Are you a First Time Buyer?

Published: 14/06/2024

Looking for your first home

Buying your first home is an exciting time, but it can also be filled with uncertainty and questions. With the election on 4th July, we don't know what changes will be made and when.

It is tough to take the first step onto the property ladder, from understanding the financial commitments to navigating the actual purchase process, there is a lot to consider.

We have broken down the procedure to give you as much information and ideas of how to prepare you to take this significant step.

1. Access your financial health. Take a close look at your finances. Determine how much you can afford by looking at your income, expenditure, any debts and what savings you have built towards your deposit. Try and avoid over stretching yourself.
   
   
2. Understand your mortgage options. Talk to a regulated mortgage advisor who will help you find the best mortgage to suit your needs and lifestyle.
   
   
3. Get pre-approved for a mortgage. This will give you a clear idea of how much you can borrow and shows sellers you are a serious buyer. Your lender will review your financial information and provide you with a pre-approved letter once you gone through the process.
   
   
4. Identify what you are looking for. Make a list of what you want and need in a home. Look into location, size, type of property, proximity to work, schools, and shops.
   
   
5. Find an Estate Agent. A good estate agent is invaluable in the home buying process. They can help you find properties that meet your needs, negotiate with sellers, and navigate all the paperwork which can be a minefield.
   
   
6. Start house hunting. With your pre-approved mortgage, ideas of what you want in a home, start visiting properties. Be prepared there might be a need to compromise of some of your requirements but keep true to what you want from this purchase.
   
   
7. Make an offer. Once you have found the right home, work with your estate agent to make a competitive offer. This offer will include the price you are willing to pay, what finances you have in place, and any contingencies (such as a home survey and inspection).
   
   
8. Get a home survey. Once you have found the property you want to buy, it’s crucial to ensure it’s in a good condition. Make sure a professional surveyor inspects the property to evaluate it’s condition and identify any potential issues.
   
   
9. Close the deal. The closing process involves finalising your mortgage, signing all the necessary paperwork, and paying closing costs. Once everything is in order, moving dates are agreed, and the monies are received, you will be able to get the keys to your new home!
   
   
10. Move in and enjoy! After going through the buying process, it’s time to move in and start making your new house a home. Enjoy the satisfaction of owning your own property and the freedom to create a space which reflects your personality.

Buying a home can be exciting and daunting at the same time, however with careful planning and the right estate agent, you can see the process through with confidence.

Your Local Agent  

Our team at Palmer & Partners will be with you every step of the way. We have a wealth of knowledge, advice and expert experience locally in Essex and Suffolk, and within the property business. We are friendly and approachable, always passionate about our customers and work professionally.

Contact Us  

Please feel free to contact us in Colchester, Ipswich, and Clacton.

We look forward to hearing from you, and helping you find your new home - and everything else in between!