We’ve helped many, many people through the process and have seen first-hand the difference good advice and expert insight can make.
We know that first-time home buyers especially are daunted by the process, the unfamiliar jargon, all the important decisions to be made and the potential pitfalls.
There’s a lot to think about, from saving for your deposit and securing the right mortgage, to understanding the local market and negotiating the best price.
As property experts, we would say don’t let any perceived obstacles put you off. In fact, if you have the right team of Estate Agents, Solicitors and Chartered Surveyors on your side, the whole process can go much more smoothly than you think.
What does a chartered surveyor look for when buying a home?
Explore our key tips for buying a house, with insights tailored to help you negotiate confidently, secure peace of mind, and make informed decisions about your investment. Then get in touch when you find the property of your dreams.
Our Chartered Surveyors work across England and Wales and, along with your Estate Agent and solicitor, we make a formidable property team!
Helping you to find and buy your dream home
Start with the right savings plan
Before you even begin house hunting, it’s essential to have a savings plan in place.
The best way to save for a house is by setting realistic goals based on your desired property type, location, and current financial situation.
To get started, you should:
Set a budget
Determine how much you can afford to save monthly and stick to it. This budget will also then help you set a timeline: the more you can save, the quicker you can achieve your dream!
Budget realistically – think about not just your deposit (5-20% of the property price) but also legal fees, stamp duty and potential repairs or renovations.
Use an ISA
First-time homebuyers in the UK can take advantage of the Lifetime ISA (LISA), which offers a 25% bonus on your savings, up to a maximum of £4,000 per year. This bonus can provide a substantial boost to your deposit savings.
Open a separate savings account
Keep your house deposit in a separate account. This will help you to avoid short-term spending temptations and track your progress more easily.
Taking the time to build your savings effectively can increase your buying power and mean the difference between affording your dream home or settling for less.
Understand your mortgage options
Securing the right mortgage is a critical step in buying a home.
There are many mortgage products available, so it's crucial to understand your options and how much you can borrow before you start looking at properties.
To help you get started with this, you should think about:
Speak to an advisor
A mortgage advisor can help you navigate the mortgage market, explaining which products suit your financial situation. They may also have access to deals that aren’t available directly from banks or building societies.
Fixed vs. variable mortgages
Fixed-rate mortgages offer stability as your interest rate remains constant for a set period (usually 2, 3, or 5 years). In contrast, variable mortgages fluctuate with market conditions, which can result in lower payments if interest rates fall but may increase your costs if they rise.
Mortgage in Principle (MIP)
Ask your mortgage advisor about getting a Mortgage in Principle. This is useful because it demonstrates to sellers that you’re serious about buying and gives you a clearer idea of what you can afford.
You can approach your own bank for advice but, if you’re unsure which mortgage is right for you, consult with an independent financial advisor to ensure you're making the best decision for your circumstances.
Research the market
The UK property market is diverse and varies significantly by region. Whether you're looking in London, the South East, or anywhere in the UK, we can help when you find the perfect property.
But, first things first, understanding the local market conditions can help you make informed decisions.
Here are our top tips on purchasing a home in the UK:
Check recent sales
Look at recent property sales in the area you’re considering to get a sense of price trends.
Zoopla and Rightmove both can help you do your research on average house prices for your area and compare them with last year’s prices.
Monitor the market
Keep in mind that the housing market can fluctuate. Prices may rise in popular areas, and buying at the wrong time could mean paying a premium. While it's impossible to time the market perfectly, considering market trends and consulting expert forecasts can help you to make your decision.
Choose the right location
As Phil and Kirsty say, the old adage “location, location, location” holds true.
When considering a house purchase, it's important to think not just about the property itself, but the surrounding area and amenities. The area is not only important in terms of how convenient it is for you, but also if there are any issues or upcoming changes that you need to be aware of.
Key things to think about when choosing a location are:
Proximity to work and schools
For everyone, a manageable commute to work is crucial. If you have children or plan to start a family, buying a house near good schools should be a key consideration.
Transport links
Access to public transport can greatly influence a property's value and your quality of life. Check nearby bus, train, or underground services.
Community and lifestyle
Research the community vibe. Is it family-friendly, quiet, or bustling? Consider your lifestyle and long-term goals when deciding on a location.
Our key advice for first-time home buyers? Choosing the right location is an investment in your future. Be sure to prioritise this as a primary part of your search.
View properties with a critical eye
Once you’ve started viewing properties, it’s important to stay focused and critical.
That’s because it’s too easy to get carried away with features that you like. If these sway your judgement, and make you overlook serious flaws or issues, you could end up buying a property that doesn’t suit you or your lifestyle.
Take our first-time home buyer tips and advice with you during viewings:
Create a checklist: Before viewing properties, make a checklist of your must-have features (e.g., number of bedrooms, garden, proximity to transport). Having this list will help you stay focused and avoid getting swept up in emotions during viewings.
Check for potential issues: Look out for signs of damp, structural damage, or outdated electrical systems. These could end up costing you a lot in repairs.
Take your time: Don’t feel pressured into making a quick decision. Take the time to view several properties and think about each one carefully before making an offer. If you need to revisit a property, don’t be afraid to ask!
It's also a good idea to bring someone with you, especially if they have experience in property purchases. A second pair of eyes can help you spot things you might miss.
Negotiate the price
Negotiating the purchase price is an important part of the home-buying process, and it’s possible to secure a better deal by being prepared.
Take our tips for first-time home buyers when negotiating:
Do your homework
Use your research to back up your offer. If similar properties have sold for less, use this data in your negotiations. Check Rightmove and Zoopla as above!
Be aware of seller motivations
Understanding why the seller is moving can give you an edge. If they are in a hurry to sell, they may be more likely to accept a lower offer.
Start low but be reasonable
While it’s tempting to go in with a very low offer, be realistic. You don’t want to insult the seller, but you do want room for negotiation.
Remember, the goal is to get your home for the best possible price, but also to maintain a good relationship with the seller, which can be important as the sale progresses.
Have the property surveyed
Before completing the purchase, it’s crucial to get a professional property survey.
A survey will identify any potential issues with the property that could affect its value or lead to costly repairs down the line.
As Chartered Surveyors, we offer you a choice of survey types depending on the level of detail you require:
Level 2 Homebuyers Report: This is a mid-level survey that includes a visual inspection of the property and highlights any major defects.
Level 3 Building Survey: A more in-depth survey recommended for older or more complex properties. It will provide a detailed analysis of the building’s condition.
Level 1 Condition Report: The most basic survey, suitable for newer homes in good condition.
Getting a survey provides peace of mind and ensures that you’re making a sound investment.
Explore which kind of survey is right for you.
Seek legal advice
Finally, ensure you have a good solicitor or conveyancer to handle the legal aspects of the purchase. They will conduct property searches, check for planning permissions, and handle the contracts and exchange process. It’s important to choose a solicitor with experience in property law to avoid any complications.
Prepare for the costs of moving in
After you've purchased your home, there will be additional costs to prepare for.
This list is different for everyone, but in the main most people have to pay for:
Moving fees: Hiring a removal company can add up.
Furniture and renovations: You may need to buy new furniture or invest in repairs and renovations.
Council tax and utilities: Make sure to budget for ongoing costs like council tax, electricity, water, and gas.
By being aware of these costs early on, you can avoid any surprises after moving in.
On the move? This is your essential home moving checklist
While buying a house in the UK can be complex, by following our tips, you can navigate the process with confidence.
Most importantly, don’t hesitate to seek advice from professionals, such as chartered surveyors, to protect your investment and ensure peace of mind as you embark on your home-buying journey.
