What Don’t People Tell You About Buying Your First Property?
ShareBuying your first property can be a very exciting yet highly complex process, often involving unexpected challenges. This is especially the case in the current housing market, with the shortage of properties for sale and high mortgage rates making life particularly difficult for first-time buyers. Things might not always go exactly the way you had imagined when buying a property for the first time. So, what are some of the things that people don’t tell you when it comes to buying your first property? Read on to find out.
You should always have your finances prepped in advance
If you are considering purchasing any type of property, then you’ll need to plan your finances carefully beforehand. Gaining a mortgage is one of the first hurdles in the home-buying process. You can make things easier on yourself by ensuring that your accounts are in order well before you approach any lenders.
Many lenders will want to see a minimum of three months of bank statements as well as ask you to confirm your monthly outgoings. This is to ensure that you are financially able to keep up with mortgage payments on your new property. Now is the time to be thinking about the type of payments that come out of your account. Stop any gambling activity or other discretionary spending that could raise concerns about your financial stability.
Generally, mortgage lenders prefer to see a consistent employment history, ideally with at least two years in the same job or field. This indicates to them that your employment is stable and you have a steady income to allow you to repay the loan. If you are self-employed, lenders will ask to see additional documentation, including several years of accounts, to assess the reliability of your income.
The process can be slow and stressful
Many people go into the property market wearing rose-tinted glasses and expect the process to move at a speed that suits them. However, in reality, the journey can be slower and more stressful than expected. Certain steps in the home-buying process take longer than others, notably securing a mortgage and legal work such as conducting property searches. You may find yourself waiting on third parties, which can prove frustrating. By keeping in close contact with your solicitor and the estate agent, you can stay informed about the progress of the sale and address any delays proactively.
Discuss expected timeframes with a solicitor before you hire them to deal with your property purchase. Asking friends and family for recommendations of solicitors who are known for their speedy correspondence could help you find the best services. If things aren’t progressing at a reasonable pace, don’t be afraid to voice your concerns and enquire about the reasons for the delays.
Your estate agent can help to guide you through the process
Your estate agent can be incredibly helpful when you're buying your first property. At Balgores, not only can we advise on houses for sale in Gravesend, but we can act as an intermediary between you and the seller, providing valuable support throughout the process. Keeping a clear line of communication with your estate agent can enable you to remain informed. If something is taking longer than expected, they can reach out to the seller and their solicitors on your behalf, helping to keep things ticking over smoothly.
To start your search for your first home, get in touch with our team of highly experienced estate agents in Gravesend. You can reach us by phoning 01474 369 955 or emailing sales@balgoresgravesend.com.