What to Look for When Buying Your First Home

Are you looking to buy your first home? It’s certainly an exciting step towards building your future. But let’s be honest, it can feel overwhelming.

As thrilling as it is, the process comes with its own set of challenges. Every decision, big or small, can have lasting consequences. One wrong turn and you could end up with a wasted investment, unexpected costs, and never-ending legal woes. More importantly, you might end up with a home that’s just not right for you.

At Lyons Bowe Solicitors, we understand that buying your first home is more than just a property transaction. You are building your future. This is where we come in, guiding you at every step of the way so that you can make every decision with confidence.

Secure Your Mortgage Early On

If you’re buying a home with financial assistance, the first step is speaking with your bank or lender. You need a Mortgage Agreement in Principle (AIP) before you start viewing properties. This confirms how much a lender is willing to offer you based on your financial situation and credit history. An AIP gives you a clear budget and signals to sellers that you’re a serious buyer with financing already in place. Sellers will feel more confident in your offer if they see you have financial backing in place.

However, don’t settle for the first mortgage offer you receive. Many first-time buyers assume their personal bank is their only option, but that’s not the case. A mortgage broker can help you explore different lenders, compare rates, and secure the best possible terms.

Budget Accordingly and Beyond

Unfortunately, the reality of real estate is that the listed price of a property is just the beginning. First-time buyers often budget only for the asking price, overlooking additional expenses.

Homeownership can be a complex maze of costs and legalities, especially if you go it alone. These overlooked costs can easily add up, leaving you financially distressed and unsure of your next move.

In addition, financial commitments like council tax, utility bills, and home maintenance need to be factored in.

Make sure to add up these additional costs:

• Stamp duty (if applicable), a tax on your property purchase.
• Legal fees for your conveyancing solicitors.
• Mortgage arrangement fees and valuation costs
• Ongoing costs like council tax, utilities, and maintenance

This is why we encourage our clients to always reach out to financial brokers before they finalise their offers to ensure they are able to afford a property, for now and in the future.

Inspect The Property Thoroughly

It’s easy to be swayed by the staging of an open house. Fresh coats of paint and newly fitted hardware can make a property look more polished than it actually is. But it’s essential to assess more than just the surface-level fixtures.

Wall cracks, musty smells, and mould are all signs of dampness in the structure, a significant red flag. This often signals more issues down the line, costly ones, too.

Additionally, inspect the roof. Missing or damaged tiles or sagging gutters can indicate water damage. Do not overlook the chimney either, because repairs can quickly escalate if it’s in poor condition.

Choose The Location Carefully

First-time buyers sometimes assume their dream home will make up for the location. But the truth is, location is just as important. Traffic, noise levels, parking availability, and the character of the neighbourhood all contribute to the overall value and appeal of your home.

Although seemingly insignificant, these factors can also impact property values now and in the future. This is why you need to give your location choice as much thought as your home choice.

Protect Your Investment Legally

Beyond finances and practicalities, first-time buyers need the expertise and support of a conveyancing solicitor. Our team will review all documentation and have you well on your way to securing your dream home.

With a solicitor guiding you through the legal process, you can look forward to comprehensive property searches. This will help uncover hidden issues and prevent unexpected costs in the future.

Your solicitor will be your safeguard against any surprises that could complicate your purchase. Additionally, we will do our due diligence where required, from dealing with local council planning restrictions to uncovering the true ownership of shared areas. Having the right legal advice helps you make an informed decision and avoid disputes down the line.

Build Your Future with Lyons Bowe Solicitors

Buying your first home is a milestone that sets the stage for everything to come. It’s where you and your loved one’s story unfold. This is where you will make memories, where you start to create your legacy.

At Lyons Bowe Solicitors, we understand the gravity of every choice you make, knowing that your right decisions today can shape your tomorrow. Because buying a home is not just an emotional decision. It is one that carries significant financial and legal weight. One which demands careful planning and expert conveyancing guidance.

That’s why our dedicated team is by your side every step of the way, to protect, inform, and empower your journey. Secure your future, get in touch with us at Lyons Bowe Solicitors today.