Top tips for first-time buyers

There may be many steps you will have to go through in order to buy your first home. Do not let it be a daunting task. A few simple tips can help you get started and ensure a smooth process up till buying. First you will need to set aside some money for a down payment or a deposit. 10% is usually sufficient.

Next you will need to research the housing market in your neighborhood or wherever you wish to purchase a home. Don't buy until you decide which is the right home for you. Getting a lawyer may help this process.

Finally, keep some savings on hand for any fees or extra or costs that may come up. In mortgage lending, there's always something. £2,500 or a few thousand is a good amount. Don't forget get about getting an appraisal done and get homeowners insurance. All in all, these tips for buying a first home should help the process go smoothly.

Key Takeaways:

  • Save up for a deposit! A lot of mortgage lenders require you save at least 10 per cent. The bigger the deposit, the cheaper the mortgage deal.
  • Make sure you shop around to find the best mortgage for you.
  • Research the market in great detail, you may have to look into many different places before you find the right home for you.

Key Quote:

"Make sure you buy insurance for the property, to protect your investment into your new purchase and for your mortgage lender. Oh and don’t forget to move in!"

Read the full article:

http://www.londonlovesbusiness.com/property/top-tips-for-first-time-buyers/13641.article

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