Alongside getting married and starting a family, buying your first home is one of life’s big experiences. It is something many people will go through during their early adult years, but with a lack of home buying experience, it often seems like a mammoth task. We’ve previously, written an easy guide for first-time buyers. However, in this piece, we will be taking a closer look at the type of properties to look for and also where to find them.
Before you start house hunting, you need to have a clear idea of what you’re after and what you can afford. Are you looking for somewhere to live independently or would you consider living with someone else to save money? Is there a specific area you’re looking to move to? If not, speaking to a local estate agent will give you a better idea of the best areas for first-time buyers. Speaking to a mortgage advisor will also help as they will give you a good understanding of what you can afford to buy based on your current financial situation. Next, think about the requirements you have for your first home. Location, number of bedrooms, type of property, parking and garden space, and broadband speeds are usually the most important requirements people have, however, yours may be different. Depending on your budget, you will likely have to compromise on the requirements so having a good idea of which are the most important to you is something to consider. Remember, you’re buying your first home, not necessarily your dream home.
Once you have a strong understanding of what you require and what you can afford; now you may want to consider using a Government scheme for first-time buyers. There are a number of schemes available which can help you buy your first home. These include Help to Buy, Right to Buy, Shared Ownership, and others. If you’re in a position where you don’t require one of these schemes, you can now start searching for a property. With 90% of property searches starting online, property portals, like Zoopla and Rightmove are a good place to start to get an idea of what is on the market. Registering with local estate agents will also allow you to find new properties on the market that will be suitable for you.
New build house and apartments are often a popular option for first-time buyers as there are a number of benefits to buying one; they’re great for growing into with a family, they’re ready to move in to, and you will often save money on repairs and redecorations for the coming few years. However, like with a new car, and a brand new house can come with a big price tag and you may struggle to get your money back if you have to move in the following 1-2 years. But you can use this to your advantage. Searching for a property on a recently built new build estate, where there are current owners looking to sell will save you money as the property won’t have that ‘new house’ price tag. It’s also important to plan for the future and think about locations where prices are set to rise in the coming years. This will give you a nice bit of profit when you come to sell later on.
Norfolk Property Online currently has this one bedroom terrace house which is perfect for first-time buyers. The property is currently undergoing refurbishments so it is not yet available for purchase. However, if you’re interested in this property, call the office today to register your interest and we will contact you as soon as it’s ready to view.
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