With rising house prices and a high level of demand for property, it is understandable that many people feel as though they will never get on to the property ladder. It can be difficult for first time buyers to know what they have to do to get on the property ladder and this is something that the National Association of Estate Agents knows all too well.
The organisation is keen to provide as much guidance to first time buyers as possible and at Spencer Harvey, we are more than happy to offer support and assistance. As a NAEA member, we can provide you with a lot of good advice regarding getting on to the property ladder, so arrange an appointment and we will talk you through the process.
Have a mortgage agreed in principal
It is a good idea to get a mortgage in principal agreed, even before you start to look seriously at properties. When you have this agreement in principal, you will have a good idea of what your budget is going to be, which means that you will be realistic in your aims and actions. Knowing what your budget is likely to be will save a lot of time, and having this mortgage agreed in principal shows the selling party that you are serious about the buying process.
It will probably go without saving but you need to try and save up as much money as you can. The larger the deposit you can offer, the more likely it will be that you will receive a mortgage offer and that the mortgage offer will be more attractive. There are a number of schemes set up to help first time buyers, including Government backed Help To Buy schemes, and if you need further guidance on these schemes, we are more than happy to talk you through the process.
Once you know what your budget is, speak to an estate agent who is well established in the area you want to buy. There is a lot to be said for local knowledge in the property market, and an estate agent with experience in the area where you want to buy will give you great guidance. At this stage, you should talk about the things that you need to have and what you are willing to negotiate on. It is very rare for people to buy their dream home straight away so focus on what functionality you need from your home and local area.
Other things to remember include:
- Consider all of your options, including buying with a friend or a shared ownership scheme
- Research as many areas and homes as you can
- Don’t feel pressurised into having to buy a home, if it doesn’t feel right, wait
- Remember that as a first time buyer, you are not part of a chain, and that is appealing to many sellers
When it comes to getting on to the property ladder, we are more than happy to be around and hold the ladder steady for you! If you’re looking for guidance about the property market, come and speak to one of Stockport’s leading estate agents, Spencer Harvey. You can give us a call on 0161 480 8888 or send us an email at info@spencerharvey.co.uk. For a free valuation please visit: https://www.spencerharvey.co.uk/valuation-enquiry.html