Your First Home Journey: Top Ten Tips for First-Time Buyers in Canterbury
Buying your first home is a significant milestone, and for many, it's the biggest financial commitment they'll ever make. At Dream Test, your trusted estate agent in Canterbury, we understand the unique challenges and questions first-time buyers face. To help you on your journey, we've compiled our essential top ten tips:
1. Get Your Finances in Order Early
Before you even start browsing properties, understand your financial position. This means checking your credit score, consolidating any debts, and getting a clear picture of your income and outgoings. Lenders will scrutinise your financial health, so a strong foundation is crucial.
2. Save, Save, Save for Your Deposit
The bigger your deposit, the better your mortgage options and potentially lower interest rates. Aim for at least 5-10% of the property's value, but remember that a 15-20% deposit can open up more competitive deals. Explore government schemes like the Lifetime ISA (LISA) or Help to Buy ISA if you're eligible, as these can boost your savings.
3. Understand All the Costs Involved
It's not just the deposit and mortgage repayments. Factor in Stamp Duty Land Tax (SDLT) (though first-time buyers often benefit from exemptions up to a certain value), solicitor's fees, valuation fees, survey costs, removal expenses, and even initial furnishing costs. A good estate agent can help you budget for these.
4. Get a Mortgage Agreement in Principle (AIP)
An AIP, also known as a Decision in Principle (DIP), is a statement from a lender indicating how much they're prepared to lend you. This shows sellers and estate agents you're a serious buyer and can speed up the process once you find your ideal home.
5. Research the Canterbury Market Thoroughly
Canterbury offers a diverse range of properties and neighbourhoods. Spend time researching different areas, understanding average prices, local amenities, transport links, and school catchments. What's important to you in a location?
6. Be Realistic About Your Budget and Expectations
It's easy to get carried away, but be honest about what you can genuinely afford. Your first home might not be your 'forever home', so prioritise what's most important to you – location, number of bedrooms, garden – and be prepared to compromise on less critical aspects.
7. View Multiple Properties and Ask Questions
Don't just view one or two homes. See a variety to get a feel for the market. When viewing, ask plenty of questions: How old is the boiler? What are the neighbours like? How long has it been on the market? A good estate agent will be happy to provide answers.
8. Don't Skip the Survey
While an additional cost, a property survey is invaluable. It can uncover hidden defects or structural issues that aren't visible during a viewing, potentially saving you thousands in future repair costs or giving you leverage to renegotiate the price.
9. Choose a Reputable Solicitor
Your solicitor (or conveyancer) will handle all the legal aspects of the purchase. Choose one with a strong track record, good communication, and experience with first-time buyers. Recommendations from your estate agent or friends can be helpful.
10. Work Closely with Your Estate Agent
At Dream Test, we're here to guide you every step of the way. We can help you understand the local market, arrange viewings, negotiate offers, and connect you with trusted mortgage advisors and solicitors. Don't hesitate to lean on our expertise.
Buying your first home in Canterbury is an exciting adventure. By following these tips, you'll be well-prepared to make informed decisions and secure the keys to your new property. Get in touch with Dream Test today to start your homeownership journey!
