Posted: Friday, September 1, 2023

How to get on the property ladder

Homeownership is a dream shared by many, but for most first-time buyers, getting on the property ladder is no simple feat. If you’re among the ever-growing demographic of aspiring homeowners, use these top tips to help you take that all-important first step onto the property ladder.  

Saving for a deposit 

Saving up a large deposit is often the most challenging aspect of buying a property. It’s advisable to save at least 5-20% of the property's value as a deposit, as this will help you secure a mortgage with better interest rates. Set monthly savings goals and establish a realistic timeline to keep yourself motivated and on track. If you opened up a Help-to-Buy ISA, don’t forget to deposit a maximum of £200 a month, as accidentally missing a month will ultimately set you back. 

Assessing your financial situation 

Before you can get started on home hunting, it's essential to evaluate your financial standing. Start by assessing your income, savings, and any outstanding debts. Consider how much you can comfortably afford to spend on mortgage repayments, and don’t forget to account for additional expenses such as council tax, insurance, and maintenance costs. Budgeting realistically will provide you with a solid foundation for the rest of the process, and a good idea of what kind of home you should be searching for.

Understand your mortgage options 

A mortgage is likely to be the most significant financial commitment you make in your lifetime, so you will need to understand your options thoroughly. You could conduct your own research into various mortgage lenders and compare their interest rates, terms, and conditions, but it’s usually worthwhile to seek professional advice from a mortgage broker who can guide you through the process, help you find the most suitable mortgage for your circumstances, and assist with the application process.  

Explore government schemes 

The UK’s government offers several schemes to support first-time buyers in their quest for homeownership. Familiarise yourself with these schemes, such as Help to Buy, the Lifetime ISA, Shared Ownership, and Right to Buy, to determine if you meet the eligibility criteria and if they align with your goals. These schemes can provide financial assistance, reduce deposit requirements, or make monthly repayments more affordable.

Seek professional guidance 

Navigating the property market can be complex, especially for first-time buyers. Engaging the services of a qualified solicitor or conveyancer is crucial to ensure a smooth and legally compliant purchase process. They will handle the legal aspects, including property searches, contract reviews, and completion procedures, giving you peace of mind throughout the transaction. 

Check out the local property market

Making informed decisions is important, which is why it’s advisable to delve into a little research on your local area’s property market. By using property search portals, you can monitor house prices, housing trends, and location-specific factors that may affect your investment. Beyond this, you should attend plenty of property viewings, ask questions, and consider seeking advice from local estate agents or property experts who can provide invaluable insight.

Patience and flexibility 

Buying a property is a significant life event, and it's essential to remain patient and flexible throughout the process. Be prepared for delays, setbacks, or unexpected changes. Stay positive, persevere, and don't rush into any decision you may later regret. The right property will come along if you stay focused on your goals and maintain a proactive approach. 

Contact us 

Are you itching to get moving into your first home? Get in touch with your local Guild Member to start your search.

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I can't speak more highly of the team at Homesearch. When I met Michael to discuss the sale of my home instantly from that meeting, I could tell how knowledgeable they were. From that moment until closing, everything went absolutely flawless. This experience of selling went without a hitch with them giving great tips on preparing my home for viewings. Thank you. I really appreciate all your help during this process. I highly recommend Homesearch to any person who is looking to sell their home or buy a new home.

Loretta Barrett, Seller

I started with two very well known real estates, but I hated it. I was simply another number to them and I didn't feel they were honest and transparent. With HomeSearch I felt comfortable that they were on my side and they were always available to help. The process is hard enough, so having a team who supports you can make such a difference. Highly recommend.

Arian Barvarz, Seller

The reason we chose Homesearch to sell our property was that we liked the straightforward, no-nonsense approach of both Anna and Michael. They gave an honest appraisal of our property and a clear idea of what we could expect to sell it for. In fact, the offer we accepted exceeded our expectations. The sale took longer than we would have liked, due to delays caused by the buyers' solicitor, but Michael was tenacious and must have worn his phone out keeping everyone informed of progress.

Nicola Watson, Seller

Homesearch are hands down the best agent I have ever worked with ! The team helped me in an extremely complex sale. Without the knowledge and experience of the whole team, my sale would not have completed. I dont normally write reviews, only when they are truly deserved. An exceptional team! Very kind and personable, reliable & trustworthy.

Leslie John, Seller

My experience with Homesearch is that they are professional, friendly and go above and beyond to ensure that something stressful like selling a house runs as smoothly and stress free as possible. They work hard to get the results and have kept me updated throughout the process. I honestly could not recommend them enough, they are easily the best company I’ve dealt with in the buying/selling houses field. And to top it all off, they always answer the phone in the most pleasant tone and always provide service with a smile.

Chanelle Hunte, Seller

Homesearch are PROFESSIONALS. I sold my property through Homesearch and I have not dealt with a more competent agency. Every single person  dealt with knew exactly what they were talking about and I can tell that they all have knowledge in the industry and were not just picked up from the street. From the get go I was impressed and I will certainly do business with them again.

Paul Hobbs, Seller

Many thanks Homesearch for locating professional corporate tenants for my property. I am very happy with your property management service as you always ensure that the tenants give the property back in good order at check out. Five Stars!

Maria Foran, Landlord

I have been absolutely delighted with the exceptional service I have received from Homesearch. They have removed all the stress & hassle of renting my property and dealt with all manner of situations I would have struggled with in such a professional & courteous manner. They give valuable unbiased advice with such a wealth of experience. Nothing is ever too much trouble for the staff, who are always friendly & helpful. Homesearch let and managed my property and I am very happy with their property management services, they are very knowledgeable.

Paula Carter, Landlord

Homesearch always do what they say they will do. They are efficient and raise any issues early and provide options to resolve them. Homesearch is very  easy to get hold of and talk to, no matter where I am in the world! My property is well looked after, regarding tradesmen, replacement of items swiftly etc. with the minimum of fuss.

David Connells, Landlord

From our first viewing right through to the present, Home Search were brilliant. They helped make the whole process quick and stress free and even now we are in and settled, they are still happy to assist us with any queries we may have. We couldn't recommend them highly enough.

Julie Maney

Home Search helped us move into our new flat smoothly and Tim was always happy to provide help to put our nerves at ease. Arranging a viewing was easy and Home Search were happy to open after hours for us to sign the paperwork. They were very helpful and often would offer to help! Having moved in we received a lovely card and they have always been swift in communicating with Usif we have any questions. Would recommend it.

Will Houghton

Michael and his team were simply amazing!! They helped us to find the perfect house, offering a nice and attentive service from the beginning through to the end. Thank you so much!! 5 stars service. Highly recommended!!!

Giordana Sicali

Very helpful and friendly staff. Tim, Michael and the team Made the whole renting experience easier.

Amol Sinare

I had a very difficult situation as I did not have a guarantor and my dad was earning enough but was not a homeowner. It took a about 3 weeks but Michael sorted it all out in the end and my dad became my guarantor. I got a lovely home and all the staff were very helpful including Paris, Zainab and Tim. Thank you all very much! Would recommend them to anyone

Misti Chakraborty

On behalf of myself, Noa & Niamh, we would like to start off by saying a massive thank you for the amazing service Home Search Ltd provided us with, especially highlighting the work of Clorissa. Within a week we were able to sign, seal and move into the property that we looked at, all down to Clorissa's prompt and effective work ethic, which allowed us a smooth transition from one property to another, without her, this move would not of been possible to have happened within the time stamp that it did. We are very grateful for the work that was done by Home Search Ltd, highly recommend.

Lewis Francis
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