Are you seeking to purchase your first home? Nick Manson, Director of Mansons in Jesmond, Newcastle, walks us through how best to prepare before making an offer.
Being a first-time buyer can be challenging, overwhelming, and even frustrating. Chances are you may not fully understand the market, and it’s easy to get swept up in the excitement of viewing your dream homes. However, the property market is highly competitive, so it’s crucial to position yourself as best as possible before beginning the process.
Nick Manson, Director at Mansons, says:
“If you want to compete with other buyers in such a buoyant market, you need to take the time to get all your ducks in a row. Yes, the initial steps may feel tedious, but they are absolutely essential.
“Speak with a financial advisor to determine exactly what you can afford and which mortgage option is best for you. There’s a significant misconception about the level of deposit required and how much you can borrow, so it’s critical to be clear on your price range from the outset.
“It’s also beneficial to obtain a mortgage agreement in principle, as this demonstrates to both the estate agent and the seller that you’re a serious contender and a ready-to-go buyer.”
A key advantage of choosing a local estate agent is the advice they can offer. They understand the market better than anyone in the area and can guide you through the entire buying process. To find a local estate agent in your area, search the OnTheMarket directory.
Before you start viewings, research sold prices in the area you’re interested in. Think carefully about what you truly want from your new home and ask yourself the essential questions:
- What does the property need to offer?
- Is it a home you plan to stay in for 5 to 10 years?
- Is proximity to local schools important?
- What about transport links to your workplace?
Consider what type of property best suits you. If you opt for an older-style home, have you factored in the potential maintenance costs over time compared to a new build? Or, if you’re looking to purchase a flat instead of a house, have you accounted for additional annual costs, such as ground rent and service charges?
Once you have a clearer idea of your requirements, you can move on to the exciting part—organizing viewings. Mr. Manson advises buyers to browse property portals to create a shortlist.
“OnTheMarket features many new properties every month, some 24 hours or more before they are advertised on Rightmove or Zoopla, so be sure to set up instant property alerts for the areas you’re interested in.
“It’s also worth speaking with local independent estate agents. They’ll have excellent knowledge of the area and can provide valuable guidance about the market.”
Starting viewings for your first home is exciting but can also be nerve-wracking. Often, there’s pressure to secure your dream property quickly. Stay focused, and if you find something you love, act fast, as someone else might snap it up before you.
That said, keep a clear head and ensure you’ve considered all the practical aspects of the property. Spend time assessing the home’s condition so you know exactly what you’re getting into. Look for watermarks, roof damage, and signs of dampness.
When you’re ready to make an offer, present the agent with your mortgage agreement in principle and confirm the timeline you’re hoping to work towards.
A first-time buyer in a strong position can be just as appealing as a cash buyer or investor, provided you can show you’re organized and ready to proceed quickly.
Being open and transparent with the local estate agent is vital, and building a good relationship from the start can make the process much smoother.
Once your offer has been accepted, don’t lose momentum. Have a solicitor ready to handle the conveyancing, ensuring the purchase progresses quickly.
Navigating the property market can feel daunting for a first-time buyer. However, with the right preparation and guidance, you could be unlocking the door to your new home in no time.