Am I ready to buy my first home?
Taking the first step into homeownership requires careful consideration. This guide highlights some of the things you should consider before making the decision to buy your first home.
1. Are you financially ready?
Start the buying process by saving early, focusing on building a deposit (at least 5%), and consider additional costs like conveyancing and legal fees, which can start from £5,000. While there’s no one-size-fits-all answer, you should be aware that average first-time buyer homes cost around £245,958.
You may also want to look at getting a Mortgage in Principle to find out how much you’re likely to be able to borrow. You can find out more about this in our first-time buyer mortgages guide.
2. Have you checked your credit score?
Know your credit score in advance, as lenders will check it. A higher credit score can lead to more favourable mortgage terms. Monitor and, if necessary, improve your credit score where possible by making strategic financial decisions.
3. What type of home best suits your needs?
Start your property search by having an idea of the type of home you want to buy. Create a checklist of your needs and wants, such as the number of bedrooms and space for a home office.
Check out Tilia Homes’ current developments to understand your options for your first home.
4. Do you know where you want to buy a house?
Consider more than just the house itself – think about the location! Explore the following aspects as you explore the local area where you plan to move:
- Amenities, shops, and entertainment: Check for nearby conveniences and recreational options that align with your lifestyle.
- Transport links and connections: Assess the accessibility of transport options to ensure convenient commuting is possible.
- Planned development and regeneration: Stay informed about ongoing and planned development in the area, as they can impact your living experience.
- Employment prospects: Explore nearby job opportunities to assess the area’s economic strength.
5. How long do you plan on living in the area?
Think about your future plans when buying a new home. If you’re planning to start a family, choose a home which has enough bedrooms, a layout that suits the way you live, and accessibility to good local schools.
If you’re considering a short-term solution, understanding the local area and the potential for a good financial return can also influence your decision and aid your ability to move in the future.
6. Have you sought expert advice?
As well as conducting your own research, consult with an expert for personalised guidance on mortgages, savings, and finding the right home for your lifestyle.
You can get in touch with our dedicated team who are always happy to help with any property-buying questions, giving you peace of mind throughout your homeownership journey.