Buying your first home is one of life’s biggest milestones. It’s exciting, occasionally terrifying, and full of moments where you’ll think: “Why did nobody tell me this?”. From getting your finances in order to knowing what to look for during viewings, the early stages can shape your entire buying experience. This guide focuses on the preparation phase – helping you understand budgets, viewings, and making a confident offer when you find the perfect home for you.
Getting Started: Understanding Your Budget
Before you fall in love with a property, it’s essential to understand what you can realistically afford. Let’s start with the Mortgage in Principle, also referred to as an Agreement in Principle, which is a statement from a lender confirming how much they’re willing to lend you in theory. It is not a full mortgage offer, but it’s incredibly useful as it gives you a clear budget; it shows estate agents and sellers you are a serious buyer, helping you move quickly when you find “the one”.
Let’s Talk About Mortgage Broker vs Mortgage Lender
A lender is the organisation actually providing the mortgage; if you approach a bank or building society directly you will only see their products and you will need to repeat the process if you want to compare deals.
However a broker acts as your mortgage matchmaker, they don’t lend the money themselves but instead they search the market independently and find the best deal for your circumstances. A good broker can search across the whole market, access exclusive broker-only products, advise on which lenders are most likely to approve you, and will support you with the paperwork.
We highly recommend going down the broker route – chances are they will find you a cheaper deal and a lender most suitable to your circumstances.
Let’s Book Some Viewings
Once you know your budget, it’s time to start viewing properties. If you’ve watched a bit of Kirsty and Phil, you will know it is important to have a list of must-haves and nice-to-haves – figure out what is most important to you whether it’s a south-facing garden, off-street parking, or an office space if you work from home or need a space for your gaming setup. Then, get booking your viewings! Make sure to ask questions during your viewing – it is a lot of money and it is important you know everything sooner rather than later! We can all see how long a property has been on the market and its sale history but there is information we can’t see online, such as:
- Heating, Boiler & Utilities: When was the boiler last serviced? Is there a valid service record? How old is the boiler or heating system?
- Planning, Permissions & Building Work: Have there been any extensions, conversions or structural changes? Were these works carried out with planning permission and building regulations approval? Are completion certificates available? Are there any restrictive covenants or limitations on future alterations?
- Property Condition & Maintenance: Are there any known issues with damp, roofing, electrics, or plumbing? When were the electrics last tested? Has the property had any recent repairs or replacements? Are there any warranties or guarantees?
- Boundaries, Access & Outside Space: Where exactly are the boundaries and who maintains them? Are there any shared access points, rights of way, or shared driveways? Who owns and maintains any fences, walls, or hedges? Are there any disputes with neighbours?
These examples won’t always be relevant but take photos, take notes, and take your time – a good agent will never rush you and it’s important to ask the right questions to avoid any future headaches.
Making An Offer
When you’ve found the right home, it’s time to make an offer. It’s important to consider comparable recent sales, property condition and any work required, your position (as you are very attractive to sellers being a first-time buyer), and market conditions. Once your offer is accepted and you’ve shown proof of funds to the estate agent, the property becomes “Sold Subject to Contract” (SSTC) and we begin the legal process.
The conveyancing process is something we believe should be taught in schools. It is the legal transfer of property ownership from seller to buyer; it can feel like a minefield but we will take you through the full process step by step.
Final Tips
The final tips we can offer for first-time buyers are: keep communication open with your solicitor, broker, and estate agent as there are a lot of moving parts at once. Make sure you respond quickly to requests for documents as the process just won’t move forward without it. Always budget for extras – think legal fees, removal companies, insurances, and furnishing. And most of all, don’t panic if things take longer than expected – buying your first home is a journey, but with the right support, it can be a smooth and rewarding one.
