Top Tips for First-Time Homeowners | Branded Voices

Buying your first home can be an exciting, yet scary process. There are a lot of intricacies that aren’t obvious until you’re already in the middle of the house-buying process.

It’s worth spending the time and energy doing plenty of research before you even begin to search for a home to buy. When you’re properly prepared for the various complexities of becoming a homeowner, things will feel less daunting.

Here are some top tips for those of you who are hoping to buy your very first home in the near future.

Save as Soon as Possible

To buy a home, you’ll need a down payment of at least 20% of the total property price unless you’re using a government scheme to purchase the property. Some loans and schemes enable you to buy a property with as little as a 5% down payment.

Either way, the more you can save for your down payment, the less you’ll need to borrow. If you can put down a large deposit on your first home, your mortgage will be lower and your monthly repayments will be less stressful.

Make sure to save for the moving process itself. You’ll need to pay for a removal van if you’ve got lots of furniture. You’ll also need to pay solicitor fees as part of the completion process.

Find the Best Home Insurance Deal

Home insurance is mandatory. You may be offered an insurance policy as part of the purchase but you don’t necessarily need to accept this offer. You can also perform your own research and find a cheaper home insurance deal.

You may also want to get a home warranty on your property. Read through the reviews of multiple providers to find the best home warranty plan for your needs.

Build a Great Credit Score

When you apply for a mortgage, the lender will look at your credit score to determine your reliability. If you have a strong credit score, you’re more likely to be accepted.

A better credit score also boosts your chances of borrowing a larger sum of money with a lower interest rate. You may be able to buy a bigger home and save money on your long-term repayments.

You can build a good credit score by paying your bills on time and paying back credit card loans quickly. 

 

Get a Full Home Inspection

Before you can complete a purchase on a new home, you’ll need to get a full survey or inspection of the property. A home inspection is performed by a qualified surveyor who looks at all of the structural components of a property, such as the foundations, planning work, and structural integrity.

 

The aim of a home inspection is to make sure the property is safe and liveable. If the building inspector finds any major faults, it’s the current homeowner’s responsibility to repair them before you can legally purchase the property. Even though this may delay the buying process, you want to know that you’re moving into a house that is structurally safe.

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