The First Time Buyers Guide

If you are looking to buy your first home then congratulations! Buying a home is a very exciting time and there really is nothing better than being able to put your stamp on a dream property. However, moving house, especially as a first time buyer can be stressful and it’s possibly one of the biggest financial commitments you will make in your lifetime. That’s where Palmer & Partners come in, armed with a wealth of knowledge to answer your pressing questions and make the whole experience an enjoyable one. Of course there is endless first time buyer advice, but we have touched on the most important questions we are often asked.

From mortgage advice for first time buyers, to starting your property search, there are many steps involved in buying your dream home, but where should you start?

Mortgage Research

Once you have decided to buy your first home, you’ll need to do some research to ensure you are eligible for a mortgage. Having this chat with a mortgage broker at this stage, will allow you to understand what you can afford and so what to look for on your property search. Some decide to have this chat later down the line, but no one wants to experience the heartbreak of finding your dream home and then not being able to get a mortgage to buy it.

Make A Property Wish List 

Before you start your house hunt, it’s a good idea to write a list of everything the property must have, this could include amenities such as a driveway or parking or if you need to consider close by shops, train stations or local schools. It’s also wise to have an idea of location that will help to narrow down your search, research areas beforehand so you have a good idea if it’s somewhere you could see yourself living. Think of this as a ‘wish list’, of course you may not stick to it in its entirety, but the focus can keep the search on track and make the process more streamlined.

Start The House Hunt

Now it’s the fun part! Now knowing what you can afford and where, and what you will be looking for in a property you are ready to start searching. You may fall in love with one of the very first houses you view, or it may take a while, both are completely normal and every property search is different. Many house hunters find it useful to register interest with a local estate agent so they can be notified when new properties that suit your requirements come onto the market. Once you have seen a few homes, you’ll get a good feel of what best suits you, allowing you to further narrow down the search and become one step closer to being first time buyers. At this stage you may decide you need to reconsider your wish list depending on your budget, or if you would like to open your search up to surrounding areas. Your estate agent will be able to advise along the way, so you’re never alone in the process.

Putting In An Offer

Once you have found your dream property it’s time to start thinking about putting in an offer, it’s always a good idea to revisit the property a few times before this point, perhaps taking along a family member or friend for a second opinion. We would also advise to explore the area and ask yourself questions such as:
  1. Will it be easy to park nearby?
  2. Can I walk to a local shop for essentials?
  3. Is there a train line or bus stop nearby for commuting?
  4. Will the nearest road be noisy in rush hour?
  5. Is the garden south facing?

Once you have submitted an offer, it’s a short waiting game to see if it’s accepted through the estate agent, so hang tight, cross your fingers and prepare for the hard work that’s (hopefully!) about to begin.

Mortgage Applications, Solicitors And Surveys

Once your offer has been accepted there are many things to do on the legal side of things. It can all sound daunting but don’t worry, your estate agent and mortgage advisor will be there to talk you through the process.

Moving In Day 

The day you have been looking forward to has finally come around, so collect your keys, move in and celebrate in your first home.

Buying your first home is certainly a big step and there is lots of hard work involved, but with our handy first time buyers guide, it really doesn’t have to be stressful. If you’re ready to start your property search, why not contact your local Palmer & Partners office today to find your dream home in Colchester, Clacton, Ipswich or Sudbury? Our experienced team of professionals are on hand to help and can’t wait to meet you.

View our area guides to begin your property research here.