The average age for first-time home buyers in the UK has been on the rise since the 1990s, now sitting at 34 years old. While some people might be moving straight out of their parents’ homes into a house of their own, a lot of people choose to rent for a while.
At this age, you might want to buy a home because you’re starting a family and you want to settle down. But whether you’re in your 20s, 30s, 40s, or beyond, buying your own home can be daunting. Here are a few tips to help you make it easier.
Help For First-Time Buyers
As a first-time buyer, you have a significant disadvantage compared to people who already own a home. You don’t have a physical asset that you can sell to help with the price of getting a property. You also don’t have the experience of already buying a house.
However, there are a few governmental schemes that are designed to help people in this position.
This includes a LISA (lifetime ISA) that allows you to save up to £4000 each year toward your new home, with a massive 25% boost added to it. After a few years, you can build up your whole deposit through these savings and potentially cut time off your mortgage.
There’s also the First Homes scheme, designed to help first-time home buyers to get a property for far cheaper than its market value.
Finding the Right Home
Once you know how to save money on your new home and you’re building up your deposit, you should look for the right home for your family.
Estate agents will help you find a property, but first you need to make sure you know what you want. This includes:
- Setting a budget
- Finding an area you want to move to
- What local amenities you need (school, public transport, hospitals, etc.)
- The size of the property (number of bedrooms)
- Other features that are non-negotiable or nice-to-haves (off-road parking, multiple bathrooms, a garden, etc.)
Legal Requirements and Paperwork
One of the reasons buying a new home is so scary is the sheer amount of paperwork involved in it. As well as using an estate agent, you will need to hire a solicitor to help with the legal work of buying a property.
Make sure that, as well as saving up for a deposit, you’re able to pay for the legal costs of buying a home. This ensures that everything is above-board and you can move in without concern. It’s also recommended that you hire a property surveyor to check the house before moving in.
Settling In
So, you’ve found a house, saved up, and even managed to buy it. What next?
When you settle into a new home, you need to make sure that you have all of the utilities you need, like electricity, gas, water, and broadband. You should also clean the house from top to bottom. If you do need to decorate, you can do this before you actually move your stuff in, so you can have it ready to live in with as little stress as possible.
Feaure image by Alena Darnel on Pexels.
We hope you enjoyed reading “Buying Your First Home For Your Growing Family”. Click here for more articles about your home and garden.
