First Time Buyer HOP Tips

Whether it’s on your own, with a friend, partner or relative; buying your first home is an exciting experience. Viewing properties and building your Pinterest board is just the beginning of exciting things to come.

The process can, however, be very overwhelming. With new terminology, competitive markets and bidding wars, it’s easy for emotions to cloud judgement and – if you are not prepared for what’s to come – opportunities can easily be missed.

At HOP, our aim is to make the process as seamless and stress-free as possible. A prepared buyer is a valuable one and our HOP Tips are designed to help you get one step ahead of your competition.

 

HOP Tips for First Time Buyers

1. Write down your ‘wish list’ & identify ‘non-negotiables’

If you are thinking of buying your first home, it’s important you understand your motivators. What’s important to you as a buyer, what are your desires and your non-negotiables? Having this list written down will help you to ask relevant questions on viewings and ensure your excitement doesn’t cloud your judgement.

2. Be flexible

Viewing properties can be time consuming and not always possible outside normal working hours. To avoid missing out on good opportunities, when other more flexible buyers pip you to the post, it’s important to try be as adaptable as possible. Speak to your employer prior to starting your search to see how they can help.

3. Register your details on Rightmove & with local Estate Agents

It’s quick and easy to register your details on Rightmove to receive email updates. You will get notifications of new properties added to the market in areas of your choice, so you can be sure to never miss new listings.

It’s also best to register your interest with multiple Estate Agents. They are the first to know about potential new listings, and will often send out property match emails prior to a property going live, so registering your details will help to put you one step ahead of the competition. On some occasions, Estate Agents may even try sell a property prior to going to the open market if they feel they have a suitable buyer that the owner is willing to work with, so registering can give you an unseen added advantage.

3. Arrange an appointment with a Mortgage Advisor

Speaking to a Mortgage Advisor prior to starting your property search is advised. It’s important to understand how much you can borrow to avoid being in a position where you fall in love with a house you maybe can’t afford.

Mortgage eligibility criteria has changed considerably over the last few years, particularly since the pandemic. The rules are designed to ensure borrowers can prove affordability, even in the event of a rate rise. That’s why it is important to have a broker on your side who understands it all. A broker deals with lenders on a day-to-day basis. They will know what the application process is like for each one and which lender can process things with minimal delays.

An independent mortgage broker will look for the best mortgage for you. They aren’t on the lender’s side, they’re on yours. They will give you access to far more products than if you went direct to your bank. You’ll receive unbiased advice and have the flexibility to choose from a range of products.

4. Have all your documentation ready

Buying a house is a legal process and Estate Agents and Solicitors will both need information from you prior to proceeding with your purchase. Estate Agents will often not accept an offer from a buyer who is not able to provide the below:

• Proof of Identification – Have your ID (Passport or Driving Licence) photocopied ready to send, along with proof of address.
• Proof of Funds – Whether you are buying cash or with a mortgage, both Solicitors and Estate Agents will want to see proof of funds available. This can be in the form of a recent bank statement.
• Proof of Mortgage – An Agreement in Principle (AIP), also known as a Decision in Principle (DIP), will be required if you are purchasing with a Mortgage. This can be obtained through Mortgage Advisor or through the lender direct.

5. Gather quotes from recommended Solicitors

Once your offer has been accepted, you will be required to instruct a solicitor (if not done already). Speak to reputable Estate Agents, friends and family to find a recommended Solicitor before choosing the right one for you. If you want to get one step ahead, instruct your solicitor in advance and complete all the paperwork first.

Our expert Sales team are on hand to support you every step of the way. If you have any questions or would like more information on the Sales process, contact our team today on 0113 322 9533.

 

Found your dream home already?

To help you understand what is expected from you throughout the process, our sales experts at HOP have put together a Sales Progression Checklist, to help you be ahead of the game and speed up your sale. Click here to download our Sales Progression Checklist

Buying your first home can be daunting, but at HOP we are here to make the process as smooth as possible. With our expert sales team, excellent communication and useful guides and checklists, HOP will take the weight off your shoulders and help make this exciting journey as easy as possible!

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