Thinking of buying your first home? Check out our quick guide 📕
Buying your first home is an exciting milestone, but it can also feel overwhelming. Here’s a clear guide to help you navigate the process with confidence.
If you’re thinking about buying your first home, Congratulations! 🍾🎉🥂 You’re about to experience a huge life moment and finally have somewhere to call your own. The first-time buyer journey is exciting, scary, overwhelming…it’s basically all the emotions. So, what can you expect? In this quick read, we take you through some of the initial steps of the buying process 🏡
1️⃣ Evaluate Your Finances
Assess Your Budget: Calculate your income, monthly expenses, and potential savings.
Check Your Credit Score: A higher score can help you secure better mortgage rates.
Save for a Deposit: Aim for at least 5–20% of the property price, depending on mortgage options.
Plan for Additional Costs: Factor in stamp duty, solicitor fees, surveys, moving costs, and insurance.
2️⃣ Understand What You Can Afford
Use mortgage calculators to estimate your borrowing capacity.
Speak to a mortgage adviser to explore lending options and get a decision in principle.
3️⃣ Research the Market and sign up to RedRoots #HeadsUp Property Alerts to be notified before Rightmove & Zoopla
Decide on a location: Consider commute times, schools, amenities, and future growth potential.
Explore property types: Houses, flats, new builds, or shared ownership schemes.
Monitor property prices in your chosen area using platforms like Rightmove or Zoopla.
4️⃣ Get Pre-Approved for a Mortgage
This demonstrates to sellers that you're a serious buyer and clarifies your price range.
Compare mortgage lenders to find competitive interest rates and terms.
5️⃣ Work with a Professional
*WE CANNOT STRESS THE IMPORTANCE OF THIS* Please do your research, ask questions, check reviews.
Estate Agents: They’ll show you properties that meet your criteria.
Solicitors/Conveyancers: Handle the legal aspects of your purchase.
Surveyors: Ensure the property is structurally sound and free from major issues.
6️⃣ View Properties Thoroughly
Inspect the property’s condition, layout, and potential repairs needed.
Visit at different times of day to get a feel for the area.
7️⃣ Make an Offer
Offer a price based on the property’s market value and your budget.
Be prepared to negotiate.
8️⃣ Arrange for a Survey
Choose from a basic valuation, homebuyer report, or full structural survey based on the property’s age and condition.
9️⃣ Finalise Your Mortgage
Provide all necessary documents (proof of income, ID, bank statements) to your lender.
Secure your mortgage offer.
1️⃣0️⃣ Complete the Legal Process
Your solicitor will:
Conduct searches (e.g., local authority, environmental).
Draft contracts.
Handle the exchange of contracts and completion process.
1️⃣1️⃣ Move In!
Arrange for utilities to be set up (water, electricity, internet).
Update your address with relevant services.
Celebrate your new home!
RedRoots Tips for Success:
👉🏼 Stay patient and flexible; the process can take time.
👉🏼 Avoid major purchases or changes to your financial situation during the buying process.
👉🏼 Seek professional advice whenever unsure.
👉🏼 Would you like tailored advice for your specific situation?
If you have any questions, you can ask any of our agents anything, everyone is in the same boat when they haven't bought a house before so no question is a silly question... Give us a call on 01977 655686 📞 or drop us a WhatsApp by clicking the button below 👇🏼
