What are first time buyers’ fears?
Demand for houses is the highest it has been in a while. Living in a somewhat post-pandemic world, people are starting to become more active and the necessity to move houses has come back. Maybe over the pandemic you and your partner have had a child? Or adopted a dog? Is that garden starting to look a bit smaller?.
The challenges of a more competitive market has made the task of buying a house a little more difficult. Knowing the problem is half the issue. So, we have put together this guide of no-nos to make the buying process easier.
Top Buyers Fears
- Unable to afford your mortgage long-term.
Sounds like a no-brainer, but ensuring you have a steady income that is big enough to cover the mortgage, emergency savings, and a decent quality of life is a must.
- Breaking up with S.O. after buying together.
Buying together always seems like a good idea. Twice the people, double the money. But often things can get messy if the relationship turns sour.
- Overwhelming Maintenance Fees.
When looking to buy a property. Check EVERYTHING. Flick the lights on, run the hot water, check the locks and the windows. Having to move in somewhere then replace the boiler would be very stressful, and very costly.
- Loss in house value.
When searching for a house, a certain amount of clairvoyance is needed to guess if the local house prices will rise, increasing the value of your property. Talk to local estate agent, they know the area better than anyone. Or pop to the pub, and speak to the locals.
- Not having practical knowledge.
Most people have a distinct fear of feeling out of their depth when buying a house. Know that you are not alone. Putting the shelves up, sticking on that wallpaper, and even tiling a bathroom will all come with time and confidence. This is your domain, own it. Mistakes get made, but how else would you learn?
Top tips for saving a deposit:
Cut down on the basics: If you do need to save money to buy a house, look at where you can cut back on your monthly outgoings. If you’re currently renting, could moving in with your family short-term be a possibility?. You’ll be surprised how much you can save with a few sacrifices and cutbacks. Saving a few hundred a month could get you so much closer to your buying goal. Remember, it’ll be worth it.
Set a budget: Keep in mind all of the additional costs of buying a property. Survey costs, solicitor or conveyancer fees, and insurance. You need to ensure you have enough to comfortably fork out for anything unexpected too.
What has changed?
People worried that a COVID-19 changed the market. As some people weren’t buying during the pandemic, but they are now as restrictions have eased.
How has the UK culture changed towards commuting? Nowadays with a rise in remote working, people may not be looking towards living in major cities as they don’t have to get to the office. But they will be needing office space at home.
Does this mean that house prices in more rural areas may become more lucrative? Does this mean that house prices in major cities will become more in-expensive? Keep your ear to the ground, talk to locals and do your research!
Being equipped with the right information can cut the risk of encountering issues further down the line, such as negative equity or being unable to afford a mortgage long-term. Once you are confident in your decision, buying should be a much less stressful process.
If you are looking to buy a new home locally, our friendly team can assist.
Get in touch with us here.