Embarking on your first house-hunting journey can be both exciting and overwhelming. As a first-time buyer, you're about to make one of the most significant investments of your life. To help you navigate this process with confidence, we've compiled a list of essential tips for first-time house hunters. Let's dive in!
1. Determine Your Budget
Before you start scrolling through Rightmove or Zoopla or looking at estate agent windows, it's crucial to establish a realistic budget. Consider the following:
- Speak with a mortgage advisor to get an accurate idea of how much you can borrow based on your current earnings and expenses
- Factor in additional costs such as stamp duty, solicitor fees, and surveys
- Don't forget to account for ongoing costs like insurance, council tax, and utilities
- Remember you will need to furnish your new home
Remember, it's not just about how much you can borrow, but what you can comfortably afford to repay each month. If you need to do some maths you might find our collection of useful calculators a handy companion in this first decision making process.
2. Make a List of Must-Haves and Nice-to-Haves
Creating a list of essential features and desirable extras will help you focus your search. Consider factors such as:
- Number of bedrooms and bathrooms
- Proximity to work, schools, or public transport
- Garden or outdoor space
- Parking availability
- Potential for extension or renovation
A common methodology for organising your priorities is MoSCoW scoring which stands for:
- Must: feature you 100% must have in your future home
- Should: things your new home should have
- Could: things your new home could have but you're not hung up on it
- Wont: these are the bit you cannot budge on, your new home cannot have these
Be prepared to compromise on some aspects (the should and could items), but know which features are non-negotiable for you (must and wont)
3. Research Different Areas - Location, Location, Location
Location is key when it comes to property. Spend time researching various areas that fit your budget and lifestyle. Consider:
- Local amenities (shops, restaurants, parks)
- Public transport links
- Crime rates and safety
- School catchment areas (if relevant)
- Future development plans for the area
Visit potential neighbourhoods at different times of day to get a feel for the atmosphere and noise levels. And make use of Google Maps and StreetView to have a nosey without leaving your house.
4. Get to Grips with the Property Market
Understanding the current state of the property market is crucial. Keep an eye on:
- Average house prices in your target areas
- How quickly properties are selling
- Any upcoming changes that might affect the market (e.g., interest rate changes)
Popular websites like Rightmove and Zoopla offer market insights that can be invaluable for first-time buyers. There are a host of great TV shows you can watch too that are packed with tips and insights.
5. Use Property Tracker to Streamline Your Search
As you browse listings on popular sites like Rightmove, Zoopla, and OnTheMarket, use Property Tracker to keep all your potential properties organised. Here's how:
- Save property listings directly from these websites
- Add notes and ratings to each property
- Upload additional photos from viewings
- Set reminders for important dates (e.g., viewing appointments, offer deadlines)
By using Property Tracker, you'll have all your research in one place, making it easier to compare properties and make informed decisions.
Our app is free to download on the App Store for iPhone and iPad or Google Play Store for Android devices. Premium features are available as a one off lifetime purchase or as a subscription through the duration of your house buying journey.
6. Arrange Multiple Viewings
Don't rush into making an offer on the first property you see. Arrange viewings for multiple properties to:
- Get a better understanding of what's available in your price range
- Compare different types of properties and layouts
- Identify any potential issues or red flags
Use Property Tracker to make notes during or after each viewing, ensuring you don't forget important details.
7. Consider the Long-Term Potential
As a first-time buyer, it's important to think about the future. Consider:
- How long you plan to stay in the property - will your family grow or change in that time?
- Potential for adding value through renovations
- Re-sale potential if you decide to move in the future
A property that might seem perfect now may not suit your needs in five years' time, so try and think ahead. Each time you move you will incur lawyers fees, stamp duty and a bunch of stress.
8. Be Prepared for the Buying Process
Understanding the buying process can help reduce stress and avoid delays. Familiarise yourself with:
- The role of solicitors and conveyancers - ask for recommendations from friends, family or local Facebook groups.
- The mortgage application process - a financial advisor will be able to guide you through this process.
- Exchange and completion procedures - it can take weeks or months from the point of having an offer accepted to getting the keys in your hands.
Being prepared and responsive throughout the process can help ensure a smooth transaction.
9. Don't Be Afraid to Negotiate
Remember, the asking price is often just a starting point. Don't be afraid to negotiate, especially if:
- Any surveys or the Home Report reveals issues
- The property has been on the market for a while
- Similar properties in the area have sold for less
Use the information you've gathered in Property Tracker to support your negotiations.
Summary
House hunting as a first-time buyer can be a complex process, but with the right preparation and tools, you can navigate it successfully. By following these tips and using Property Tracker to organise your search, you'll be well-equipped to find your perfect first home.
Ready to start your house-hunting journey? Download Property Tracker now from the App Store for iPhone and iPad or Google Play Store for Android devices and take the first step towards your dream home. With Property Tracker, you'll have all the information you need at your fingertips, helping you make confident decisions in your property search. Happy house hunting!
