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6 Common Mistakes Made by First-Time House Buyers

The mistakes made by first-time buyers are too numerous to mention in a single article. House buying is a minefield, and it’s normal to make a few mistakes along the way. But knowing what those mistakes are before you buy your first property should help you to secure the home of your dreams without too much stress and hassle.

The main aim is to find a suitable house in a desirable area for a great price. This challenge might sound easy, but it rarely is. And if you don’t have prior experience, you might be in for a tough time.

But worry not! We’re here to help you navigate your first home buying experience. Avoid the following mistakes, and you shouldn’t run into too many difficulties.

1. Not checking your credit score

You can save yourself an awful lot of time by checking your credit score before you start looking for mortgages. The last thing you want is to put yourself through an application process you can never complete. And if you know that your credit score is less than perfect, you can limit your search for mortgages that cater to situations like yours.

2. Not identifying your priorities

Among the most common mistakes made by first-time house buyers is a failure to identify property priorities from the outset. If you simply start bidding on homes you like, you may end up making a huge mistake. Consider the following questions:

  • Do you need to live near your place of work?
  • Do you need good transport links nearby?
  • Do you want a big garden?
  • Do you prefer open-plan living?
  • Do you need off-street parking?
  • How many bedrooms do you need?
  • What’s your budget for renovations?

Get these priorities clear in your mind, and you can fine-tune your property search for success.

3. Not getting your mortgage arranged first

How do you know you’ll get the mortgage you’ll need if you haven’t been approved? Save yourself a lot of time and heartache by getting pre-approved before you start putting in bids. This way, you’ll know exactly how much you can spend. Whittle your prospective homes down according to your budget, and you won’t be left embarrassed further down the line.

4. Aiming for the very top of your house buying budget

So, you got a surprisingly high mortgage offer that expanded your options significantly. Don’t make the mistake of looking for houses at the very top of your range. Judge houses by their merits rather than their price-tag. And don’t forget that there are plenty of hidden costs involved in buying a home. Once stamp duty, fees and legal costs are factored in, the cost of buying your first home could be way higher than you bargained for.

5. Buying with your heart

Of course, there’s always going to be an emotional aspect to buying a first home. After all, this is going to be your refuge from the outside world for quite some time. But don’t get overly attached to any particular house during your search. Try to take an objective approach to property buying. Is it big enough? Can you afford the repairs and renovations? What’s the school like?

While your preferred home might look how you imagined it, there’s far more to consider. Be practical and pragmatic. If it’s not going to serve your needs on a day-to-day basis, move on to the next option.

6. Not getting a survey

House surveys are crucial for first-time house buyers

Understandably, you want to get into your new home as quickly as possible. But failing to carry out the necessary structural checks could backfire spectacularly. Once the house becomes yours, any defects become your responsibility. And that can be a very expensive mistake.

If you’re getting a significant mortgage, the chances are your lender will insist on a comprehensive survey. This will look for everything from damp in the walls to movement in the foundations. But if you don’t need a large mortgage, you may have the option of saving a few pounds by skipping the survey. This is a huge risk, and it’s just not worth taking.

Buying your first home should be fun and exciting. But don’t get too carried away with the romance of it all. Proceeding with caution maximises your chances of a successful first purchase.

For more information on how https://www.sellpropertyfastcash.co.uk can help you sell your house fast please visits our contact us page.

Sell Property Fast Cash,
Mclintocks,
Summer Lane,
Barnsley,
South Yorkshire,
S70 2NZ
Telephone:0800 68 99 42

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9 Things You Need to Know About Saving for a House Deposit

Since the housing crisis of 2018, banks have imposed a range of tighter restrictions on mortgage applications. The days of the zero per cent mortgage are long gone.

You’ll need a minimum of a five per cent deposit. And because house prices are at record levels, you’ll need several thousand pounds to be considered for a home loan.

Getting that kind of money together isn’t easy. It requires hard work, organisation and a lot of sacrifices.

To help you on the house buying path, we’ve put together 10 top savings tips for saving for a house deposit.

