Buying your first home is a rollercoaster of emotions - there’s excitement for the future ahead, but also fear about the possibility of getting it wrong. Buying a home is, after all, a big financial investment, meaning that you’ll want to make sure you get it right on your first try!
With a smooth purchasing process and low-maintenance living, it’s no surprise that many first-time buyers have been drawn to new build homes. If you are a first-time buyer looking to buy a new build home, here’s everything that you should know:
What is a first time buyer?
Anyone buying a home for the first-time qualifies as a first-time buyer. You might be thinking ‘well, duh’, but there are some things you might not know about when it comes to the first-time buyer definition.
For example, did you know that if a first-time buyer buys a property with someone who previously bought one, they won’t qualify as a first-time buyer? You’ll only ever be a first-time buyer once, so make it count!
Best tips for first-time home buyers
- Save a big deposit (if you can)
- Get a conveyancing solicitor
- Don’t forget the added costs of buying a home!
- Make the most of your property viewings
- Get some financial assistance
- Have patience and don’t give up
Save a big deposit (if you can)
You’re probably very eager to move into a home of your own - especially if it’s your first time! But the longer you spend saving, the better your mortgage plan is likely to be. So, unless you have an urgent need to move out, set back, stay strong, and save as long as you can.
Get a conveyancing solicitor
The legal process of buying a new build home is a lot for someone to take on their shoulders, especially for first-time buyers who may not have the experience of buying property. This is where a conveyancing solicitor comes in. If you appoint a conveyancing solicitor, you can have someone to get through all the nitty gritty legal details for you. As well as taking you through any legal points that you don’t understand, your conveyancing solicitor will make the buying process as smooth as possible.
Don’t forget the added costs of buying a home!
You may have spent ages saving up for your deposit but be prepared to spend a bit more time to cover the added costs. As well as paying for a deposit on your home, you’ll also need to make sure you can cover the costs of moving, legal fees, and whatever furniture you’ve got your eye on.
Make the most of your property viewings
Buying a home is likely to be one of the biggest investments you make in your life, so you’ll want to make sure you’ve made the right choice. With this in mind, think of your property viewing as an audition for your potential first home. Use it as an opportunity to learn about the property and ask the Sales Executive any questions about the process.
Get some financial assistance
As a first-time buyer, you should be taking advantage of any extra help that you can find to get on the housing ladder.
With Square Roots, you can take advantage of schemes like Shared Ownership and Affordable Rent! While Affordable Rent lets you rent a home for 80% of the market rate, Shared Ownership enables you to buy a smaller share of your home and pay rent on the remainder! There's no easier way to get onto the housing ladder.
Have patience and don’t give up!
Buying a new build home is not going to happen overnight. Delays, rejections and complications are all natural parts of the home-buying process. But while buying a property isn’t a picnic, that doesn’t mean you should give up hope! After your hard work, the light at the end of the tunnel will be a property that you are happy to call home.
Buying your first property is no walk in the park, but you can enjoy a much smoother home buying experience with Square Roots. Aiming to get first-time buyers rooted in an area they love, check out our high quality Affordable Rent and Shared Ownership homes here.< Back to News & Events