Posted: Thursday, June 10, 2021

A Guide to Finding Your First Home

The decision to buy a place to live for the first time is a big one. Becoming a property owner is a life-changing event; some would argue it’s on a par with getting married or having children.

According to official ONS figures, the average house price for a first-time buyer in the UK in 2020 was £239,000, with regional variations ranging from £132,000 in Newcastle compared to £489,000 in London. The average age of first-time homebuyers in the UK has risen too, currently standing at 34 years.

Getting finance in place is key for first-time buyers, and the new 95% mortgages announced in the March budget should allow more first-timers to get onto the property ladder with a deposit of only 5% of the purchase price. But with a long-term commitment for such large sums of money involved in a property purchase, it’s important to ask the right questions to ensure that the sums invested into bricks and mortar are wisely spent.

For first-time buyers who are new to the property industry, here is some helpful advice on how to find the right home:

 

Research the area

“Location, location, location” is more than a hackneyed phrase peddled by estate agents. It’s the single most important criteria for choosing your home. A good location makes for a nicer place to live but it also keeps property prices up, a key consideration for when you come to sell your home. Check out local amenities and transport links, local schools, shops and restaurants, all of which add value to the neighbourhood. Research local crime levels (which will impact insurance premiums) and proposed development plans for housing or regeneration.

 

View many properties

Don’t design the perfect pad in your head and look for it in real life – you’re bound to be disappointed. Rather, make a checklist of ‘must haves’ and ‘nice to haves’ and be prepared to compromise. View as many properties as fall into the ‘maybe’ category and reserve judgement until you’ve seen the place in person. The more you see, the more of an understanding of the local market you will develop in terms of what’s on offer and how much it costs. Don’t be put off by cosmetic flaws or a décor that doesn’t appeal to you – wallpaper and paint colours are easy to change.

 

View shortlisted properties again

Once you’ve seen a good few properties, some favourites may emerge. Go back for a second viewing, ideally at a different time of day. While problems with a property may be easier to see during daylight hours, visiting in the evening may give you a greater insight into parking issues, or noisy neighbours. Imagine yourself living in the property including your key belongings. Would everything fit? Is there enough space for you and anyone else moving in? It’s a good idea to take a tape measure and take pictures. Does the property offer the lifestyle you would like to lead?

 

Ask lots of questions

You may be keen to make an offer on your favourite property, but don’t be in too much of a rush. There are some important questions that you need answers to first. Don’t be shy about asking the estate agent anything you need to know – it’s what they’re there for. Find out how long the property has been on the market and what fixtures and fittings will be included in the sale. For leasehold properties, it’s essential to get information about the lease term, service charge and ground rent before you can decide whether to make an offer and for how much.

 

Make an offer

Only when you are sure that the property ticks most of your boxes are you ready to make an offer. The offer should be conditional upon the home being taken off the market. Once it’s been accepted, you need a conveyancer or property solicitor who can handle the legal work and a surveyor whose job it is to check the building for defects such as damp, roof and gutter problems, timber decay, structural issues, bad plumbing and much more. If your home survey flags up serious problems, you can try and negotiate a price reduction or walk away from the sale. Nothing is legally binding until contracts have been exchanged.

 

Ask the seller questions

As part of the conveyancing process, the seller will have to fill in a property information form to give the prospective buyer detailed information about the flat or house. If the answers are not satisfactory, make sure you take the initiative to clarify key questions including: How old is the roof? When was the boiler last serviced (and is there a certificate)? When was the wiring last replaced? Are there any big maintenance or repair jobs planned for the communal areas? Now is also the time to find out about utility bills and broadband speeds. Your solicitor should make enquiries regarding any planning proposals in the neighbourhood that you should be aware of.

 

Working towards the exchange of contracts

When all enquiries have been dealt with and both the seller and the buyer are satisfied with all the information provided, your solicitor will signal that they are ready for contracts to be exchanged. This is the point at which the transaction becomes legally binding, meaning any change of heart about the property now can cost you dearly. A 10% deposit is typically paid at exchange, with the rest of the funds due on completion – the day when the property goes into your ownership, and you get the keys to your very first home.

 

Contact us today

Are you searching for your very first home? Get in touch with your local Guild Member today to begin your journey.

 

 

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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.

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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.

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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.

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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.

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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

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