Tips for buying your first home in West Yorkshire.

We know that the home-buying process can feel overwhelming, and if you’re buying for the first time, you probably won’t know what to expect.

To help you through the process, we’ve put together some of our top tips on how to prepare before your house hunt begins, plus some advice on what to expect when you begin the search for your new home.

Before you start house hunting 

Preparation is key to a successful home-buying process, so before you start looking for your first home, there are a few things you should do to make your experience smoother.

Getting an agreement in principle (AIP) from a lender is a good way to understand how much you are able to borrow, but it will also show sellers that you are a serious buyer. If you are unsure about the process, you might want to speak to a mortgage advisor who will be able to help you understand the finances for your home, the types of mortgages available to you, and find you the best deal when it comes to applying. We have independent advisors we can recommend so please let us know if we can help.

Figuring out exactly how much money you have for a deposit is also important. You should be able to secure a mortgage with a deposit between 5% and 10%, but your mortgage rates will likely improve if you have over 10% to contribute.

Understanding your deposit is also part of figuring out your overall budget. It’s important to consider not just how much your deposit will be and how much your mortgage payments could be per month, but also the additional fees that come with buying a house. For example, moving costs, legal fees and Stamp Duty (if you’re buying a home over £300,000) are all extra payments that need to be accounted for.

Government schemes, like a Lifetime ISA (LISA), could also help you with buying your first home. The LISA is designed to support first-time buyers with saving for their first home, and you could receive up to £1,000 per year from the government, plus interest, just for saving your money in a LISA. With a LISA, you can save up to £4,000 each year, and after 12 months, you can use this towards the deposit for your first home, even if you are buying with a partner who already owns other property.

Searching for the right home 

The clearer you are on what you’re looking for in your first home, the easier it will be to narrow down the properties on the market to find a home that suits you. It’s a good idea to figure out what your non-negotiables are (e.g. number of bedrooms) and what you’re willing to compromise on before you start your search so that you can stick to searching for homes that actually offer what you want.

Registering with an estate agent, or multiple agents in the area, can also make this process faster, as they will be able to match you with properties within your price range as they come onto the market, meaning you could be one of the first to view and putting you at an advantage over other buyers.

Remember, as a first-time buyer, you are in a strong position. For sellers looking to make a fast move, first-time buyers are ideal as they can guarantee there won’t be a chain of buyers slowing down the sale of their home. Make sure when you are making your offer on a property that the agent knows you are a first-time buyer, as often, even if you aren’t the highest bidder on a property, you could end up having your offer accepted.

Ready to start the search for your first home? Take a look at the properties we have available for sale across West Yorkshire here, or get in touch with our team to register your interest as a buyer. 

  Back