The process of buying a home is stressful no matter how you look at it. But which is worse, being a first time buyer or selling your home and buying another? In this blog post, we’ll break down some of the obstacles you might come up against as a first time buyer and how you can overcome them. We’ll also look at how you can make selling up and moving home easier.
Whatever stage in the process you are currently at, it always helps to get expert advice. If you’re struggling to understand your mortgage options, get in touch with Niche Mortgage Info today and we’ll be more than happy to help clear up any confusion.
In many ways, being a first time buyer is easier as you won’t have the stress of selling your existing home while trying to buy your new home. When moving home, there’s a lot more that can go wrong in the chain. Imagine you are buying a home from someone who has to buy their new home before they can sell to you. And then imagine the person buying your home also has their own home to sell. That’s a lot of steps that could go wrong. As a first time buyer, you only need to think about yourself.
However, first time buyers are often overwhelmed by the options available to them. Navigating the mortgage process for the first time can be very complicated. There’s also the issue of saving up enough money for the deposit and all of the additional fees. The good news is that there is plenty of support for first time buyers. According to one property developer, around half of all properties sold in the first half of 2019 went to first time buyers. This shows that the schemes are helping people onto the property ladder, so the support is out there.
As a first time buyer, you might lean on the expertise of the estate agent to help you navigate the depths. However, it’s important to be cautious. The estate agent doesn’t work for you, they work for their seller. They only earn commission when the property sells, and many won’t mind saying what you want to hear if it helps you make a decision. Instead, you should turn to the people you are paying for support and advice. This might include your mortgage broker, solicitor or even your bank.
While selling one property and buying another might be stressful, this is when you will feel most in control. Suddenly, you’ll have estate agents on your side as they will want to do everything they can to secure your sale. Not only will you be able to take the wheel, you’ll also be more familiar with the processes. Conveyancing will just be another bit of paperwork, not something that keeps you awake at night.
Now that you know what to look for, you can pick your providers with ease. Look for a proactive estate agent with in-depth knowledge of your local area. If they offer suggestions on things that might sell your home sooner, then it’s worth following their advice.
First time buyers and those selling up and moving will both face struggles along the way. Getting on the property ladder is difficult, and once you’re there, the process of moving to a different home can be daunting. The important thing to remember is that you will have support every step of the way. If you aren’t sure what your next steps should be, get in touch with the Niche Mortgage Info team for advice.