Hull is a great place to live and work, and there are a variety of properties on the market which could be ideal for first time buyers.If you’re looking for a property, we've put together this handy guide to buying your first home in Hull.
What will it cost?
Finding and buying your first home is exciting and a little frightening. Buying a home is likely to be the biggest, single financial transaction of your life so you need to weigh up all the costs.
The deposit is the first thing you need to think about. The minimum you will need is 5%, but bear in mind that the more you lay down for a deposit, the less your monthly repayments will be. Don't forget to factor into your calculations other costs, including any legal and surveyor fees.
You should also think about how you will furnish your new home. If you’re moving from your parents’ home or a furnished rental, you’ll need to think about the costs of furniture, fittings and white goods.
Of course, the biggest cost of all is your mortgage. You can get an idea of how much you can borrow and how much the monthly repayments will be by using our mortgage calculators.
Find the right mortgage for you
This isn’t always easy, especially for a first time buyer. Don’t worry, no-one expects you to be a financial wizard.
A professional mortgage adviser will be able to find the right mortgage to suit your personal circumstances. Here at Mortgage Advice Bureau, our qualified advisers can search 12,000 mortgage products from over 90 different lenders. The initial consultation is free and we can meet either at your home or in our Hull offices; whichever suits you best.
However, the mortgage is just one part of the puzzle; you need to find your ideal home first.
Searching for your first home
If you’re local to Hull, you may already have an idea of where you want your new home to be, but do try and keep an open mind. Don't discount any areas on the basis of what you've heard from friends or read in the news.
That said, you may have a preferred area in mind because it’s convenient for work, has great schools or is near to family. That's okay, but do make sure you look around. Don't restrict yourself to a single estate agent or just online searches.
Combine online searches with visits to local estate agents. Let them know what you are looking for and don't rush into a decision.
Take your time
Love at first sight is a wonderful thing but it doesn't always apply to buying your first home. Try not to set your heart on the first property you see.
It may well be perfect but the chances are, there is a better property at an even more attractive price around the corner.
Take your time and look around at what’s on the market. Make a shortlist and view every property on your list. Consider the pros and cons of each property; location, size, and price. If you’re buying with a partner, it’s important to take their views on board as it’ll be their house too.
At the end of the day, you need to go with your gut feeling and chances are, you’ll make the right choice for you, and who knows, it may well turn out that the first property you fell in love with is the one you finally look to buy.
Making an offer
Exciting times! You've found the property you really want and it's time to make your offer.
Before you do so, take some time to research the market and find out what similar properties have sold for. Make sure you compare like-for-like to get an accurate picture. If you're looking at a two-bed terrace, don't compare it to a two-bed detached property.
Don't be bashful about negotiating. As a first time buyer, you’re in a position of strength. You don't have a chain behind you which makes you very attractive to sellers who may be prepared to drop the price in return for a quick sale.
If you are thinking about buying your first home in Hull call your local mortgage experts on 01482 470444 or contact us.
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