First Time Buyer Mortgage Advice in Sheffield
Taking your initial step towards buying your own home as a First Time Buyer in Sheffield can be quite a stressful process, especially because you are involved in a whole new experience.
Whilst this situation applies amongst first time buyers and Home Movers in Sheffield, it’s our job to reassure you that this doesn’t always need to be the case!
You should always make sure that you’re ‘mortgage ready so that you’re in the best position for your home buying experience. Below we have gathered 9 questions that you may want to ask yourself when you are buying a house as a First Time Buyer in Sheffield.
The 9 Most Common Home Buying Questions:
1. How much interest has there been in the property?
Before making any commitments to purchase, taking out a mortgage in your name, will likely be the most significant financial commitment that you’ll ever make.
Make sure to find out how much interest has been shown in your potential new home. If it isn’t very popular, you can probably take some time to make a final decision.
On the other hand, it is a popular property, you may have to decide a lot quicker otherwise someone else will beat you to it.
2. Is there a property chain?
If there happen to be multiple property transactions happening at one time, completely reliant on every sale and purchase completed to proceed, you have found yourself linked in a property chain.
Your mortgage process can be affected by a property chain if you find yourself in one, as this could slow down your ability to get a mortgage or potentially mean you lose out on the sale of your property if you are moving home to Sheffield.
The good news if you are moving into a new build, you won’t have to worry so much about a property chain, and you may be likely to move along the process a lot quicker, due to not having to wait for people to move out.
First time buyers in Sheffield will have the advantage even more so, as even if a small chain occurs, they won’t be selling a home to move into one. This is a good thing to mention when discussing property prices with the seller.
3. What’s included in the sale?
When some homes are purchased, the previous owner may have left some items behind.
These items may include electronic goods such as washing machines, fridges, or freezers, as well as sometimes finding that a shed has been left in the garden.
The advantage of this is that you’re getting free items that often will be working just fine. The downside is having to pay to remove them if you don’t want them.
This won’t apply to new build properties, as they are generally built on the conditions that are agreed upon before the work commences. If you happen to be buying a new build property, make sure ahead of time to ask for additional items to be installed, so they’re ready before your moving-in date.
4. What are the neighbours like?
Things like what your neighbours are like can heavily impact your decision to actually move to an area. If you are moving into a property that is on a new build estate, then you and your new neighbours will be the one building up an entirely new community.
5. How much does it cost to run?
The running costs of the property will be dependent on the area you are looking at, so it’s always best to ask in advance.
Make sure you ask about the costs of Council Tax, as well as the typical utility costs and other things like that. This can help your budget as you go around looking at properties.
6. Which way does the house face?
South facing gardens may cost a lot more money, due to the fact they’ll be getting much more sunlight during the day.
7. How much work will be required after moving in?
After you have moved in, here are some of the most common things you should keep an eye out for:
- How energy efficient is the property you’re looking to buy? Will it end up costing a lot to run?
- Is there any damp currently in your home? This may need fixing and it is not likely to be cheap.
- Will you need to fix or update any furnishings? Will you be needing new carpets? Will your old furniture even fit?
8. Are you open to offers?
The house buying process will, generally speaking, begin with property price negotiations between you and the seller. It is important that you are prepared for this so that you are in with the best chance of your offer being accepted on a home you really like.
If you would like to learn further about the best ways to improve your chances during negotiation, please do not hesitate to get in touch. As soon as you are “mortgage ready”, you can begin making offers on properties you wish to buy.
The best way to learn whether or not the offer you are planning to make is too high, it to have a conversation with the seller themselves or even the estate agent, to discuss other offers that may have been made and rejected.
9. When can we move in?
Having a date in mind for when you can move in will allow you to plan everything else around it. You may need to instruct a conveyancing solicitor, pack up your belongings and then finally move them.
Speaking to the seller and finding out the earliest date that you could move in will allow you to be much more organised and prepared for the journey that lies ahead.
Date Last Edited: September 15, 2023
