In terms of life milestones, buying your first home is surely one of the most significant. However, amidst all the excitement, anticipation and Pinterest mood boards, buying your first home can be a daunting process, with all manner of unforeseen hiccups and stresses. At Cherry Godfrey, we fully understand the challenges involved with becoming a homeowner. In this blog, we’ll run through some things to bear in mind as you take the first steps towards owning your own property!
Get your finances in order
If you're planning to buy a property, the first thing to consider is your budget. Before diving into your home-buying journey, knowing what price range you can afford is essential. If you need to borrow funds, as most first-time buyers do, it's best to speak with a specialist mortgage adviser like Cherry Godfrey as early as possible. With over thirty years in the business, we are very well-versed in the complexities of buying. Our friendly, knowledgeable team is here to help with every aspect of the buying process, including determining how much you can borrow and the deposit you'll need. We're dedicated to finding the best financial options available to you!
Get to know the area
With your budget established, you can now start to refine your search for the perfect location. Make a list of your key considerations, such as your work commute, public transport needs or proximity to a school with a good Ofsted rating. Establishing your key criteria early in your home-buying journey can save you both time and money!
It’s also a good idea to work with a local estate agent rather than forever scrolling on the generic property listing sites. An in-the-know, local agent will know the area well and may have access to properties in your dream location that are yet to come onto the market, enabling you to steal a march on the competition and lock in a viewing before the listing even goes public!
Fall in love with your heart and your head
It’s easy to fall into the first-time buyer trap of letting your enthusiasm for a property and excitement at taking this next step blind you to potential flaws. It pays to do a little bit of extra legwork. For instance, additional surveys can feel prohibitively expensive, but they could save you much more money further down the line. You can also download land registry details for a small fee online; this will give you useful information such as a property summary, a title plan and title register.
Don’t be afraid to ask the estate agent for several viewings on different days of the week and at different times of day. If you’re buying a flat in a multi-occupied building, should you view the flat on your lunch break when your future neighbours are at work, you may find that noise transference from above is quite radically different to on the weekend when everyone is at home! Why not carry out a few “drive-bys” to see what the local area is like at night? If you do your homework on your intended property, you can save yourself a lot of heartache further down the line!
Expert knowledge of the mortgage market
Navigating the mortgage market can be overwhelming, even for those buying their second or third home: with its myriad options and ever-changing rates, it can be invaluable for first-time buyers to have an experienced broker in their corner! At Cherry Godfrey, we have in-depth knowledge of all mainstream lenders in the jurisdictions in which we operate, ensuring you access the most competitive rates and mortgage arrangements uniquely tailored to your circumstances and needs. We provide clear estimates for legal fees and monthly mortgage payments, giving you a transparent view of your financial commitments. We also act as the intermediary with lenders, surveyors and lawyers, ensuring all necessary paperwork and application forms are completed accurately and efficiently. Not only that, but our service doesn't stop at mortgage approval. We can also help arrange home insurance to protect your new property and life insurance to safeguard you and your family. Cherry Godfrey truly is a ‘one-stop shop’ for all your home buying needs.
At Cherry Godfrey, our goal is to take the stress out of buying your first home. Why not focus on the excitement of your new home, rather than the intricacies of the mortgage process by contacting Cherry Godfrey today? Let us guide you every step of the way.
