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If you are a first time buyer house hunting can be a daunting task, especially in the current economic climate when the media talk of unaffordable property prices and the banks are implementing new strict criteria for those wishing to apply for a loan or mortgage. More and more of the population are continuing to rent through their twenties and into their early thirties and many people have become frustrated that they cannot get on the property ladder and invest their money in something worthwhile. Even a deposit for a home can seem unattainable and more often than not those who manage to buy their first home have done so with the financial support of their parents. For young people who are in a less fortunate position it can take years to save enough for even a low percentage deposit. If you are in a position to look for property it is important that you know you will remain in the same area for at least the next few years. If you find that you suddenly have to move this is likely to incur a loss even if the overall property market is increasing in value. You will need to set a budget that is appropriate for your annual salary and also make sure you build up a good credit history in order to make sure you can have the required mortgage. There are calculators available online that will help you determine what you can afford. You could also get pre-approved by your lender who will analyse your income, credit history and debt to calculate what size mortgage you will be eligible for. It is a good idea to research the different mortgages available to you in order to find the best deal. Some lenders will offer low interest mortgages with a very low deposit if you cannot pay the usual 20-30% that is required initially. Once you have decided on a house there are a number processes you will need to go through. Before you make an offer on a property you should be aware of the prices of other homes in the surrounding area to ensure you are paying the correct price. It is also advisable to hire a licensed building inspector to conduct a thorough inspection of the property and highlight any remedial work that may be necessary and which will incur further costs. You will also need to seek legal advice from a conveyancing expert who will draw up a contract for you, research any legal aspects of the property transfer and arrange a contract exchange with the other party. Only then can you finally make your move! Buying a new home is both exciting and daunting if you are a first time buyer. It pays to do your research first and a great place to start is by looking at existing and new builds online.
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