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FIVE IMPORTANT THINGS TO CONSIDER AS A FIRST TIME BUYER – BY ANDREW LOVEDAY

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07/04/2016

 

Buying a new home is an exciting moment in anyone’s life, especially for the first time. There are many things that need to be considered and below we have put together the top five things to consider.

Five important things to consider as a First Time Buyer – by Andrew Loveday

Deposit

Firstly, ensure that you have or are able to save enough money to pay for the deposit. Work out what you can afford to put aside each month and think about any small changes to your lifestyle that could help minimise your spending. Also consider saving with a Help to Buy ISA where the government will boost your savings by 25%. So for every £200 you save, you receive £50, to a maximum government bonus of £3,000. You can read the Countryside blog on how to save for a deposit.

First Time Buyer Schemes

Be aware of the help that is available for First Time Buyers. At Countryside, we offer some great schemes to help first time buyers and existing homeowners, including the government backed Help to Buy and our own Bank of Mum and Dad.

Location

The location of your new home can have a big impact on the price. If you are wanting to stay close to family and friends, research homes that are within a 15 mile radius as opposed to under 10 miles, as the price for a home can decrease the further you look from a popular area. Also do some research into areas of regeneration, which maybe more affordable and could provide a great long-term investment.

Buying Criteria

Fully research every aspect about your potential new home including:

  • Local Area: Have a look at the local newspaper websites and any community websites that are running in the area. This will give you a good feel as to what goes on a day to day basis.
  • Commute: It is important that you have a test run of your commute (via different methods of transport, if possible) from your potential new home. You want to ensure that the journey is not too difficult or complicated as this will continue to be an important element of your daily routine.
  • Schools: If you have children or are planning on starting a family in your new home, research the schools in the surrounding area and their levels of performance via Ofsted. Keep in mind that even if you do not plan on having children, living near to good rated schools will maintain and potentially increase value.
  • Shops: Even if you own a car, it is always helpful to be able to buy all of your necessities within close proximity of your home. Create a list of amenities that you would like close by e.g. supermarket, petrol station, doctor’s surgery and pharmacy.
  • Crime: By searching the potential new postcode online you will be able to find crime reports on the surrounding area, your local police station can also provide you with crime statistics.

Mortgage

Look around for the best mortgage deal, using an impartial, whole-of-market mortgage broker or Independent Financial Adviser to get the best deal that suits you. Seek as much advice as you can before deciding on your mortgage broker and lender.

Before you commit to any broker it's important to get them to run through the whole mortgage process from start to finish. Find out what information you need to provide (bank statements, proof of employment etc.) and what the broker will actually be doing. For example, will they be making any recommendations, or just providing information? And if it's your first mortgage will they help and guide you through the application process and be on hand to assist you all the way until completion?

At Countryside we can help recommend an Independent Financial Adviser and our sales advisers can help you throughout the sales process. Your new Countryside home will be ready to move into so no need for lots of DIY, you won’t need to wait for your seller to move out and lots of brand new appliances come as standard. We build energy efficient high quality homes in a wide variety of locations so find out why we were voted Private Developer of the Year at the First Time Buyer Readers’ Awards 2015.

Happy house hunting!

  Some description

Andrew Loveday,
Sales Director

 


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About this blog

Here you’ll find property related blog articles from the team at Countryside as well as independent experts. Expect regular tips and advice on topics such as buying a new home, interior and landscape design, setting up home, mortgages and finance, plus articles on architecture, the property market, regeneration and more.

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