1. Cut back on your spending

To save tens of thousands of pounds, you’re going to need to stop the more frivolous aspects of your spending. Stop buying those morning coffees, and cut back on your trips to the local restaurant. Go through your bank statements, and look for opportunities to save money. The more frugal you are, the faster you’ll get your deposit together.

2. Open a savings account

Don’t leave the money you’ve saved sitting in your current account. You’ll always be tempted to spend it on frivolous things. Open a savings account, and transfer your spare cash into it as regularly as you can. And make sure you get a good rate of interest and tax-free savings with an ISA.

3. Set yourself goals

Saving for a house deposit

Set yourself monthly savings goals. Start a diary and set a realistic goal every month. But take into account any significant spending commitments you can’t avoid. By splitting your savings target into manageable chunks, you won’t lose heart when progress is slow.

4. Sell unwanted items

Go through all your possessions and set aside anything that you don’t need or want. Hit the local car boot sale to sell your cheaper, everyday items. If you have expensive items worth selling, list them on eBay or at local auctions. If you have a car to sell, list it on a car selling site, on Facebook or in the local newspaper.

5. Downsize your home

Renting a home in the UK is more expensive than ever. If you’re prepared to live in a smaller home or a less popular area, you might be able to save a lot of money every month. Downsize your rented house, and transfer the money you save every month into your savings account.

6. Create a spending budget

Don’t leave anything to chance. Create a monthly spending budget that includes all your essential outgoings. And be realistic. For example, never spending money on leisure activities and treats isn’t sustainable. Make space in your budget for these things.

7. Set up a standing order

Saving for a house deposit

Don’t let your bad memory get in the way of saving for a house deposit. Set up a standing order with your bank, so the money is transferred automatically every few weeks. Set the payment date to your payday, so the money leaves your current account before you can spend it.

8. Find an additional income

The quickest way to save a house deposit often involves increasing your income. Whether you ask for overtime at work, take in a lodger or find a second job, every little helps. Just make sure the extra money you make all goes into your savings.

9. Ask your parents

Buying a home in the UK is harder than ever for first-timers. House prices are higher than ever. And the average income precludes a lot of people from getting on the property ladder in their area. But asking the bank of mum and dad for help could be the answer. Whether this involves dipping into savings or an early inheritance, a gift or loan from a loved one can get you on the housing ladder fast.

If you’re disciplined and determined, there’s no reason why you can’t save for a house deposit in just a year or two.

For more information on how https://www.sellpropertyfastcash.co.uk can help you sell your house fast please visits our contact us page.

Sell Property Fast Cash,
Mclintocks,
Summer Lane,
Barnsley,
South Yorkshire,
S70 2NZ
Telephone:0800 68 99 42

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Should I Buy a New-Build Home?

The population in the UK is rising fast. So much so, there’s a real housing crisis that is making life a misery for families up and down the country. According to Crisis, we need another four million homes just to keep up with demand.

In many areas of the country, your best chance of getting on the property ladder involves the purchase of a new-build home. But a modern property isn’t for everyone. If you’re not sure, consider the various pros and cons involved in buying a property directly from a builder.

The pros of buying new-build homes

You choose what your home looks like

If you’re involved in the building project from day one, there’s a good chance you’ll be able to choose a range of features and fittings. You may get to choose paint colours, kitchen cupboards, tiles, taps, light fixtures and a lot more besides.

In most cases, a new-build home is delivered to its new owner with the bare minimum of decorative features. This means you have a blank canvas on which you can express yourself. When you buy an older property, this isn’t always the case.

There are usually fewer issues to deal with

New-build home snagging

When you buy a new-build home, you can be fairly sure that it’s ready to move into. You don’t have to worry about things breaking down or failing shortly after you move in. And even if there are problems, your builder is legally responsible for putting them right.

And it’s not just structural issues you don’t have to worry about. Buying from a developer means you don’t have to worry about the upward property chain collapsing.

There’s often help

You’re much more likely to get help from the government to buy your home if you’re dealing with a major developer. The likes of Help to Buy and Start Homes Initiative can make getting on the property ladder a lot easier — and cheaper. Schemes such as these are often developed in conjunction with national house builders, so the entire buying process is simple and accessible.

