A Step-by-Step Guide for First-Time Buyers: Turning Your Property Dreams into Reality

• Buying your first home is an exciting milestone, but it can also feel overwhelming with so many decisions to make and steps to follow. At Perren Property, we’re here to guide you through the process, offering practical advice and expert tips to help you get onto the property ladder smoothly and confidently.

  In this blog, we’ll break down the key steps you need to take as a first-time buyer, from getting your finances in order to picking up the keys to your new home.

  1. Understand Your Finances

  The first step is getting a clear understanding of your financial situation. Knowing what you can afford is crucial, as it will shape your entire home-buying journey.

  • Assess Your Budget: Start by calculating your monthly income, expenses, and savings to determine how much you can afford to spend on a property. Factor in the deposit, mortgage payments, and other costs such as solicitor fees, moving expenses, and potential renovations.
  • Check Your Credit Score: Your credit score will play a key role in determining the mortgage deals available to you. It’s worth checking your credit report early and addressing any issues to improve your chances of getting approved.
  • Get Mortgage Advice: Speak to a mortgage advisor to understand the different types of mortgages available and find out how much you can borrow. A ‘mortgage in principle’ will give you an idea of your budget and show sellers that you’re a serious buyer.

  2. Save for Your Deposit

  For most first-time buyers, saving for a deposit is the biggest hurdle. The more you can save, the better the mortgage deals you’re likely to be offered.

  • How Much Do You Need? Typically, you’ll need a deposit of at least 5-10% of the property’s value. For example, a £200,000 home would require a deposit of £10,000-£20,000.
  • Help to Buy Schemes: Explore government schemes like the Lifetime ISA, which offers a 25% bonus on your savings up to £4,000 per year, or the Help to Buy Equity Loan scheme for new-build homes.

  3. Understand the Additional Costs

  Many first-time buyers focus solely on the deposit, but there are other costs to consider:

  • Stamp Duty: First-time buyers in the UK are exempt from stamp duty on properties up to £425,000. On properties between £425,000 and £625,000, you’ll pay 5% on the portion between £425,001 and £625,000.
  • Legal and Survey Fees: You’ll need a solicitor to handle the legal side of buying a home, and it’s advisable to get a survey done to check the property’s condition. These costs can range from a few hundred to several thousand pounds.
  • Home Insurance and Moving Costs: Don’t forget about the cost of insuring your new home and the expenses of moving, whether you’re hiring a removal company or renting a van.

  4. Start Your Property Search

  Now that you’ve got your finances in place, it’s time to start searching for your new home!

  • Research Areas: Think about the locations that suit your lifestyle and budget. Consider factors like proximity to work, schools, transport links, and local amenities.
  • View Properties: Once you’ve identified suitable properties, book viewings and take your time exploring each home. Bring a checklist to note important features and ask the seller or estate agent any questions you might have.
  • Be Realistic: Remember, your first home may not be your forever home. Focus on finding a property that meets your current needs and offers potential for growth, rather than holding out for the ‘perfect’ home.

  5. Make an Offer and Arrange a Survey

  Once you’ve found a property you love, it’s time to make an offer.

  • Negotiation: The asking price isn’t always set in stone. If you feel the property is overpriced, don’t be afraid to negotiate. Your estate agent can guide you on making a competitive offer.
  • Get a Survey: Once your offer is accepted, arrange a survey to assess the property’s condition. This step can uncover any potential issues, helping you avoid unexpected repair costs after moving in.

  6. Finalise Your Mortgage and Legal Paperwork

  With your offer accepted, it’s time to finalise your mortgage and handle the legalities.

  • Mortgage Application: Submit your mortgage application with all required documents. Your lender will carry out a valuation to ensure the property is worth the amount you’re borrowing.
  • Conveyancing: Your solicitor will manage the legal process, including conducting searches, handling contracts, and transferring funds.

  7. Exchange Contracts and Complete the Sale

  Once everything is in place, you’re ready to exchange contracts and complete the sale.

  • Exchange Contracts: At this stage, you’ll pay your deposit and both parties will sign legally binding contracts. After exchange, you’re committed to buying the property.
  • Completion Day: On the completion day, the remaining funds are transferred, and you’ll receive the keys to your new home!

