Purchasing your first home is an exciting milestone, but it can also be overwhelming. There’s so much to consider, from organising a solicitor to picking out paint colours, you’re faced with an abundance of decisions that can make the process stressful and time-consuming.
At Abbott & Abbott, our blog is here to provide you with all the information you need to put your mind at ease. So, today, we’re here to guide you through the process of purchasing your first time by offering essential tips to ensure a smooth and successful home-buying experience with us; read on and discover how we can help.
1. Start Saving Early and Create a Budget
First-time buyers must start saving for a down payment and other expenses associated with purchasing a home as early as possible. Many believe this to be the most challenging aspect, but with the right planning, it’s possible.
As experienced estate agents in Hastings and Bexhill, we’ve had the opportunity to work closely with many first-time buyers over the years. Those who are best prepared and the least stressed about the process have created a comprehensive budget long before the viewings begin. This budget should include all your current financial obligations and future homeownership costs to help determine how much you can comfortably afford to spend on a property. Once you’ve decided on this amount, you can move on to the next stage of the process.
2. Get Pre-Approved for a Mortgage
The next step is understanding pre-approval, essential before beginning your property search. This involves getting a confirmation from a lender about the amount they are willing to lend you based on your financial situation and can be done independently or through a mortgage advisor. Once you have this pre-approval (or AIP, as it’s commonly referred), you gain a competitive advantage in the housing market, as sellers prefer buyers who have already secured financing. Of course, it also helps you understand your budget and narrow down your property options accordingly, allowing you to attend viewings with a better idea of which properties you can put an offer on.
3. Research the Local Housing Market
Before putting an offer in, thoroughly research the local housing market in your chosen area. Whether you’re looking for property for sale in Bexhill, Hastings, or elsewhere, make sure to analyse property prices, trends, and the availability of homes that meet your requirements.
To do so, we recommend utilising the many online resources available. Various platforms, such as Zoopla for example, provide data on property prices, historical trends, and information about the neighbourhood. This can help gather insights and make informed decisions on the area you plan to purchase in.
If you don’t live in your chosen area, you must visit and see it for yourself. Purchasing property is a huge commitment, so you must be certain you’re happy with the neighbourhood. Make an occasion of it and walk around the streets, dine out in a local café or restaurant, and visit local shops to get a feel of the community.
4. Choose a Trusted Estate Agent
Working with a trusted estate agent will significantly simplify your home-buying journey. At Abbott & Abbott, we’re reputable estate agents in Bexhill and Hastings with over 85 years of experience, making us an excellent choice if you’re looking to purchase property in the area. Our team possess impressive local market knowledge, negotiates on your behalf, and guides you through potentially complicated paperwork, making your time with us as smooth and stress-free as possible.
As first-time buyers, we understand that there’s a lot on your mind, but choosing an experienced, reputable agent with a strong track record of successfully assisting buyers is crucial. Our expertise will prove invaluable in helping you find your dream home.
5. Conduct Thorough Inspections and Due Diligence
Once you find a property that meets your needs, you must conduct thorough inspections to ensure its condition aligns with your expectations. This includes inspecting the structural integrity, plumbing, electrical systems, and other essential components. Trust in a reputable surveyor to assist with this to avoid any nasty surprises and potentially hefty bills once you’ve gone through with the purchase. A qualified inspector will provide a comprehensive report, allowing you to make an informed decision about proceeding with the purchase.
So, congratulations on taking the first steps towards homeownership as a first-time buyer. By following these top tips, you are well on your way to making a confident and informed property purchase. Remember, at Abbott & Abbott, we’re here to support you throughout your home-buying journey. From the early stages of saving and budgeting to the final steps of inspections and negotiations, our team of experienced professionals is committed to providing exceptional service and ensuring your satisfaction. Please don’t hesitate to get in touch with our dedicated team to discover how we can help.
