Essential Five Point Plan for First Time Buyers

Buying for the first time can feel a bit overwhelming and I'm sure you will be getting advice from a lot of friends and family. Now I know they mean well, but they might not have bought for years so here are five simple tips to make sure you build the best foundation for an exciting new chapter.

1. Get your budget from a broker – Ok not just any broker and not one that is simply a family friend. The key here is that they are ‘whole of the market’ which is basically what it means. They have access to every lender and are not just tied to a few, so in essence you get the widest choice and of course the best deal currently. Do this ‘fact find ‘as soon as you can so they can run your numbers and have all your details on file, this allows them to keep you updated on new mortgage deals as soon as the lenders make them available (which are often limited and first come first served) and can adjust your borrowing power quickly if you get pay rises etc.

2. Make a list Needs to Nice - Whether it’s buying for the first time or fifth, it’s always a game of compromises of what we ‘must have’ and what we would ‘like to have’. This will be super personal for sure, how long you want your commute to be, how crucial is outdoor space and do you need space for parents to stay they come over.

But it’s important to also think about when it comes time to sell a few years down the line. A place with a slightly bigger garden (that you would like) might be further from amenities (that most buyers don’t like) so make the lists for you now…but also the future sale…and compromise.

3. Make sure agents notice you- So we aren’t necessarily talking about bringing biscuits to every viewing (although that is lovely). This is about giving the agents what they need and therefore what their clients need. This can be good concise feedback, being on time for the viewings, especially if the owner has gone out to allow you to view in peace, and making sure you’re available by returning  calls and texts quickly. Showing how motivated you are to view will basically make you top of the agents list with every new property they take on, and often these will be before they go live online.

PS Hobnobs are my favourite.

4. Be honest and decisive- So the honest bit is about giving the best feedback to the agent, this way they can get to know what you want, what you will and won’t compromise on (think point two) and make sure that they won’t take you to a property that will waste your time, polite is good, being honest is better when it comes to buying a first home. Being decisive is about not waiting to act if you love something. If you have seen enough by now and followed the first 3 points you will know what you want, you would have hopefully built up a good relationship with an agent and you can now strike as soon as you see ‘the one’. A word of warning – NEVER say to an agent to “let me know if you get any other offers”.

If you like it but don’t act, that just says to the agent that you are not the one!

5. Better solicitors=Less stress- The first four points are the hard yards for getting to this stage. You have viewed, fallen in love with a home, had your offer accepted, maybe even beaten other buyers to the property and you may be thinking, phew, we’re done…let’s just go with a cheap solicitor, they are solicitors, they all must be good and must all do the same thing.

This approach or belief has created more stress for buyers and sellers, and more excruciating delays and often months of pain and frustration for it all to collapse….due to a poor solicitor/conveyancer. The difference between brilliant and ‘oh my goodness’ is cavernous!

Think a private a jet to your holiday or a seven-hour delay, being re-routed to some bizarre place and then losing your luggage……and I’m not kidding.

The great news is, the brilliant solicitors do not cost the equivalent of a private jet, they are worth their weight in gold and are the one crucial cog that will make all your hard work pay off and get you quickly and efficiently into your new home. The advice here is simple, most agents will work with great solicitors and will have worked with a few they can whole heartedly recommend, do this and take the worry away.