There’s nothing quite like stepping over the threshold of your very first home. It’s exciting, life-changing- and a little daunting too. At Hattons, we love helping people take that first big step onto the property ladder. But we also know that first-time buyers (FTBs) can accidentally waste valuable time and money if they’re not prepared.
To help you make smart, confident decisions, we’ve pulled together some honest home truths every first-time buyer should know.
1. Start with the sums
It’s easy to get swept away scrolling through property listings before you’ve nailed down your numbers. But without a clear budget, you could waste time looking at homes that are out of reach, or, just as often, underestimate what you can actually afford.
Before you book a single viewing, take a realistic look at your finances. Consider all the costs involved, not just the purchase price:
- Stamp Duty (if it applies)
- Legal fees
- Surveys
- Moving and removal costs
With recent changes to mortgage lending and interest rates, it’s well worth speaking to a broker or lender early on. You might be pleasantly surprised by what’s possible once you have the facts. At Hattons, we work closely with a trusted local mortgage advisor who can guide you through your options and help you find the right deal for your circumstances.
2. Get a Mortgage in Principle
Turning up to a viewing without a Mortgage in Principle (sometimes called an Agreement in Principle) can slow your buying journey. This simple document shows sellers and estate agents that you’re a serious, prepared buyer and it could put you ahead of other interested parties.
Once you’ve done your budget calculations, chat to a mortgage adviser or broker. Having this in hand doesn’t lock you into a particular deal, but it does give you a strong position when you’re ready to make an offer.
3. Know your true priorities
Buying your first home can be emotional and it’s easy to fall for a property that doesn’t really suit your long-term needs. On the flip side, you might overlook a great home because of something small and fixable, like paint colours or dated carpets.
Before you view, make a list of non-negotiables. Think about what you need now and what life might look like in five or ten years. Is outdoor space essential? Do you need parking? How many bedrooms will you need if your family grows or if you start working from home?
Stick to these core priorities when you’re viewing, but be flexible on the little things that can be updated over time.
Buying your first home with confidence
At Hattons, we’re here to guide you through the whole process, from the moment you start exploring mortgages to the day you get the keys and beyond. Buying your first property is a huge milestone, and with the right preparation, it can be exciting rather than stressful.
If you’re ready to begin your journey, or just want advice before you start viewing, get in touch with our team today. We’d love to help you make that first move with confidence.