What First-time Buyers should know before buying a property

19th September 2017

What First-time Buyers should know before buying a property

According to a new survey by My Home Move, almost a fifth of homeowners confessed that they didn’t realise their first home would need work doing to it.

700 homeowners shared the hard-learnt lessons of being a first-time buyer. They were asked: ‘What is the one key thing you wish you had known that nobody told you, before buying your first property?’

The top 5 responses were:

1. What work needed doing to the property (16%)
2. How much it would cost (15%)
3. More about what is involved in the legal process (13%)
4. To look for a home you could ‘grow into’ and add value to (11%)
5. Shop around for mortgages (11%)

Other comments included:

“Remember that there's no obligation on the seller to ensure a deep clean before handing the keys over.”
“Speak to the neighbours and check out the area at different times of the day.”
“Make sure to look at how old the boiler is.”

Doug Crawford, CEO of My Home Move “Having a better understanding of the legal process of buying a home ranks highly amongst the homeowners’ wish-lists across all regions, so it is clear that overall there is a lack of understanding amongst buyers as to what this entails. 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".

From an article by Warren Lewis 18th September 2017