Buying your first home is one of the best choices you’ll ever make. You have every reason to be excited, but there it’s a good idea to keep grounded when making decisions. You’re soon to be taking your first steps on the property ladder, and it’s also an excellent investment.
Becoming a homeowner in London might seem like a weighty task. There are lots of stories and articles about how expensive London is, but don’t let this put you off. At Aussie, we always pass on handy advice to our customers. To help first-time buyers in London, we’ve put together some top tips.
Top Tips for First-Time Buyers in London –
Get saving now – that pesky down payment is a bit part of what type of mortgage you can apply for. The typical date of 20% is lower now, with rates starting at 5% and up. The problem is, a smaller down payment might limit your mortgage limit. And it’s not just your down payment you need to save for. There are surveys, solicitor’s fees, costs of moving, buildings insurance, valuation fees and many other things.
Play it safe – there is no reason to settle for less for your first home. However, it’s vital that you can repay your mortgage repayments. And that’s for all eventualities. You might have a great job now, but if anything were to happen, your financial position could change quickly. Since this is your first home, try to stay within an affordable limit. You don’t want to box yourself in with high repayments that affect your ability to have fun and live your life. It’s your first step on the property ladder, and it’s not a wrong way to think of this.
Consider life insurance – now this one might seem strange, but life insurance with employment protection can help to safeguard your income. Depending on what company and coverage you get, you can attach features like income protection which will pay your current monthly salary, in the event of injury or illness that prevents you from working. That will help with any mortgage repayments and will also look favourable on mortgage applications.
Search for what you want – and we mean exactly what you’re looking for. If you do some online searches with specific keywords, like ‘detached’ or ‘large garden,’ you’re likely to find properties that match your requirements. Also, it’s worth making a wish list. What you want from your property. You’ll already be bogged down in the boring facts and figures by now. Buying a home is about compromise and balance, but that also means you need to find a home you love.
Estate agents – we advise that you contact an estate agent to help you search for your home. Not only do they have filtered searches for homes that might suit you, but they also have a lot of knowledge and experience. You can share your wish list and budget with them and leave them to compile suitable places to view.
Value for Money & First-Time Buyer Schemes –
Getting value for money in London isn’t an easy task, but it’s possible. If you’re looking to get a fair price, then you should do some online research for house prices. South London has a lot of areas with house prices that are within the first-time buyers’ budget. Check out Charlton, Colliers Wood, Catford and Anerley as good start points.
Another excellent way to get onto the property ladder is to do some homework on first-time buyer schemes. Oddly enough, there is a significant push from government and local authorities to help people become homeowners. Schemes like Help to Buy, Starter Homes and Lifetime ISAs are all options you should consider. In addition, shared ownership schemes are an accessible route for first-time buyers.
Aussie – An Unbeatable Range of Services –
Aussie helps thousands of Londoners move every year, and a lot of them are first-time buyers. We like to get to know our customers, so we can understand what services they need. By doing this, we can shape our removals and storage packages to help personalise our services. We believe that every customer has different needs and we aim to provide a service to fit them.
Aussie has a range of services that has everything a first-time buyer needs. Our Man & Van service is perfect for small moves in and around London. We charge by the hour, so you only pay for the time you need. It’s an affordable way to move into your new home in London, and it’s also easier to navigate through the city, rather than using a large vehicle.
There are always going to be times where things don’t line up correctly, which is where storage helps. Don’t miss the chance of getting the home you want because of gaps in moving dates. If you need to store things before you move into your first house, we have three storage packages for you to choose from. Aussie’s Container Storage is for long-term storage, but we also have Aussie Self Storage and our innovative AusBox Storage package.
Aussie is the ‘can-do’ company, and we pride ourselves in going the extra mile for our customers. We’re always happy to discuss anything, so if you’re a first-time buyer, contact us today. Our team will gladly talk you through our range of services.