Homes are built to modern standards

Building and environmental standards change fast these days. You can now be certain that a new-build house complies with all the various energy-efficiency and building guidelines. This isn’t always the case with older homes. An energy-efficient home is usually easier to sell than older properties. And such a home can drastically reduce your energy bills.

The cons of buying new-build homes

They’re often more expensive

New-build homes

Buying a new home from the builder gives you a property that’s ready to move into. You won’t need to do any repairs or improvements, and that’s something you might have to pay a premium for.

There are often better bargains to be found if you’re prepared to move into an older home. Yes, you might have a lot of work on your hands, but the price you pay is significantly lower than it is for the average new-build.

There’s an element of the unknown involved

New-build homes are being snapped up very quickly these days. And in some cases, they’re being bought before ground has been broken. To make sure you don’t miss out on the new-build of your dreams, you’ll have to sign a contract and pay a deposit before you’ve seen your new home. And that’s always slightly risky. While your prospective new home might look great in a brochure, you can never be sure until you’re looking at bricks and mortar.

New-build homes often suffer from niggling issues

Not all new-build homes are delivered to their new owners in perfect working condition. In fact, there are often teething problems during the first few months. It’s not unusual for builders to be working on snagging lists long after a property changes hands. Issues such as cracking walls, movement, faulty plumbing and damp do arise from time to time. If you’re buying an older home, a survey will identify such issues before you commit.

Most people are very happy with their new-build home — even if there are a few teething problems at first. But it’s always best to be aware of the worst-case scenarios before you take the plunge.

For more information on how https://www.sellpropertyfastcash.co.uk can help you sell your house fast please visits our contact us page.

Sell Property Fast Cash,
Mclintocks,
Summer Lane,
Barnsley,
South Yorkshire,
S70 2NZ
Telephone:0800 68 99 42

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Getting on the Property Ladder: A First-Time Buyer’s Guide

The UK housing market is still in rude health, but raising finance is still difficult for first-time buyers. The days of the 100 per cent mortgage are long gone. If you’re a first-time buyer trying to get on the property ladder, you need a good credit rating and a hefty deposit.

Buying your own home for the first time is a minefield. You may have to jump through hoops to raise the finance you need. That’s why we’ve put together a brief list of tips for getting on the property ladder.

Consider shared ownership

Mainstream banks and mortgage providers now lend between three and five times the applicants’ annual salary. If the home of your dreams requires more than this, the chances of securing an approval are low.

But you can tip the balance in your favour by looking for homes that offer shared ownership. You get to buy a share in the property (typically 25 to 75 per cent). The rest of the house is owned by the developer or a housing association.

Shared ownership drastically reduces the mortgage and deposit you need. But it’s not without its drawbacks. You may be required to pay rent on the share you don’t own. And you must have permission to make any significant changes to the property.

The UK Government runs three schemes under the Help to Buy initiative: Shared Ownership, Equity Loan and a specialist ISA. Check out the website for more details or talk to a financial advisor who specialises in property.

In most cases, you’ll get the option of buying the rest of the property at a later date.

Team up with someone you know

Getting on the property ladder

There’s nothing stopping you from buying a home with someone other than your partner. For example, if you and your best friend want to buy together, you can apply for your mortgage together. This means you only need to find half the deposit. And you can combine your salaries to increase your budget.

Find a guarantor

A few mortgage providers will allow you to assign a guarantor to your mortgage agreement. This usually has to be a close relative, however. The person you choose must demonstrate that they are in a position to make the repayments if you fall behind. As soon as you miss a payment or two, the institution will chase the guarantor for the arrears.

A guarantor will usually need to provide collateral in the form of their own property. However, other forms of collateral are sometimes accepted.

By finding a guarantor with the necessary assets and a good credit history, you may be able to apply for a larger mortgage. And the lender may consider accepting a far lower deposit. Being a guarantor is a good way for parents to help their children onto the housing ladder without handing over huge sums of money.

Don’t pull the trigger until you’re ready

Getting on the property ladder

Being in a hurry to move into your first home is understandable. But moving too early can end up costing you money and unnecessary stress. Don’t buy your first home until you are financially stable.

