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What to Expect When Purchasing Your First Home

When purchasing your first home, the unfamiliar process can seem daunting and overwhelming. With no previous experience, it is vital that you understand what to expect when you are making, what is potentially, the largest purchase of your life. If you are ready to buy, here’s an insight into what you should be prepared for.

What to Expect When Purchasing Your First Home

Purchasing or selling a property is not always plain sailing, however, the first mistake buyers often make is finding the home of their dreams. You should firstly have an idea of the type of property you would like to purchase within your ideal budget so that you can then determine how much deposit you need to save.

1. Deposit – In recent years new schemes have been introduced which can make the reality of buying your first home not just a distant dream. Unless you have inherited money which you intend to put towards a property, the likelihood is that you will have to save for many years to gather a sufficient deposit. This is regardless of whether you are putting down a 5% or 20% deposit. It is important to remember that the larger the deposit, the better it is in the long run in terms of repayments.

So now you have a deposit together, but what happens next? The ultimate decider which determines whether you can purchase a property and on what scale, is your mortgage. Before setting your heart on a home, you must have a mortgage in principle which will establish how much you can borrow. This will then determine the property value you should be searching for.

2. Budgeting – Other than ensuring you can afford your deposit and mortgage repayments, you must consider the additional costs for mortgage arrangement fees, legal fees and furnishings to ensure you save appropriately. It is important that you are honest about what you can afford. Your Mortgage advisor will also help you with this and find you a mortgage tailored to your circumstances.

At Hodgkinsons we understand that purchasing a house is a large investment and therefore it is within your best interests to keep other costs at a minimum which is why our Team of Conveyancing experts are happy to provide you with a no obligation quote for your purchase. Our promise to you is to provide you with a transparent quote with no hidden fees.

3. Conveyancing Process - All Clients have an ideal date for which they hope to have moved in by and our Team will work proactively to provide you with the best possible chance of doing so. It is likely that any issues which arise will be out of your control, however, we recommend that you co-operate and respond efficiently with your Solicitor so that they can be addressed and resolved in a timely manner. Our team of Conveyancing Experts will keep you informed at all stages of your transaction and work diligently to achieve your completion.

If you are thinking about buying your first home, our experts can provide you with all the advice you require. Whether it is a new build, or you are using a scheme such as a Help to Buy ISA or Help to Buy Mortgage we can help with transactions in Skegness, Boston, Sleaford, Spalding, Lincoln and beyond. For a free no obligation quote on your purchase, call Hodgkinsons on 01754 897150 or submit and online form and a member of the team will call you.