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22nd July 2016
Buying your first property is a huge financial commitment, but it can also be a truly exciting experience. When it comes to making that bold decision to secure your first property with your hard-earned savings, you can easily run into enough conflicting information to confuse even the savviest of buyers!
Over the last few weeks we have been asking our readers to share top advice for someone else buying their first home, in return for a chance to win a tasting menu for 2 for at Brighton’s 24 St Georges. We have been amazed by the wealth of information that’s been shared, and we thought it only right that we share these tips with you, as a go-to guide for when you decide to take the property plunge!
When it comes to first-time buyers tips, many of you are adamant that location, location, location is key! As Robin Wood suggested, “visit the location at different times, i.e. morning, afternoon and evenings/night and at weekends. Some areas change depending on what day or time of day.”
However, it is also important to look at the bigger picture when viewing properties. “Keep an open mind when viewing a property. How others live in it isn't how you have to live in it” - Harvey Jay Hendrix Gee.
According to the 2015 Which? National Property Survey, the average first-time buyer deposit was 17%.
When trying to save your precious pennies, many entrants suggested government-backed schemes as a great alternative for those that are struggling to save. Sammie Campbell suggested, “Research thoroughly into the first-time buyer and government-backed schemes, like Help to Buy and ISAs for home buyers. Getting on the property ladder may not be as hard as you think.”
Gill Barwood also saw the great benefits of using the Help to Buy initiative, “My advice to first time buyers is to save under the Help to Buy scheme, as the government will give you 25% of what you have saved up this way at the end. You do this as individuals, so if you are a couple trying to save for your first place you can both benefit from the scheme, and could be given as much as £6,000 between you on top of what you have saved”.
Lee-Anne Peck made a fantastic suggestion for all first-time homebuyers, advising them to invest in a top building survey: “it's invaluable in saving you money in the long run! If you go for a cheap survey, it won't pick up on building issues like damp that could cost you thousands later down the line…an expensive survey is literally worth its weight in gold”.
From agreements in principle and conveyancing to leaseholds and freeholds, mortgage jargon can leave first-time buyers feeling rather overwhelmed. Katie Rayner suggests making the most out of a property expert’s knowledge, “don't be afraid to ask the Estate Agents, Solicitor, Surveyor or Building Society to clarify things that you don't understand, remember these people work in this environment day in day out and you are not expected to understand their jargon, even if you think it’s stupid or irrelevant it may not be”.
With over 40 entrants, choosing an overall winner of the competition was a tough decision for the Maslen team. With all four branches across Brighton and Hove voting, we decided that Petra Bartholomaei was our worthy winner. Her winning entry provided some great practical advice on the best way to find your new home. Petra suggested, “Don’t just rely on the Internet to look at houses. Go into the estate agents as they can tell you about new properties that are going to hit the market. Some of the best properties online are gone before you can get a viewing. Make sure you look at a few properties before making an offer to get a better idea of the market too”.
We hope these tips have inspired some first-time buyers, giving you the confidence and practical advice to go out and find your first dream home! If you would like to discuss your first-time buyer needs with our team of property experts, go ahead and contact us today.