Posted: 29 January 2015 by Higgins Homes
With the recession finally beginning to ease off a little and banks lending again, the time is ripe for young buyers to part with their hard-earned deposit in exchange for their first abode. House prices are still relatively low but forecast to rise in the near future, making this an ideal opportunity for investment. But before you take the plunge, let us first give you a few nuggets of advice to help you on your way.
Be Aware of All Hidden Costs OK so it's not the most fun point to start with but by far the most important. Saving for a deposit is just one financial aspect of buying a property. You also need to budget for things like solicitor's fees, stamp duty, mortgage arrangement and valuation fees, removal costs, house insurance, any initial furnishing and decorating that you want to do.
Visit Properties in Person There is no use in attempting to view your potential home on a screen. Photographs can be deceptive â€“ for good or bad. Plus they don't communicate all those little nuances that give a property its true character. Of course you can use the Internet to draw up a shortlist but making the time to visit them in person is by far the best way to really get a feel for a place.
Get Savvy and Shop Around for Your Mortgage Choosing a mortgage can be a little daunting, especially for first time buyers. However there is plenty of info online that will help you to understand the different types of mortgage that are available, and which one will suit your own personal circumstances. Once you've established what you're after, do some shopping around to get the best price.
Prepare for Rejection Putting an offer down on a property is a big step but it may not always work out how you'd hoped. There is every chance that someone else will top your offer, or the current owners are demanding more than you can afford to give. If this happens, do not be disheartened some things are simply not meant to be. If it keeps happening then perhaps you are looking at the wrong price bracket, or need to reassess your buying strategy.
Establish What You Want While there is no way to predict which property will end up being 'the one', you can certainly draw up a wish list with realistic things to aim for. This will help to narrow down your search and see where you can make compromises, depending on the places you find. Higgins Homes has a number of new developments that are ideal for young buyers looking to get onto the property ladder in style. We have a reputation for excellence, both in the construction and completion of our properties, and with our team of experienced staff who are ready to help buyers every step of the way. You can take a look at our current and upcoming developments right here.