First Time Mortgage Buyers: Tips

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Top 5 Tips for first-time buyers

In addition to the usual tips which would be offered to all housebuyers, we would recommend that you consider the following issues:

• Ensure that you are realistic when working out exactly how much you can afford to spend on your new house. Even a newly built house will require some sort of furnishings, whereas older properties may require extensive work, such as re-flooring, tiling, or renewing the wiring. Make sure that you factor in all these likely expenses in addition to the purchase price, and other fees such as conveyancing and stamp duty.
  
  
• When buying for the first time, there may be a number of details in the houses you are looking at, which you may not pick up. Always take an experienced home buyer, such as one of your parents, or a home-owning friend, when looking at property. If this is difficult to arrange, then make sure you at least get some assistance once you have selected a property you like, and are arranging a second viewing.
  
  
  If you have been used to living at home with your parents, remember to budget for expenses such as council tax, gas and electricity bills, boiler servicing, and other home repairs.
  
  
• Make sure you know what the likely council tax charge will be in your new property. The selling agent should be able to tell you what band the house you are interested in buying is in, and how the charges are levied by your local authoriy.
  
  
  
• Even if you do not have children, remember that property in the catchment area of good local schools will always be much easier to sell on. However, this may also be reflected in a higher purchase price.
  
  
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