Checklist for First Time Buyers Phil Spencer


Checklist for First Time Buyers _ Phil Spencer

Checklist for First Time Buyers

Hello and welcome today. I am talking to all would-be first-time buyers. Whether you're on this journey or about to embark on it, I'm gonna be sharing some of my tips on how to navigate the process. For most of us, buying a house is the biggest purchase we're ever going to make, so it's little wonder it's such a daunting process. Still, especially so when you've never done it before, one small mistake can have enormous consequences. The first thing you need to decide the right time for you to buy is, can you afford it? What's the state of the housing market? How much do I know about the area I'm looking to invest in? 

There's no definite answer for the amount of money you'll need when buying your first home, so it depends on combining all of these factors. It's also essential to remember that there are other costs involved that can easily be overlooked if you've never done this before. There are home insurance costs. While it's an additional expense, it's necessary because your lender isn't going to agree to a mortgage unless you have building insurance all set up.

Checklist for First Time Buyers

 Do bear in mind that insurance isn't a one-off payment. It's an ongoing there's stamp duty.  The good news is that as a first-time buyer when buying a property under 300 thousand pounds.

 You don't have to pay stamp duty; however, if you buy over 300,000 pounds, paying the extra tax is an inevitable part of the process, I'm afraid, and either way, you can't take it out on your mortgage
you've got to come up with that sum in cash. move IQ to connect you with one. Complete our online form, and we can that straight away. Then there's your deposit. There's no one answer for how much you're going to need as a deposit, but a rough guideline is that you should be looking at around 10% and that's got to come up in cash as well equally there are upfront costs like surveyor fees it's always advisable to get a survey before buying a new house. They don't come free legal fees solicitors professional conveyance of fees that kind of thing cost of removals and also when thinking of reductions, consider insurance for your belongings whilst they're in transit after that once you've received the keys on your property and you can confidently call yourself a homeowner, you're responsible for maintaining your home and all homes come with maintenance issues from council tax to utility bills owning and running your own home costs money, and you do need to plan for it in advance considering all these costs together it's going to help you with your budget and your decision if now is the right time for you to know what you can realistically afford will really speed you on your onward journey.

There may also be mortgage arrangement fees. Find out which bank loan and what amount you actually need. Many tips of loan you may choose from, so make sure you know what's what and remember your lender may charge you a fee speaking to an experienced that advisor could undoubtedly help you work out what's best for you if you need it. Thanks for reading.


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