Searching for your dream home? Top tips for first time buyers

Buying your first home can sometimes be daunting; and even more so with the uncertainty brought on by the Coronavirus pandemic. But the good news is, even with the country in a second national lockdown, the property market remains open – and the process of both buying and selling property is able to continue throughout restrictions.

Despite the challenges, the impact of the crisis has seen many first-time buyers become even more determined, with time spent indoors allowing increased opportunities for saving, and changing lifestyles driving demand for homes with more space for working from home and enjoying the outdoors.

Here, Telford Homes Group Sales Director, Simon Halfhide, gives his top tips for first time buyers looking to get onto the property ladder.

1.) Do your research and get prepared

If you are planning on buying your first home, the most important first step is to get your finances in order as early as possible. Create a budget and ensure you have covered off everything you will need – from a deposit to solicitor and surveyor fees. It’s also worth putting a little away to add personal touches to your new home once you move in. To improve your chances of being accepted for a mortgage, try to reduce the amount of outstanding credit you have, make sure you are on the electoral role, and close down any credit cards that you are no longer using.

Buying a home can be a very emotional decision and it’s important to go into the process well prepared. Take some time to lay out your priorities and research the market. What’s most important to you long-term – resale value, location, school district, number of bedrooms? If you’re prepared from the beginning of the process, you’ll be in a better position to move quickly if you find the perfect home for you.

2.) Take advantage of government schemes

There are a number of government schemes in place to help first time buyers get onto the property ladder, designed to help reduce costs and provide an easier route to homeownership.

The Help to Buy Scheme allows buyers to get a government equity loan for up to 40% of the purchase price of a newly-built property up to the value of £600,000, when you put down as little as a 5% deposit. Better still, for the first five years of owning your new home you won’t be charged loan fees on the 40% loan or be required to start paying the loan back.  The scheme is only available for new build homes, such as the one and two bedroom apartments at our Gallions Point development in the Royal Docks, suites, one and two bedroom apartments at Stone Studios in Hackney Wick, and final one bedroom apartment at our City North development in Finsbury Park.

What’s more, the government’s stamp duty holiday means buyers will not be charged any stamp duty on properties of up to £500,000. Property purchases over £500,000 will also only be taxed on their value above that amount, saving buyers as much as £15,000. The scheme comes to an end on 31^st March 2021, so for those who have yet to start their search and are keen to take advantage, it’s worth considering homes within new-build developments. Given many of these homes are ‘ready to move in’, these deals tend to be more straightforward by nature. Simpler contracts and surveyor processes plus, in many cases, in-built timeframes from developers, help make the process move along more quickly, making it easier to complete before the scheme comes to an end.

3.) Shop around for the best mortgage

Many first-time buyers approach one mortgage lender, and assume they must settle for the first offer they receive. However, different lenders will have different offers in terms of interest rates, closing costs and other factors. Some even offer deals based on the sustainability credentials of the property you are buying – such as the NatWest Green Mortgage, which offers a preferential interest rates to new or existing customers who are purchasing an energy efficient property, such as those at our developments across London. Instead of settling for the first offer, shop around for the deal that is right for you. It might take some time, but finding the best possible offer is well worth the effort

4.) Embrace viewings

 Despite lockdown restrictions, the housing market remains open whilst adhering to social distancing guidelines, meaning that first-time-buyers are still able to view properties in person. Our dedicated sales team will be happy to arrange viewings at different times of day to suit your schedule, or repeat visits with a friend or family member, to ensure you’re completely comfortable before making an offer. For those still unable to visit developments in person, we have also launched a host of virtual viewings, guiding you through the range of properties available across our London developments and allowing you to get a feel for the space ahead of making a commitment. Our team are also available for virtual or over the phone appointments, to answer any questions you may have.

5.) Speak to the experts

As a first-time-buyer, you likely have lots of questions about the process of finding and purchasing your dream home. Instead of spending hours searching online, it’s always best to speak to the experts directly, as they will be able to offer accurate advice on your own individual circumstances. Whatever stage of the process you are at, our dedicated sales teams are always on hand to answer any questions you may have, and provide recommendations on reputable third parties to work with – from recommended mortgage advisors to interior designers to help turn your new home into your dream place to live.

Get in touch with us via email or phone at 01992 942 800 or newhomes@telfordhomes.london.

Related Developments

GALLIONS POINT

Atlantis Avenue, London, E16 2UB

2 and 3 bedroom homes

£471,250 to £696,250

Visit the Microsite

CITY NORTH

Finsbury Park, London N4

1, 2, 3 and 4 bedroom homes

£715,000 to £1,127,500

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STONE STUDIOS

Hackney Wick, London E9 5LW, SALES SUITE IS NOW CLOSED. PLEASE CONTACT SAVILLS TO BOOK AN APPOINTMENT

1, 2 and 3 bedroom homes

£500,000 to £1,100,000

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