If you have to move into your parents’ home while you save your deposit, so be it. Paying rent to a landlord means you’re paying off their mortgage instead of your own.

Before you sign on the dotted line with your mortgage provider, crunch the numbers as many times as you can. Will you have enough money after paying your mortgage to live your life? And what happens if you suddenly lose your job? Do you have a financial buffer or contingency plan?

Buying a first home is a big step. This milestone event often happens at a time in our life when we haven’t yet reached our financial peak. While things might be tight, make sure they’re not dangerously so. If you lose your home to repossession early in life, getting back on the property ladder later might be almost impossible.

If your first-time house purchase didn’t go to plan, we can help you move on fast. We buy houses for up to 100 per cent of their value. This means you can raise the funds you need for debt repayments, your next purchase or to avoid repossession. In many cases, we’re able to complete the purchase of a home within just four weeks.

For more information on how https://www.sellpropertyfastcash.co.uk can help you sell a house fast please visits our contact us page.

Sell Property Fast Cash,
Mclintocks,
Summer Lane,
Barnsley,
South Yorkshire,
S70 2NZ
Telephone:0800 68 99 42

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Everything You Need to Know About Buying a Second Home

Whether you’re looking for somewhere to enjoy holidays or an investment opportunity, buying a second home requires financial planning and a thorough understanding of the process.

We’ve researched the process to help you navigate what can be a complex house buying journey.

Securing finance for your second home

If you have the cash to buy your second home, the process is straightforward. Simply make an offer. And when all the legal paperwork is in place, transfer the cash.

But what happens when you need to raise finance to buy your second home? If you already have a mortgage for your primary property, the process can be complicated.

Financing a second home

You will need to demonstrate to the bank that you can comfortably afford the repayments on both your home loans. In most cases, you’ll need to demonstrate you have the required income first. You can’t, for example, tell the lender that the rental income from your holiday home will cover the repayments. After all, holiday rentals are seasonal in nature. There may be long periods of the year when you receive little or no income from the property.

You might be able to secure finance against any equity you have in your primary property (the home you live in). Buyers can often obtain favourable terms if they have significant collateral. But you’ll still need a sizeable deposit — perhaps a lot more than the five per cent average.

Paying tax on a second home

You’ll have to pay stamp duty when you buy your second home — regardless of the price you pay. The rate is 3% on properties up to £125,000. The rate increases on a sliding scale as follows:

  • 5% for properties over £125,000
  • 8% for properties over £250,000
  • 13% for properties over £925,000
  • 15% for properties over £1.5m

For tax purposes, you must decide which is your main home. If you choose to sell your second home, and make a profit in the process, you’ll have to pay capital gains tax. However, it’s important to get advice from an accountant. You can offset any more you pay for agent’s fees, legal costs and stamp duty against any profit you make. This means you probably won’t pay tax on the total amount of profit — just the net profit you make after deducting all your expenses.

Letting your second home

Letting a second home

Before you buy a home to let, investigate the local rental market. You need to be certain that the rent you can achieve will cover your mortgage repayments and expenses.

You will also need to register for self-assessment tax returns. Even if you don’t make any profit, file a return anyway. List all your expenses, and keep records of everything.

As a tenant, you have certain legal obligations to fulfil. For example, you’ll need to pay for an annual gas safety inspection. You’ll need to attend to repairs as quickly as possible. And you’ll also need to buy landlord’s insurance cover.

There are usually several steps you need to take before you can list your second home in the rental market. As well as fulfilling your legal obligations, you may need to make cosmetic improvements. List all of the costs involved BEFORE you buy the property. The potential return on your investment may make the entire endeavour unprofitable.

However, if your goal is to simply cover costs until you can sell your second home for a profit, breaking even might be sufficient.

If you’re left with two homes and need to sell one of them quickly, Flying Homes can help. We buy property fast, and for up to 100 per cent of market value. Buying a second home can be risky, but we’re here to help if things go wrong.

For more information on how https://www.sellpropertyfastcash.co.uk can help you get a fast house sale please visits our contact us page.

Sell Property Fast Cash,
Mclintocks,
Summer Lane,
Barnsley,
South Yorkshire,
S70 2NZ
Telephone:0800 68 99 42

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