Top tips for traversing the UK housing market

If you’re lucky enough to be able to afford to put down a deposit for a home in the UK then there are a thousand questions you’re probably asking yourself.

But while we can’t answer them all we can at least offer some tips for navigating the increasingly complicated waters of first-time homeownership. So, here are some top tips to consider when looking for your first home.

Identify what you want and what you need

Start by thinking about the type of house you want. For example, if you are looking to start a family you may need a bigger house to future proof yourself or you might want to look at homes within the catchment area of a good local school.

You might also want to think about the style of home you’re looking for. Perhaps a city center apartment is what you’re looking after if you are a commuter? Or maybe you’re looking for a three bedroom detached house in the suburbs for around the same price. Think about what you want before you start looking.

Pick the right mortgage

Do your research on mortgages and which one you qualify for. Note that the larger deposit you have to put down, the more forgiving your mortgage terms will be. As such, it might be a good idea to hold off on putting a deposit down until you have a decent amount saved away. As a rule of thumb, the deposit should be at least 10% of the final purchasing price. Then there are the different kinds of mortgages to consider. In short, don’t rush this decision.

Look under your budget

If you’re a first-time buyer the smartest option would be to look at houses below your maximum budget. If you are able to find something suitable for less than you can afford then you’ll have that much extra to spend on doing it up and really making it your own.

It might be tempting to look more towards the most you can afford but once you’ve moved in, you’ll then have almost nothing left to spend on your new home. If you’re a first time buyers, you’re also unlikely to have much in the way of furniture so that’s another thing to consider.

You can never make too many visits

Be sure to view any house you are interested in multiple times to make sure there is no damage or repairs needed. And always book a full inspection before putting in a final offer. There could be dozens of major problems hidden just beneath the surface that won’t be brought to light at first glance. It might be pricey, but the top-tier building inspection is always something we’d recommend over the basic package when buying your first house.