not be too fussed with any of the options currently on there, but new ones are added all the time, and by setting up these alerts you can stay ahead of the game to land that dream property.
Once you have seen a property that suits, then you need to make contact with the homeowner or estate agent to view, if you can’t get in touch then most websites have an enquiry form and they will get back to you asap with the viewing options.
Have your details ready, including address, DOB, email etc, and they’ll also ask what position you are in to proceed.
As a first-time buyer, you will have an advantage as sales are usually easier, as previous homeowners may have to wait for their property to sell or to raise the extra income.
When viewing a property.
Just because it’s your first time, there should be no need to rush purchasing a property. Make sure you are purchasing a home, rather than just a house, as there is a big difference.
If either you or your partner isn’t keen on the property, then it’s ok to move on, you are in no contractual obligation to purchase just because you are viewing and have shown an interest.
Another important thing that people forget to do is take pictures, both good and bad as this will help you to truly review the property when you have more space and a clearer frame of mind.
Do ask plenty of questions whilst you’re in the house too, it’s exactly what the estate agent is there for. Find out about the area, transport links, the property itself and why the occupant is selling up. If it is a fast sale that’s needed, then you can manipulate it to suit you as the buyer as lower offers are far more likely to be accepted.
After viewing a property.
The estate agent will usually follow up your meeting with an email or phone call asking for feedback. This can be both positive and negative so please be honest.
You’ll then likely be asked to what you think the property is worth, remember prices can and usually are negotiable, so if you feel the stumbling block is the price, then you can try and haggle to get the price you want to pay.
Once you feel you’ve found the right property, then go ahead with making your offer. The worst they can do is say no, from which you can either renegotiate or move on to another house.