Buying your first home in Liverpool can be daunting. It’s a big process with lots of paperwork and information to collate and being a first home buyer will mean you haven’t done it before. The process, however, can be eased somewhat with the right support and advice from a great team.
A good lender or broker is a must, especially the first time round. It is also important to find an agent who has years of experience in helping buyers to find the perfect place for them. Our team at Prudential Real Estate Liverpool is the agent you are looking for.
To get you started, here are some great tips to making your first home purchase.
Budget, plan, save
Let’s get through the most obvious part; you need to have a solid budget in place as well as a plan and the ability to save. This is ultimately the foundation of making your home buying venture a successful one.
On average it can take a couple four years to save a 20% deposit. This means the plan needs to start well ahead of time and you need to specifically outline and detail between your earnings and spending. In this period you need to show yourself and your lender that you can stick to your saving and be stringent to achieve your dream.
Make a list of how you expect to achieve your goal and keep it written down somewhere in view. This will help you keep on track and remind you why you are ‘tightening belts’ and choosing to miss out on some luxuries.
Clear your debts
If you have any credit cards or outstanding loans, now is the time to clear them. This is also not the time to purchase a new car. If you own a vehicle that gets you from A to B with no hassle and will do for some time, keep it. Keeping up appearances will not buy you a home.
Stay within your means
It can be tempting to want to buy the absolute best house you can afford at your max limit; stay cool. If you make this first purchase the right one then you will have other opportunities to go bigger and better later.
The first time round, to get your foot in the door of the property market, be happy to go for the property that is at the lower end of the scale of your affordability. This is so that you can adjust easily to being a homeowner and you will also not be over stretched.
Contact our expert team at Prudential Real Estate Liverpool for more great advice and support in owning your very first home.
