First-time buyers face countless hurdles when looking to move onto the UK property ladder.
From managing legal fees and mortgage rates, to organising and overseeing renovations, an inexperienced buyer certainly has a lot to learn in a very short space of time.
So what do these new homeowners wish they had done differently, given their recent experience in the world of real estate, and what advice would they give to future first-time buyers?
A survey conducted by My Home Move answers these questions for us.
In their study, which spans 700 UK homeowners, they found that knowing how much work the property needed was the most popular response with nearly one in five respondents choosing it as their primary answer. Likewise, 15% would have liked to have been more informed about the financial costs of said work.
Another common response from first-time buyers was in regards to finding a better mortgage deal at 11%, and opting for a larger property that they could ‘grow into’, also at 11%.
Whilst 13% of those surveyed felt underprepared to handle the legal process of buying a property.
Of this, My Home Move CEO, Doug Crawford, had the following to say: “Having a better understanding of the legal process of buying a home ranks highly amongst the homeowners’ wish-lists across all regions. Although there is a lot of information to take in when going through the process, taking time to research what happens during the conveyancing process and the timeframe this takes will help first-time buyers feel more prepared and in control of their experience.”
Some of the less common – but equally viable – comments that were provided by new homeowners include speaking to neighbours beforehand, checking out the area at different times of the day, and finding out how old the boiler and other property fixtures are.
In conclusion, Doug advises that “aside from the cost of moving, making first-time buyers aware of the practical decisions they need to make when buying their first home will give them a better chance. Our advice and the advice of people that have already learnt these lessons is to consider questions such as whether the property will increase in value, whether expensive DIY work is needed or whether your mortgage arrangement is going to work long-term.”
