The exciting challenge of buying a home for the first time can be so tasking that many people just go with the first house that comes their way as long as it falls in their price range, most searches done on Rightmove are done on location and budget.

To help you make the process of purchasing a home easier, there are things you will need to consider. When making a purchase, one of the first things to look at is what the property will be worth in the future, now no one has a crystal ball or knows how long a piece of string is however it is possible to look at the value of the property now, in the last few years and predicting future trends relating to the market in the area you are purchasing.

There are several other things to consider before purchasing a property for the first time and they include:

HOW MUCH HOME CAN YOU ACTUALLY AFFORD AND WHAT ARE THE EXTRA COSTS

Look at the house’s total cost and how much of the first payment you can afford. Also you would need to consider, how much insurance will cost, council tax, stamp duty– any maintenance fees and charges and how much you will spend in maintaining or improving the house over the time that you intend to stay there. There are also the costs involved in the actual purchase of the house – The cost of any surveys and the cost of a solicitor.

HOW MUCH MORTGAGE DO YOU QUALIFY FOR?

It is important to seek the right financial advice from a bank or independent mortgage advisor before you set your sights on your dream home to make sure you will be able to get a loan that covers the cost of the purchase. You may think you can afford a £200,000 home, but lenders may think you are only good for £179,000 depending on factors like your monthly income, how much other debt you have, and how long you have been employed and your credit rating. There is also your deposit saved – however much this is will affect the amount of mortgage to apply for against your chosen property.

WHAT TYPE OF HOME BEST FITS YOUR NEEDS?

There are many types of houses be it a single room, bungalows etc. Each type of house also has its advantages and disadvantages.

Therefore, depending on your homeownership goals, you need to decide on the type of property that suits your unique needs. Do you need a garden? Do you need a garage? Is off road parking important to you? Do you need to be on a bus route? Is the position of the house important – do you desire a sunny back garden that is South facing? How far are you prepared to travel to work and what is the commute/traffic like? Is there a good mobile phone reception and internet provider? Will you expand your family and if so there is there enough space? If you already have furniture will it fit in the doors/rooms?

FINALLY, YOU NEED AN ESTATE AGENT ( I’m not sure this works – in the US you need a realtor but here you don’t really – you are tied to the agent that is listing the house that you want) – It maybe should read– “enlist the help of the professionals”? Or something similar?

80% of home buyers now search on Rightmove and Zoopla finding the property first and then being directed to the agent that has the property listed to book a viewing. Making your first home purchase can be a bit risky, an estate agent will guide you in its purchase; help you locate homes that meet your needs and are in your price range. They also work closely with their vendors so can advise on the details of the property and any potential chain attached. When you decide on a home to purchase, these professionals can help you through the entire purchase process, including making an offer, getting a mortgage, a solicitor and completing the necessary paperwork. The expertise of a good estate agent can protect you from any troubles you might encounter during the process, a good estate agent can also save you money and time with their expertise and knowledge of the house buying process.

Visit our Vlog for more first time buyer advice