Organise your finances
Before you search for properties, you need to figure out exactly how much you can afford based on your income and savings. Along with the property itself, factor in costs such as:
And, of course, you’ll have the ongoing costs of your new home – including any service fees for an apartment – and the everyday expenses of your energy bills, council tax, and things like the internet. If you’re buying with another person, talk through how your finances will work (if you’re splitting bills down the middle, for example).
Consider getting a mortgage in principle
Want to borrow money from a lender? Although you don’t need a mortgage in principle to view properties, having this paperwork ready will put you in a good position. You can get a written estimate of how much you could borrow and show sellers that you are serious about making an offer.
A mortgage in principle isn’t a binding agreement – the lender isn’t tied to the offer, and neither are you. However, it’s still a good idea to get your head around how different mortgages work and which is most suitable for your own situation. For the latest information on mortgage deals in the UK market, read this post from Aaron Strutt at Trinity Financial.
Decide on your search priorities
Now for the more exciting stage! Sit down and decide on what you’re looking for in a property. No doubt certain things will spring to mind – perhaps a location you love or a home with a garden. But try to form a complete set of search criteria.
For example:
- How many bedrooms do you want? How about the overall floor size of the property?
- Do you need a driveway or somewhere to park? For how many vehicles?
- How important is the Energy Performance Certificate (EPC) rating? Will you prioritise a property with eco-friendly features such as double-glazing and insulation?
- Do you want somewhere to use as an office?
- How much do you value a garden?
- What amenities would you like nearby, such as shops, health services and transport links?
This is a useful exercise ahead of your first conversations with an estate agent. You should decide what’s essential in a property and what’s nice-to-have, especially if you’re buying with someone else. This way, you’ll be ready to judge what ticks your boxes. Here’s more inspiration for your house-hunting criteria.
Prepare for the viewings
If a home is popular, many people will want to book a viewing. When your day comes, make the most of your time with the estate agent.
- Leave enough travel time to the property – so you don’t arrive late and miss out
- Gather a list of questions to ask the estate agent – you might enquire about the position of the current owners, for example
- Take some photos – while there’s probably an online listing, it can be useful to snap your own pics as a visual reminder of your viewing and to show your friends and family for their insights
Final thoughts
Getting your ducks in a row before looking for your first home puts you in the best position possible. You’ll know what you can afford, have a clear strategy and search with confidence. Are you ready to get going? Find your nearest Winkworth office and chat with an experienced member of the team.
