The First Time Buyer Journey

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Buying your first home should be an exciting and wonderful thing to do. You’ve spent years saving for that all important deposit, you’ve had to sit hours with the mortgage broker going the all the pro’s and con’s of having a mortgage whilst they go through your bank statements wondering why you spend so much on takeaway food! You get the figure you can afford to pay ( this is called a mortgage agreement in principle or you could say MAIP if you want to sound like a pro!).

You powagent-windower walk down your local high street full of anticipation only to go through to the first estate agents door- who before you’ve even said a word, has judge and decided your a tenant looking to rent a property. Damn that baby face you have that’s cursed you for so many years! They don’t know how hard you’ve saved and the sacrifices made to get to this position. Perhaps staying at home and going through pages and pages on rightmove was a better option!
Sound familiar? I’ve heard this story so many times from first time buyers. Not being taking seriously at this very important and special time in your life can be disheartening.
Don’t let this put you off, you’ve already done the hard bit. The average age of first time buyer currently is around 32/33, so if your ahead of schedule, well done, I really mean it!!

So you’ve booked some viewings for properties you want to see and quite possibly some the agent has talked you into! You’re nervous, of course you are, you’re about to walk around a strangers home possibly with them there. How are you meant to act? What are you meant to say? What are you looking for? 18F8D6CC000005DC-4448172-image-a-54_1493219237472These are all things that I plan to write in my next blog, if anyone is interested, so keep an eye out!

Now’s the time for to show the parents the property you’re thinking about buying, now this can go either way. Some parents take this opportunity to point out all the negative points of the property, pointing at every crack, spotting a suspect looking damp patch and my personal pet hate is the “knock knock knock” on the walls to see if its solid brick or a dry wall!!

Most parents are great, offering their years of worldly advise and help. Your mum maybe thinking whether you should have curtains or blinds, your dad thinking about how many weekends he’ll be having to spend around your new abode.

The next stage is quite scary to – Time to put in an offer on the property you’ve chosen! What do you do here? Do start really low and hope not to annoy the owner, or do you go in at a higher price and risk paying more than you have too?!?! It’s a minefield, and to be honest it really depends on quite a few factors ie your situation, the owners situation, market conditions. I think I’ll cover the offering stage in a separate blog later, there’s quite a bit to cover!

Offer accepted and it’s yours……!!! Well not quite yet, you now how weeks or probably months of surveys, paperwork, phone calls and emails between you, your solicitor, mortgage broker and estate agent. I can’t stress enough how important it is at this stage to pick a good solicitor! Cheap and cheerful, in my experience, often make the transaction  a chore and hard work. Saying that, the most expensive doesn’t always guarantee a smooth transaction.

After many weeks/months you will finally get the key to your first home! By now you’ll either be exhausted from all the final few days of arguing with the rest of the chain about moving dates or still hold that glimmer of excitement you first had when you started this journey. Please enjoy it, in fact I urge you too. Getting the keys to this property isn’t only an investment, it’s somewhere to build a future, memories and possibly even a family. You’re now effectively paying into a savings account every month now rather than possibly paying a landlord and vast amount of money every four weeks.

Make it your own, make it your home and love it. There are so many people who are struggling to do the great fete you have just achieved. Be Proud.

Let me know if you any of this sounds familiar!

Thanks for stopping by!

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