It’s widely
understood that it’s now more difficult than ever to own your own property,
with first-time buyers running into more hurdles than ever
to get on the property ladder. An
astonishing 91% of would-be first-time buyers now say that they find it very
difficult to purchase their first home and 60% of renters who were asked
described being able to own a property as a mere ‘pipe dream’.
The general
trend of UK house prices is that they are rising
, with the average rise sitting at just over 2%.
Although this constitutes a slow-down in the rate of growth, it’s still
troubling for many aspiring buyers that these prices continue to grow. With all
of that in mind, people need more help and advice than ever before to own their
own property. Here to help, we’ve created some general tips on how to buy your
first property and the processes involved.
Saving Tips and Tricks
Saving
enough money for a deposit is often cited as one of the most challenging
aspects of purchasing your own property. Particularly if you don’t have the
ability to borrow from the ‘bank of mum and dad’ and if you don’t have the
option of living at home to save on rent elsewhere, it can be challenging. For
those on lower incomes, it can feel like such an uphill struggle to save for a
deposit that many simply give up. However, there are some general tricks that
can help you get started.
First and
foremost, you should create a detailed appraisal of how much you’re currently
spending and see where you can shave money off to go in the kitty. For example,
are you living right in the centre of town in a nice flat on your own? It may
be time to face up to the fact that you’ll have to move further out and
consider a house share to save on your rent and give you enough wriggle room to
save.
Similarly,
you can reevaluate the bills you pay and see if there are any cheaper options
on the market for your energy, phone and internet costs as well as cancel
unused subscriptions.
Another
option may be to consider other ways you can make more money. Do you have any
items in your home you could sell for some extra cash or do you have a skill you
could exploit for more money? Discovering new ways to make money outside of
your full-time role is an excellent way to increase your saving capabilities.
Viewing a Home and What To Ask
Once you’ve
found a home that’s in the right area of a town, village or city at a price you
think you can afford and which looks good online, it’s time to go to a viewing
and see the place in the flesh. At your first viewing, this is the time to ask
all of the critical questions which will help you understand the quality of the
home in a far more forensic way than you can otherwise.
It’s a good
idea to discover how long the property has been on the market, as this will
give you an idea of whether there are any underlying issues. If the house has
been on the market for more than three months, there may be an issue that
you’ll need to investigate more robustly.
Similarly,
you should find out how long the current owners have been there. If they’ve
been there for only a short time, again it may be because there is something that
you’re not aware of. You should also aim to find out how much interest there
has been, what the cost of the bills are like, what renovations there have
been, what comes as part of the sale and what the area is like. These kinds of
probing questions will give you a clearer picture of the home and whether you
will be happy there.
Search For a Good ‘Conveyancing Solicitor Near
Me’
Choosing the
best conveyancing solicitor can sometimes be a tricky process if you’re a
first-time buyer, riven with confusion on the services you need and the kind of
price you’ll be expected to pay. Always ensure that you take care and attention
when comparing costs to ensure that nothing is hidden from you and you know
exactly what the end cost will amount to. Book in a consultation with a few
local firms and compare the quotes you get to find the best solicitor for you.
Also, ensure
that you read any small print of a contract with your chosen solicitor before
you sign and give as much detailed information as possible to get the most
accurate timescale and cost. When discussing this process, you should also ask
for an outline from the solicitor and tell them of any agreements that are
already in place. Finding the right solicitor shouldn’t be a rushed process, so
read through some reviews and keep an eye out for a firm with local knowledge.
Putting The Right Offer In
If you’ve
found the house you want, you can put an offer in. But with a market which can
often be viciously competitive, you’ll want to get the amount you offer right
first time to avoid a lengthy bidding war or to give the upper hand to another
buyer.
Knowing how
much to offer relies on your own research. Have a look at what price similar
sized houses or flats go for in the same area - noting the difference between
the asking price and the selling price so you know that the price you’re
willing to pay is achievable for the home you want.
As well as
understand the marketplace, you should also have all relevant documentation and
financial information ready. It’s vital you know where your money is coming
from and that you have it available to you. If you’re getting a mortgage, you
need to discuss the price with them and have an agreement in principle with
them as well as having enough for a full deposit which should be available
before you search to assist the estate agent you’re working with.
If you are a
first-time buyer and you have no chain, this is an attractive prospect for many
sellers, so you should make this abundantly clear when making your offer. You
should also protect yourself once the offer has been made and accepted. Ask for
the property to be taken off the market immediately so that you can’t have
another offer made above yours.
Take Your Time
One of the
best bits of advice for the process is to take your time if you’re new. Spend
plenty of time researching the market and discovering what you can afford
before you make offers. Keep a constant eye on homes as and when they come up
so that you never miss out on an opportunity.
Looking For a Conveyancing Near Me in Pontypridd
and Cardiff?
PJE Solicitors
Can Help
Here at PJE
Solicitors, we are experts when it comes to conveyancing in Pontypridd and
Cardiff, as well as a range of other legal services. Our team are knowledgeable
in their individual legal disciplines, but also place a huge emphasis on
customer service and satisfaction to ensure you feel happy with your outcome.
All of our
solicitors are fully accredited and qualified, so you can always expect the
very best legal representation available to you. We know that it can be
stressful buying a home, which is why we’re as transparent with all of our
clients as possible so you know exactly what is happening and when during the
conveyancing process. If you’re wondering whether conveyancing can be done in a
short period like 3 weeks or whether a conveyancing solicitor needs to be local
to you, we can provide you with the advice you require.
To find out more, please feel free to
contact us
today. You can find us at either Treeforest,
Pontypridd, 115 Broadway, Treforest, Pontypridd, Rhondda Cynon Taff, CF37 1BE
and call us on 01443 408 647 or Whitchurch, Cardiff, 58 Merthyr Road,
Whitchurch, Cardiff, CF14 1DJ and call us on 029 2009 8888. Alternatively,
email us at
info@pjesolicitors.co.uk.
