First-time buyer's guide

 

Finding the right home

When you are choosing a new home there’s a lot to think about – where you want to live, how much space you need and how much DIY you are prepared to do are just some of the decisions you’ll have to make.

Here are some of the things to think about – break them down into ‘definite wants’ and ‘wishes’. You’ll need to decide on the most important ones before you start looking, but be prepared to be flexible.

What kind of home do you want?


  • • A house, flat or studio?
  • • How many bedrooms?
  • • New or old property?
  • • Perfect condition or in need of work?
  • • Home office or children’s playroom?
  • • Parking space or a garage?
  • • Garden or terrace?
     

What about the location?


  • • How easy will it be for you to get to work?
  • • How close are the shops?
  • • What are the local schools like?
  • • What is the crime rate?
     

Get an idea of what’s available

Once you’ve decided on one or more areas where you’d like to live, you need to look at as many properties as possible to get an idea of what you like and how the prices compare.

Get in touch with a few local estate agents

Let them know what you are looking for and what your price ceiling is. You can get contact details for most estate agents from the National Association of Estate Agents (NAEA) or the Yellow Pages.

Look in local newspapers

They usually include a weekly property section, as well as properties that are being sold direct – not through estate agents.

Search online

Good websites to start with are:
www.rightmove.co.uk or
www.findaproperty.com

Tips

  • icon_rates_tickWhen looking at properties, take someone with you as they may pick up things you miss and you can discuss it with
       them later on
  • icon_rates_tickHave a second viewing at a different time on another day
     

Buying a brand new home?

If you want a newly built home, you may be buying ‘off plan’. This means that you make a decision to buy before your home is finished, after looking at the drawings or a show home.

  • • Remember that the property you want to buy is likely to be different from the show home.
  • • Look closely at the plans, as the room sizes may be smaller than those in the show home.
  • • Read the small print in the developer’s specification to check the finishes are what you want.
  • • Make sure that your property comes with a warranty, such as a National House Building Council Certificate or Premier
      Guarantee.

Timing tip

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Next steps

Eligibility

Am I eligible?

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Calculators

Calculators

How much will I pay each month?
How much could I borrow?

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