Tips For First-Time Home Buying

There are many people out there that hope to own a property they can call home. If you’re one of those individuals, and you’ve never bought a home before, you’ll likely need some help navigating the process. The following tips will teach you the most critical points to consider when home buying for the first time.

Check your credit file

Most people that are buying a home for the first time will typically borrow the money to fund their property purchase. As with any financial borrowing, part of a lender’s decision-making process will include carrying out a credit check on all applicants. Those with a relatively good credit file will usually get offered the best interest rates by mortgage lenders. Meanwhile, those with late payments or CCJs (county court judgements) against their name will end up getting offered less-than-favourable interest rates.

Checking your credit file is quite straightforward, and you can do so with Equifax, Experian, or Credit Karma. The first two companies offer a subscription-based service, while the latter is free of charge. Checking your credit file is useful for two reasons. First of all, you have an overview of how well your credit status us, and secondly, you can dispute any issues that could be hampering your credit file (such as incorrect or fraudulent details).

Save as large a deposit as possible

You’ll mostly need to offer some form of a cash deposit when buying a property with a mortgage. What you may not realise is mortgage lenders often give better rates to those that have a large deposit. The reason for that is simple: you won’t appear like a high risk to them, compared to applicants that only have a 5% or 10% cash deposit.

It’s worth automatically transferring a percentage of your monthly salary into a high-interest savings account. That way, when the savings account matures, you’ll have your savings plus a little extra on top due to the interest earned!

Do plenty of research on potential neighbourhoods

Let’s face it: the last thing you want to do is move to an unsafe or unfriendly neighbourhood! That’s why it makes sense to do lots of prior research beforehand. Thanks to the Internet, it’s possible to carry out most, if not all, of that research online. You can even view things like crime maps online to see which parts of your area are known as crime hotspots.

Start disposing or storing your furniture

When it comes to moving into a new home, you may likely have to carry out some work to the property first. Usually, this might be things such as painting and decorating. But, if you’re buying a “fixer-upper” you’ll need to carry out some major renovation work before the property is habitable.

With that in mind, it’s worth disposing of, giving away, or selling any unwanted furniture. That way, you’ll have fewer things to deal with on your moving day. You can use facilities for self storage in Horsham (or other areas) if there are items you wish to keep for your new home.

Seek out a reputable removal firm

Last, but not least, make sure that the removal company you use has a good reputation. After all; you’ll want to ensure your worldly possessions get transported safely and securely! Plus, you also want to check that your items won’t mysteriously go missing en-route to your new home!

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