A first time buyer’s checklist

The following post is a collaborative guest post.

Taking your first tentative step onto the property ladder is a major milestone and it could represent the start of a whole new chapter in your life. There are risks involved though and if you want to avoid making potentially costly mistakes, you’ll need to know exactly what you’re doing. With this in mind, here is a checklist of the essentials that all first-time buyers should be aware of before they take the plunge and make a purchase.

Property must-haves

There’s no such thing as the perfect property. We all want different things from our homes. However, before you start your search, you’ll need to decide on the features that your personal piece of real estate absolutely must have. The last thing you’ll want to do is rush into a purchase only to realise you’re not happy with your new home. Essentials could include anything from a specified number of bedrooms to a certain proximity to your place of work. While you should expect to compromise on some property features, make sure your chosen abode at least ticks these boxes.

Affordability

Think carefully about affordability too. Bear in mind that it’s not just your mortgage payments you’ll need to meet when you move into your first home. You’ll also have to cover a range of other set expenses, including your home insurance, council tax, energy bills, TV licence and landline and internet package. You might face repair or upgrade costs as well, so it’s a good idea to leave a little extra room in your budget just in case.

Making an offer

When it comes to putting in an offer, make full use of your negotiating skills. Decide how much you’re willing to pay for the property and then work out an opening offer below this sum. When you’re determining this figure, take a range of things into account, including how long the property has been on the market for, why the owners are selling up, when they want to move and what is included in the asking price. Bear in mind that as a first-time buyer with no house to sell yourself, you’re in a strong position and this could help you to strike an attractive deal.

Survey

Your mortgage lender will conduct their own valuation of the property and you might be tempted to forgo the process of getting your own survey. However, while it will cost you extra money, it’s well worth getting a chartered surveyor to look over the home to check that it’s structurally sound and worth the price you’re planning to pay. This could save you a lot of money and hassle further down the line.

The legalities

If you decide to go ahead and put in an official offer, it’s wise to get the experts involved. Trying to handle the legalities yourself rather than turning to a conveyancer can be a risky business. A property solicitor will be able to deal with all the intricacies of the transaction, from the ownership contracts to managing stamp duty levies and dealing with the Land Registry.

As long as you keep this checklist in mind when you’re hunting for your first home, you should be able to avoid any heartache and, hopefully, end up with the ideal property.