Eight exercises to get first-time buyers into buying shape
Anyone following our Love Wigston page may have seen my fitness challenge: to get into shape for the Leicestershire Half Marathon. Rade Saric and I are taking part in a 10-week fitness routine with Find your Fitness UK. Together with our weekly gym sessions, I have also been running as much as possible each week. To achieve my goal, it is important to put in the work to ensure I am up to the challenge. Many first-time buyers try and tackle the house buying process without putting in any work to get them into buying shape. So, what exercises can you do to put you in the best position to buy your first home?
- Health check your credit
Have you done a credit score health check? Your credit score is a vital resource for lenders, as they will assess your history prior to deciding whether to lend. The earlier you take charge of your credit and start to work to put it in a healthy position, the stronger chance you have of not being rejected by a mortgage lender.
- Easy electoral
Are you registered on the electoral roll? It’s one of the easier things you can do to verify your identity for the lender, yet many people forget to complete this simple exercise. The application is short, so if you haven’t done so, pop over to Gov.UK and get yourself on the electoral roll today.
- Get the best advice
There are many mortgages out there, from a wide range of lenders. To ensure you’re getting the best and most professional advice, we always advise you speak to an impartial mortgage broker. They will be able to match the right mortgage with your personal circumstances making sure you sprint onto the property ladder.
- In principle
How will homeowners know that you’re in a position to purchase their property? When it’s time to put in an offer, you will be in a fabulous position because you have no home to sell. But you can increase your ‘buyer appeal’ even further by obtaining a mortgage in principle. This document, also known as a ‘mortgage promise’ shows that the lender is likely to lend up to a certain amount, thus giving you an accurate budget of what you can borrow up to.
- Lifestyle test
Before you start to view properties, it’s important that you assess what you’re looking for to suit your lifestyle. Buying a home is as much about buying with your head as with your heart, so you should always have this in mind in your search regime, from choosing the right location that takes into account your work and social life, to what you need the home to give you. The right property will leave you breathless.
- Make us sweat
Viewing properties can be overwhelming and should never be done from behind the screen of a computer. Before each viewing, make a list of questions to ask the estate agent, as this will give you a greater insight, not only into the property but its owners. Feel free to make us sweat, we would rather you bombard us with questions than walk away wishing you’d asked.
- Ignoring the big picture
Have you done your research to understand all the costs involved in moving? If not, you could get an ugly wake-up call that may place you in an over-stretched financial position. You have no doubt worked hard to get your deposit together, but that alone is not enough to buy a property. You also need to think about conveyancing fees, valuation, house survey, legal fees and never mind the cost of the actual move itself.
- Preventing delays
You may not be aware that not every house sale completes, and one of the main reasons for this is delays. Delays are strange things, they cause people to overthink and also reassess their position, which is why we work hard at Knightsbridge Estates to ensure that we do everything we can to keep a sale moving forward. Therefore, should you receive an email requiring action, jump on it quickly to keep your sale in shape.
If you’re a first-time buyer it’s important to get yourself into the best buying shape possible; this puts you at an advantage when making an offer, but also makes the whole processes smoother. There is no quick fix when it comes to buying; it takes stamina and grit but we can assure you it will be worth the effort when you open the door to your first home.
For more advice on buying your first home, contact our sales team today on 0116 288 4888.