Deciding to buy your first property is a big step. It may at first seem daunting, but there are simple steps that can ensure an efficient process for first-time buyers. As the property market in London continues to expand, it is important to work with professional RICS registered surveyors for the best-informed decisions.
Start Saving and Organising
It seems like the most obvious step, but it is vital that first-time buyers have their finances in check. Saving as much money as possible prior to beginning the purchasing procedure will make the process go much more smoothly.
From there, you should set your deposit and budget for the property. Generally, the deposit will range from 5% to 20% of the overall property price. The more deposit you put down, the better rate of mortgage you will generally receive. House buying in London is generally very competitive. Therefore, it is important to have property surveys undertaken to help make informed decisions on the price and condition of the property.
Check Government Schemes
The government offers a variety of programmes to help first-time buyers get on the property ladder. You should speak to a reputable mortgage broker and financial advisor. It is important to ensure the professionals you commission have a reputation and are regulated by their relevant bodies
Look For a First Time Buyers Mortgage
For first-time home buyers, obtaining a mortgage might be intimidating. Many banks offer free online mortgage calculators to help you figure out how much you can borrow from a lender. This is determined by your income, spending patterns, and any outstanding obligations.
After determining how much you need to borrow, you can obtain an Agreement in Principle (AiP) to determine if the bank will grant you the funds you require. You can apply for a mortgage to buy your new home once you have your AiP and have found a property you want to buy. From this, mortgage companies may ask for a valuation to determine if the property is worth the cost.
Research the Area
As we’ve mentioned, London prices will be higher than the average property costs across the country. Prices vary across all London Boroughs and it is always beneficial commissioning the services of London surveyors with excellent local knowledge. First-time buyers should consider factors such as budget, lifestyle and workplace; as commuting or congestion charges may come into contention.
Find Professional RICS Registered Surveyors
A property survey and assessment should give you peace of mind in what is generally a stressful process. A good surveyor will guide you on this important journey of your life and point you in the right direction. Working with an RICS-accredited surveyor, such as London’s Surveyors and Valuers, will ensure you get an unbiased opinion. Different levels of surveys will provide you with different types of information about your property. You should know what you want to gain out of the survey and how you plan to use the information in your report before you start planning your survey.
At Sterlingworth Surveyors, we strive to provide our customers with tailored full building surveys, specific to their individual requirements. All of our surveyors are local to the various Boroughs in London granting us expert local knowledge which is reflected in our work.
We offer a wide range of services; including residential and commercial property surveys and valuations. Our experts are all RICS qualified and complete valuations and report to a high-quality standard. We understand the benefits of using local experienced RICS registered surveyors and are here to help with all your surveying needs. Unsure about what to expect or choose? Give us a call and talk to us about your concerns and we can recommend a relevant service.
For more information, or to receive a quote, simply fill in our online form with your enquiry. A member of our team will shortly be in touch. Or, to speak to an expert today, give us a call on 020 7770 9908.