Buying your first home is an exciting milestone, but it can also feel overwhelming. With so many steps involved, it’s easy to get lost in the process. Thankfully, having a clear plan can make things much easier. Working with professionals, like a trusted mortgage broker Hove, can help you navigate the journey smoothly. Here’s a simple checklist to guide first-time homebuyers in 2025.
Set Your Budget
The first step in buying a home is knowing how much you can afford. Look at your income, savings, and monthly expenses to figure out what’s realistic. Remember to factor in additional costs like:
- Stamp duty
- Solicitor fees
- Survey costs
- Moving expenses
Having a clear budget helps you avoid overstretching your finances.
Save for a Deposit
Most lenders require a deposit of at least 5% to 10% of the property price. The larger your deposit, the better your mortgage options. Start saving early and look into government schemes like the Lifetime ISA, which can help boost your savings.
Check Your Credit Score
A good credit score is key to getting approved for a mortgage. Check your credit report to make sure everything is accurate. If your score needs improvement, take steps like paying bills on time and reducing existing debts.
Get a Mortgage Agreement in Principle
Before you start house hunting, get a mortgage agreement in principle (AIP). This shows sellers that you’re a serious buyer and gives you a clear idea of how much you can borrow. A mortgage broker can help you find the best deals and guide you through this step.
Decide What You Need in a Home
Make a list of what’s most important to you in a home. Consider factors like:
- Location
- Number of bedrooms
- Outdoor space
- Parking
- Proximity to schools or work
Knowing your priorities helps narrow down your search.
Start Viewing Properties
Once you know your budget and priorities, it’s time to start viewing properties. Take your time and don’t rush into a decision. Look for signs of issues like damp, cracks in the walls, or outdated electrics. It’s okay to ask questions about the property’s condition and history.
Make an Offer
When you find a home you love, it’s time to make an offer. Your estate agent will handle this for you. Be prepared to negotiate, especially if the asking price seems high. Once your offer is accepted, you’ll need to act quickly to secure the purchase.
Arrange a Survey
A property survey is important to check for hidden issues. There are different types of surveys, ranging from basic to detailed. A survey can reveal problems like structural damage or damp, giving you the chance to renegotiate the price or request repairs.
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Instruct a Solicitor
A solicitor or conveyancer will handle the legal side of buying a home. They’ll carry out searches to check for any issues with the property, such as planning restrictions or boundary disputes. They’ll also manage the transfer of ownership once the sale is complete.
Finalise Your Mortgage
After your offer is accepted, you’ll need to finalise your mortgage. Your lender will conduct a valuation to confirm the property’s worth. Once approved, your mortgage offer will be issued, and you’ll be one step closer to owning your home.
Exchange Contracts
Exchanging contracts is a major milestone in the buying process. At this point, the sale becomes legally binding. You’ll need to pay your deposit, and your solicitor will arrange the contract exchange with the seller’s solicitor.
Prepare for Completion Day
Completion day is when you officially become the owner of your new home. Your solicitor will transfer the remaining funds to the seller, and you’ll receive the keys to your property. Make sure to arrange utilities and other services ahead of time to make your move-in day stress-free.
Final Thoughts
Buying your first home can feel like a big task, but breaking it down into steps makes it manageable. Follow this checklist and don’t hesitate to ask for help from professionals like mortgage brokers or solicitors. With the right preparation, you’ll soon be unlocking the door to your new home.
