10 Essential Steps for First-Time Homebuyers: The Ultimate Checklist

Buying your first home is an exciting milestone, but it can also feel overwhelming. From securing your finances to getting the keys in your hand, there’s a lot to think about. To make the process smoother, we’ve put together this ultimate first-time buyer checklist to help you stay on track.

1. Check Your Credit Score

Your credit score plays a crucial role in securing a mortgage. Before applying, check your score with credit agencies like Experian, Equifax, or TransUnion. If your score is low, work on improving it by paying off debts and avoiding late payments.

2. Set a Realistic Budget

Determine how much you can afford, factoring in the deposit, mortgage repayments, and additional costs like stamp duty, solicitor fees, and home insurance. Use a mortgage calculator to get an estimate of your monthly payments.

3. Save for a Deposit

Most lenders require at least a 5-10% deposit, but a larger deposit can help secure better mortgage rates. Consider government schemes like Lifetime ISAs or Help to Buy to boost your savings.

4. Get a Mortgage Agreement in Principle (AIP)

An AIP gives you an idea of how much you can borrow and shows sellers you’re serious about buying. Approach different lenders or speak with a mortgage broker to find the best deal.

5. Research the Best Locations

Consider factors like transport links, local amenities, schools (if relevant), crime rates, and future development plans. Visit potential areas at different times of the day to get a true feel for the neighbourhood.

6. View Properties in Person

Online listings can be deceiving, so always view properties in person. Check for potential issues such as damp, structural problems, or outdated electrics. Take your time and don’t feel pressured to decide on the spot.

7. Make an Offer

Once you find the perfect home, make an offer through the estate agent. Be prepared to negotiate based on factors like market conditions, property condition, and survey results.

8. Hire a Solicitor or Conveyancer

A solicitor or conveyancer will handle the legal aspects of your purchase, from conducting property searches to finalizing contracts. Choose one with good reviews and clear communication.

9. Get a Home Survey

A home survey assesses the property's condition and highlights potential issues. There are different types of surveys, from basic Home Buyer Reports to more detailed Building Surveys.

10. Finalize Your Mortgage

Once your offer is accepted, complete your mortgage application with your chosen lender. Ensure you provide all required documents promptly to avoid delays.

11. Arrange Home Insurance

Many mortgage lenders require you to have buildings insurance in place before completing the purchase. You may also want contents insurance to protect your belongings.

12. Exchange Contracts

At this stage, both you and the seller sign contracts, and you pay your deposit. This makes the purchase legally binding, and pulling out could mean losing your deposit.

13. Plan Your Move

Book a removal company, start packing, and arrange for utilities like electricity, gas, and broadband to be set up in your new home.

14. Completion & Collect Your Keys!

Once funds are transferred and the transaction is officially complete, you’ll receive the keys to your new home. Congratulations – you’re officially a homeowner!

Final Thoughts

Buying your first home is a big step, but with careful planning and the right guidance, it can be a smooth and rewarding process. Stay informed, seek professional advice when needed, and enjoy the journey to homeownership!

Looking for more property tips? Check out our latest blogs or book a free consultation with our property experts today!