  8. Move In and Settle into Your New Home

  Congratulations, you’re now a homeowner! The final step is moving in and making your new house feel like home.

  • Plan Your Move: Organise a smooth move by scheduling your removals, packing in advance, and setting up utilities at your new property.
  • Celebrate and Settle In: Take time to unpack, decorate, and get to know your new neighbourhood. This is an exciting chapter, so make sure to enjoy it!

  Final Thoughts

  Buying your first home is a big step, but with the right preparation and expert guidance, it doesn’t have to be stressful. At Perren Property, we’re here to support you every step of the way, from finding your dream home to handing you the keys.

  If you’re ready to start your property journey, or if you have any questions, don’t hesitate to reach out to Charlotte and the team at Perren Property. We’re always here to help you make informed decisions and achieve your homeownership goals.

• Preparing Your Home as Summer Turns to Autumn: A Seasonal Guide

  As the warmth of Summer begins to fade and the crisp air of Autumn approaches, it's time to start thinking about how to prepare your home for the months ahead. While winter might seem a while away, the transition from Summer to Autumn is the perfect opportunity to make your home cosy, secure, and ready for whatever the colder seasons bring. This is your moment to get ahead and avoid any last-minute rushes as the weather turns cooler.

  As the leaves begin to change colour and the days grow shorter, it’s a good time to make sure your heating system is ready to keep you warm. Booking a professional service to check your boiler and radiators can give you peace of mind when you eventually need to rely on them daily. Alongside this, small steps like bleeding radiators and checking your thermostat settings can help ensure everything runs smoothly when the temperature drops.

  As the air grows crisper, keeping that precious warmth inside your home becomes even more important. Sealing gaps around windows and doors, checking your loft insulation, and swapping out lighter curtains for thicker ones can make a big difference. These small changes not only keep the cold out but also help lower your energy bills as the weather cools down.

  With Autumn’s falling leaves comes the need to clear gutters and drains. Blockages can lead to water damage when those inevitable autumn showers arrive. By taking the time to clear out debris now, you can save yourself the trouble of dealing with costly repairs later. If you’re looking for an easier long-term solution, consider installing gutter guards to make this task even simpler in the future.

  Your roof and exterior walls are your home’s first line of defence against the elements, so this is the perfect time to inspect them. Loose tiles, cracks in walls, and insecure flashing around chimneys can lead to leaks and dampness. A quick check-up now can prevent small issues from turning into bigger headaches once the weather takes a turn.

  In your garden, it’s time to say goodbye to the Summer blooms and prepare for the cooler days ahead. Storing garden furniture, trimming back overgrown branches, and insulating outdoor taps can help protect your garden and outdoor space through the changing season. Don’t forget to drain and store hoses to prevent freezing when the colder nights eventually arrive.

  Inside your home, as you prepare to spend more time indoors, now’s a good moment to test your smoke and carbon monoxide detectors. As you start using your heating more frequently, these simple devices can be life-savers. A quick test and battery replacement are small tasks that offer huge protection.

  And of course, Autumn is all about cosiness. It’s the perfect season to layer up your home with soft blankets, throws, and warm lighting. With just a few changes, you can create a snug atmosphere that’s inviting and comforting as the nights draw in. Seasonal touches like Autumnal wreaths, scented candles, and earthy tones can help bring that cosy autumn vibe into your living space.

  Even though Winter might still be on the horizon, a little forward planning now will pay off when the colder evenings do arrive. Stock up on essentials like candles and batteries, and make sure your central heating timer is set to match the changing daylight hours. These small steps will make sure you’re ready for any chilly surprises as we move deeper into the season.

  As we say goodbye to Summer and embrace the beauty of Autumn, take this time to prepare your home, enjoy the seasonal changes, and create a warm, welcoming space that’s ready for whatever the season brings. Autumn is a time for making memories, staying warm, and finding comfort in the little things, and with the right preparation, your home can be the perfect setting for all of that.

  If you’re looking for advice or help with your property as the seasons change, Perren Property is here for you. Whether you’re planning a move, need guidance, or just want to chat about the local property market, get in touch – we’d love to help you get ready for the season ahead.