As we approach the middle of March, we are heading for Easter and the start of spring. Traditionally this is the time the property market gets busy! If you are a First Time Buyer, you might think where do I start? It can be confusing but fear not, here’s our top tips on getting onto the property ladder!
Register your details
By registering with local estate agents in the area you want to buy, they will help you find your dream home. The type of property, budget and any other requirements such as must have parking etc will be noted and they will do the work for you! Not only that, they will contact you with properties that may be coming to market. At Austins, we offer this service to buyers across the west midlands including Wolverhampton, Sedgley, Dudley, Walsall including investors from out of the area.
Speak to a Mortgage Advisor – What’s your budget?
This part is so important as it allows you to be realistic with your search, which in turn saves time by looking at properties that you know you can afford. A mortgage advisor will be able to look at your income, monthly pay outs and deposit and guide you, on how much you can borrow allowing you to know your maximum price budget for a property.
Once you’ve decided it’s time to climb that ladder, start saving money each month into an saving account where it’s safe from temptation! Saving a small amount each month, may feel like forever to buy a house. However the sum builds every month with interest added and that will soon turn into a deposit. The earlier you start saving the better! A help to buy ISA is also now available, find out more details here. The government will help towards the purchase of your home.
Have documents to hand
After speaking to a mortgage advisor you will be given a mortgage in principle document. This gives the estate agent a rough idea of how much you can afford. When you make an offer on a property, the estate agent will ask for this but also ID documents such as Photo ID (Driving license/Passport). Make sure these documents have your name on. If you are prepared this will maximise your chances of getting your dream property!