Buying your first home is a huge milestone, but it doesn’t just happen by itself. You need to be prepared and know how to house hunt and be ready to get going when you find that dream Cheltenham property.
We’ve put together a few useful pointers so you can put your best foot forward.
Give yourself enough time
Unlike renting, buying a property takes quite a long time – 12 weeks on average. You also need to find the place first, then get a survey to make sure it’s worth whatever you’re paying for it.
Start your search as soon as you know you’re planning to buy. You can even start before you get your mortgage in principle so you have a good idea of what costs how much and where you’re likely to find it. This can take a few months, especially if you have a lot of criteria.
About that mortgage in principle
Your mortgage in principle (MIP) is an estimate from a lender which says how much money they’re prepared to lend you. It’s a good idea to get this as soon as – preferably before – you start browsing so you can be more realistic about what you can afford.
Get your MIP and add 10%
When you’re buying a house it’s not just the house you’ll be spending money on. There’s stamp duty, estate agent and solicitor fees and removal costs for a start.
Get to know your Cheltenham estate agents
Property platforms are all well and good, but a local estate agent – with all of that local knowledge – will give you much more insight into each neighbourhood than a bunch of pixels.
Pin down what you’re looking for
Identify your essentials, your nice to haves and your dealbreakers. Do you need to be near a good school? Do you need a nearby rail station? Amazing broadband? Lots of storage? Keep all of these things in mind at each viewing.
Be prepared to look slightly outside your ideal postcode
You probably have your heart set on one postcode, but be ready to move slightly outside it if you find properties are cheaper there. Make sure you look at crime stats and how good public transport is, as well as shops, cafes, pubs and schools, so that you know you’ll be just as happy in your second choice postcode.
