Buying a house for the first time is super exciting, but also can be scary! It is a huge decision to make, and one which can be the costliest purchase of your life (so far). Many first-time buyers rush to choose a house without considering some important details which could impact their happiness with their new home in the long run. Here are some ideas to help you in finding the perfect property to buy for your first home.
Location
Choosing the right place to live is a hard decision, as there are many factors that can affect the area you choose to live in. Some people like to be in a thriving, busy hub where there are plenty of socializing opportunities, restaurants, bars, and leisure facilities. Others prefer a quieter life where they can relax and unwind in a peaceful environment. It is important that you consider your priorities for the area you live in, as to whether you would be happier in a centralized location, or in a quieter, more out of town place. If you have your own transport such as cars or bikes, living less within the town center could be a good option, whereas if you rely on public transport, it may suit you to live somewhere with more links. If you have children or are planning a family soon, take a look at the local school and nursery choices. It is a good idea to know where the potential schools are so you can see how they perform and what facilities they offer before it is too late! Most schools have a limited catchment area, so it is vital to find out if your home would be in the right area to be able to attend the school of your choice. Another aspect is to look at the availability of green, open spaces, especially if you have children or pets. Being able to take a walk into the park or nature area can be a real boost to your mental health as well as physical!
Size and Style
The size of your property is very much linked to your overall budget, as naturally, larger homes will be more expensive than smaller homes. Most first-time buyers tend to choose smaller houses or apartments with minimal bedrooms as these tend to be at the lower end of the price range. Most new-build developments offer 2 or even 1-bed homes, which can be perfect as a starting point for most first-timers. That said, if you have pets or children, you may need to look at homes with more bedroom space, or if you are planning to expand your family in the near future, look at the number of rooms you will need. When it comes to style, most new builds are designed to be economical as well as attractive. You will not get the features and design aspects that you may find in an older property, however, your home will be neat and efficient.
Finding the Money
Getting the money side of things organized is the hardest part of getting onto the housing ladder. Most property sales require at least a 20% deposit, with many mortgage providers actually wanting more than this. These sorts of prices can really make it almost impossible for you to get started. This is where the Help to Buy scheme comes in. Linden Homes offers a range of properties that can utilize the UK Government-backed “Help to Buy Equity Loan”. This works by allowing you to borrow up to 20% (40% in London) of the value of the property you wish to buy, meaning you only need to save up a 5% deposit and borrow 75% through a mortgage. The equity loan is interest-free for the first 5 years, then a small amount of interest is added from the sixth year onwards. Once you decide to sell your home, you pay back the loan based on the market value of the property at the sale point. By only needing a 5% deposit, this allows many more people access to the housing market than would previously. Many mortgage companies are happy to work with this system, and so far, it has helped more than 420,000 people to get that first step onto the ladder!
