For anyone who has yet to take their first steps onto the property ladder, the process can feel overwhelming. Although organising a mortgage is certainly one of the most important aspects of buying a home, there are many other elements to consider, as This Is Money recently pointed out.
The publication has produced a guide for first-time buyers (FTBs) to help them navigate the process and ensure that they are prepared for everything they’ll need to do and pay for.
Of course, much of this has been complicated by the pandemic and the shutdown of the housing market, followed by its reopening with new measures in place.
However, for some FTBs lockdown has been beneficial, with research from Nottingham Building Society revealing that almost one-quarter of those planning to buy a home have been able to save more money as a result.
The news provider also pointed out the costs that FTBs need to be prepared for, in addition to saving a deposit. They may need to factor in a property valuation if their lender doesn’t include one as part of its mortgage deal.
However, it is advisable to pay to have a more detailed survey even if a valuation is conducted by the lender. This kind of property survey will “help to pick out any potential problems with the property, such as damp, which can prove costly down the road”, the newspaper noted.
Research conducted by personal finance website finder.com recently shared the top attributes that buyers are looking for in a home, with a garden coming at the top of the list. The size of the property was the second most important factor, and having parking came in at number three, Property Reporter revealed.
If you need the opinion of London building surveyors on a property you’re considering purchasing, get in touch with us today.