Member Article

The ‘To Do’ list For First Time Buyers

With the number of first time buyers at a ten year high, it is imperative that people make sure they have the best advice when it comes to purchasing their first property.

Here, Andrew Sanderson from AKS Residential in Derby gives some hints and tips on how to best go about buying your first house.

Have confidence in your offer: Andrew said: “Some people aren’t sure what solicitor they are going to use or can feel pressured to make an offer without the money to do so.

That means that first time buyers can come across a bit flaky, whereas sellers are looking for a feeling of confidence if it is someone they are going to sell to.

“If someone seems uncertain about something and they don’t come in at the right level price-wise it can look like they are not as committed to the property as they might be, so they would benefit from a bit of advice.”

Shop around for a mortgage. Talking to your dad’s mate isn’t enough, you need to talk to a mortgage broker so you can work out how much deposit and stamp duty you need. Do the sums at the start, so when you are looking at houses you know what you can afford. It’s no use looking at a £200,000 property if you can only afford £150,000.

Don’t just go straight to your bank. Andrew said: “I’m astonished that people still go straight to their bank. Because of how much is involved you will only be able to compare a couple of mortgage quotes. A mortgage adviser will process it all for you quicker and easier.”

Think about hidden costs: Flats often have a management fee to take into consideration. These can be hundreds of pounds each year, sometimes thousands and increase every year. If it is leasehold, find out how long is left on the lease. If it is less than 80 years you may well need to pay to extend it. Andrew said: “Older houses as may have higher utility bills so it’s all about making a decision with all the facts.”

Take notes: Make sure you take notes at each viewing. If you are looking at a lot of properties it can be hard to remember them all.

Buy it: If you see a property and love it sometimes there is an element where you don’t want to buy the first one you see. If you really like something and can afford it get in there and make an offer because it could be off the market in two to three weeks. When you make an offer you need to be able to support it and tell them which solicitors you have in mind to deal with the sale, it makes it a more credible offer.

Andrew said: “There are properties available in Derby for as little £100,000. We currently have a two-bed terraced house on King Alfred Street which would be ideal for a first time buyer. We would recommend people speak to us for advice when it comes to buying their first home.”

More information can be found at www.aksresidential.com

This was posted in Bdaily's Members' News section by Poppy-PR .