Purchasing a new home will certainly represent one of the milestones of your life. This is often associated with a time period that is defined by a greater amount of economic stability and other major events such as starting a family. So, it is perfectly understandable that many first-time buyers will have a number of questions. The most prevalent tends to revolve around money and balancing finances with personal living preferences. Let us take a look at some tips and tricks that will ensure that one will never have to be sacrificed for the other.

The Initial Deposit

Much like any type of loan, you will be required to pay a one-off deposit in order to secure the property in question. This figure generally falls between 5 and 20 per cent of the value of the home. However, paying the bare minimum may not be the ideal option. Those who pay a larger first-time deposit will enjoy access to a cheaper range of mortgages. This will subsequently help to lower your monthly payments well into the future.

Factor Other Costs into the Equation

Many first-time buyers fail to realise that there are other fees associated with a purchase. If these are not recognised, you might find yourself in a financial “pinch”. A handful of other metrics to address include:

  • Surveying costs.
  • Solicitor fees.
  • Home or buildings insurance.
  • Stamp Duty
  • Valuation fees.

Depending upon the property as well as the estate agency, these figures can substantially vary. Always try to ascertain their values well in advance.

Balance the Location with the Price

Homes within major urban centres such as London or Birmingham tend to be priced higher due to the fact that they are found quite close to many amenities such as public transportation hubs and places of business. Rural locations are cheaper and the issue here is that convenience may be slightly sacrificed. Always look into the proximity of the home to retail centres, schools and motorways. This is particularly relevant if you have young children or if you are thinking about starting a family.

Securing the Services of a Trusted Estate Agent

An estate agent is able to take much of the guesswork out of the processes mentioned above. Choosing the correct firm should be based off of your location as well as the reputation of the firm. Well-established companies such as Borehamwood Estate Agents will be able to provide you with a clear picture from the very beginning alongside a host of different homes to choose from. Thus, you will be able to enjoy superior levels of insight and clarity; critical during the final decision-making process.

Buying a new home represents an unforgettable experience. In order to make certain that the process runs as smoothly as possible, it is always wise to remember the points mentioned within this article. Preparation is the key to success and these suggestions will help you move in the right direction from the very beginning.