Whilst a large part of our business focus lies in assisting our valued customers in letting a property in Sutton Coldfield, we also take great interest in house buying trends throughout the country, particularly with first time buyers.
First time buyers seem to have a bit of a hard time with getting their foot on the first rung of the property ladder. First quarter figures released earlier this year reveal that first time buyer transactions are the lowest they’ve been since 2013, falling to 60,900. This is all while the mortgage rate is at its lowest in over four years. There are several things you can do as a tenant preparing to be a first time buyer to capitalise on this mortgage rate lull and begin on the path to owning your first home.
Be Realistic
In order to obtain your dream property, you would first need to be realistic. If you overstretch yourself, you can really suffer further down the line, if not fairly immediately. It is believed most people should be able to find a home on the market that suits them within the first week if they are being realistic. However, make sure you do the research as it’s not as easy as turning up in an area on a weekend and having a stroll around; make sure you know your area and are within budget… then you’re off to a good start.
Get on Electoral Roll
One poor credit contributor is having no fixed address, indicated by not being on the electoral register. It’s an idea to rent a property which you can foresee yourself staying in for a fixed amount of time, simply because it will help make you appear more stable and prevent you having to constantly switch addresses. Being a young adult and moving around in rented accommodation, or as a student, not being registered to vote is a common occurrence; one idea to help with maintaining your voting status at one fixed address is to register at a family members’ house.
Hire Professionals
Much as you will aim to rent from a trusted professional, you should opt for the same with every stage of the house buying process. For most people, buying a house is one of the biggest expenses they will ever make, so make sure you hire the right people. Getting a solicitor you can contact when necessary, removal men you can trust and a professional property surveyor are key to making the purchase of your perfect property go ahead without hitch.
It’s not easy being new to the property ladder, but you’re not alone. At Belvoir, we are here to help you make the best decisions with your transition from renter to potential owner. We have the industry experience and insight to be able to help your move go smoothly. To speak to one of our friendly team members about any queries you may have, or to hear more on our services, contact us on 0121 321 3388 and we’ll be happy to help.
