Looking For A First Or New Home – Hints And Tips

Buying a new home, particularly if it is your first home, is a time of both excitement and worry. The excitement is the idea that soon you will have your new place, a blank canvas which you can make your own, a place to bring up a family, or to retire to, a new start, a new setting with new dreams. The worry is usually financial – will you get a mortgage, what if you are gazumped, will you be able to afford everything.

In this post I am going to address some of those worries, and look at the features I would look for when buying property.

Funding And Insurance When Looking For A First Or New Home

When we bought our first home, in 2003, we were right in the middle of the housing boom, and you could still get 100% mortgage in the UK, which was handy if you had not been able to save for a deposit. Now it is getting harder to get onto the housing ladder, particularly if you are a first time buyer, even more difficult if you are a first time buyer with a low income.

The main point about getting a mortgage is that you need to look at that credit score. A perfect credit record will leave you with less chance of being refused a mortgage.  You can get a copy of your credit score through Experian, and your own bank may also have the option to check your score. Make sure you address any issues with this – check there are no mistakes, if there are, contact the credit agency to have these removed. Improve your credit score by keeping debts on things like credit cards low, and paying bills on time. Martin Lewis at Money Saving Expert has some great tips to help you getting that all important mortgage.

If you are able to obtain your funding for a mortgage, or through an affordable housing programme, the real fun starts as you are able to look at what you require in your new home. But the threat of gazumping is very real. This is when someone offers more than you for a property and it is accepted, even though your offer was previously accepted. This can leave you out of pocket, as you may have already paid fees for searches, mortgage arrangement expenses, solicitors.  Gazumping and gazundering are both frustrating and expensive, but you can take out Gazumping insurance to protect against this.

What to look for in a new home

Ideally, look for somewhere that would be both practical as a family home and yet large enough for family and friends to stay over, and there are certain features that would definitely make a home more attractive. Here are some of the features that I would personally love to see in a new home.

1. A garage

A garage is both practical and a security measure too.

2. A dressing room.

I have a lot of clothes, more than a couple of wardrobes can handle. And despite the fact that I cull my clothing items regularly, a dressing room with some walk in wardrobes would be just lovely. I’d be happy to share it with the hubby too – he’s a bit of a clotheshorse too!

3. Period features.

I am not a fan of modern and new build houses, I currently love in a Victorian terrace that has lots of its original features, and would definitely be looking for something similar – a Victorian villa or a Georgian townhouse are two styles of house I truly love.

4. An exposed staircase and entrance hall.

I live in a Victorian terrace and you can literally walk straight into my dining room once the front door is opened – there is no entrance hall. I would love a proper entrance hall with a beautiful winding staircase exposed. Our stairs are currently hidden behind the living room door – they are steep and literally just a staircase, with no hall space.

5. A large garden with lots of grass.

A large garden is perfect for those who have a family, or have a dog. It can give you the option to have a seated/entertainment area, space for flowers and pots, and some grass to play on, or to have some garden play equipment. A garden is something that can be enjoyed all year around.

 

What would you look for in your next home?

 

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