Buying your first home is exciting! Whether you’re looking at houses to buy in Stevenage or weighing up the idea of houses to rent in Stevenage, understanding the process can save you time, stress, and even money. Sam Timms, property expert at Mather Estates in Stevenage, shares some top tips to help you get started and avoid common mistakes.
1. Save, Save, and Then Save Some More!
Having a strong deposit can make a huge difference when buying a home. A larger deposit can give you access to better mortgage rates and make your offer more attractive to sellers. “Aim for a deposit of at least 10% of the property price, but 15% or 20% is even better if you can manage it,” says Sam. Also, look into government schemes like Help to Buy or Shared Ownership to see if you qualify for additional help.
2. Know What You Can Afford
It’s crucial to understand what you can afford before starting your house search. Speak to a mortgage advisor who can help you determine what loan amount you qualify for based on your income, debt, and credit score. “Take into account all the other costs, too, such as council tax, insurance, and maintenance,” Sam advises. Make sure to factor in your everyday expenses, so you don’t stretch your budget too thin.
3. Think About the Long-Term
When buying your first home, it’s easy to focus on your immediate needs, but Sam recommends considering your plans for the next five to ten years. “Think about the area’s potential, the size of the house, and whether you plan to start a family,” he says. Stevenage offers great commuter links to London, and many properties are close to good schools, making it a solid choice for the future.
4. Understand the Local Market
Knowing the local property market will help you make smart offers and negotiate better deals. Prices can vary greatly depending on the location within Stevenage. “Consider how quickly houses are selling in your area and whether prices are trending up or down,” Sam suggests. He recommends checking out houses to buy in Stevenage and even exploring houses to rent in Stevenage to get a feel for the neighbourhoods before making a purchase.
Avoid These Common First-Time Buyer Mistakes
Learning from others’ mistakes can be invaluable when buying a home. Here are three common mistakes first-time buyers often make:
1. Not Accounting for Additional Costs
It’s easy to forget about additional expenses beyond the mortgage, such as stamp duty, solicitor fees, surveys, and removals. Sam advises, “Set aside a separate budget for these costs. You don’t want to be caught off guard and fall short.”
2. Focusing Only on Price, Not Location
The price is a major factor, but location is equally important. Many first-time buyers end up buying where prices are cheapest, only to find the area doesn’t fit their lifestyle. “Buying in the right location can impact everything from your commute to the availability of local amenities,” Sam says. Stevenage, with its mix of urban and suburban neighbourhoods, has plenty of options to explore.
3. Rushing into a Purchase
The excitement of owning a home can sometimes lead to impulsive decisions. “Take your time to view multiple properties and don’t feel pressured into buying the first place you see,” Sam advises. Take the time to think it over to ensure you’re happy with your choice.
Ready to Start Your Journey?
Buying your first home is a big decision, but with these tips and a bit of guidance from experts like Sam Timms at Mather Estates, you can make the process easier and more enjoyable. Stevenage has a lot to offer, from affordable houses to buy to well-located houses to rent, making it a great place to start your home-owning journey.
