A first time buyers’ guide to finding your new home

Finding your dream home can seem a daunting task as a first time buyer but OnTheMarket can help ensure you stay ahead of the game because we’re in business to improve the way you search when buying your first house.

How do I know what I can afford?

To understand what you can afford to buy, it is worth checking sold prices for the area you want to live. From OnTheMarket’s main navigation, select ‘Value my home’ and choose ‘Sold prices’. This simple and free way to check property prices paid uses Land Registry data and will help you to gauge property values anywhere in the UK.

Be aware of additional costs 

Be aware of additional costs associated with buying a home such as:

– Solicitor’s fees

– Removal costs

– Costs of surveys

– Furnishings and decorations 

– Stamp Duty

Factoring in these costs is essential to understanding what you can afford. 

How much deposit do I need to buy a house?

Most mortgage lenders will ask for a deposit of between five per cent and 20 per cent on a first home, therefore a minimum £10,000 deposit would be needed for a £200,000 property, or £7,500 for a £150,000 property. The higher deposit you have, the cheaper the mortgage offer available to you. 

Know the jargon and the process

OnTheMarket’s extensive advice section will put your mind at ease when you are looking to buy new build homes. Our in-depth guides and checklists will help you make the right decision when it comes to buying your first property. Check out our first time buyer’s jargon-buster to get started.

Help to Buy

The government has said it will extend Help to Buy, with a new scheme starting in April 2021 after the current one finishes and running until March 2023. As with the current scheme, it will provide buyers with loans up to 20 per cent of the cost of a newly built home and up to 40 per cent in London. 

Our Help to Buy guide can help you understand how the scheme works.

You can also search new homes for sale from the UK’s leading developers such as Barratt Homes, Persimmon Homes and Linden Homes, many of which qualify for the Help to Buy scheme.

Stay ahead of the game: be the first to know about new properties

With exclusive access to certain properties before any other portal, OnTheMarket ensures you are the first to know about the new flats and new build property developments for sale which match your requirements when you set up a property alert.

OnTheMarket features many new properties each month, 24 hours or more before they are advertised on Rightmove or Zoopla.* These properties automatically feature at the top of the search results pages. Once you know where you want to buy, you can set up a free instant property alert and have the latest properties which come to market emailed directly to your inbox.

While the OnTheMarket website adapts to fit the screen of any device being used to view it, the OnTheMarket AndroidiOS and Amazon apps are an easy and additional way to search the website.

Find your ideal home

When searching OnTheMarket you can also choose your price range, property type and the number of bedrooms as well as search for specifics such as parking or a garden. 

In addition, OnTheMarket’s map tool enables you to draw a search area, meaning you will only receive search results and any property alerts for available homes within a specified boundary. You can include train stations and schools or whatever else is relevant and important for you. You can save this search with all of your other specifications. These filters help you find the exact property you are looking for.

Find a local agent 

The house buying process can be full of unexpected twists and turns so it is important to consult with local estate agents because they understand the market better than anyone in their particular area. They can help guide you through the entire buying process.

The government suggests buying a home usually take between two and three months, so it’s always advisable to get as organised as possible from the get-go.

Whether you’re applying for a mortgage, or getting a solicitor on board, there are documents you’ll need to have to hand as you go through the process, whether that’s proof of identity, proof of address or proof of where your funds are coming from. These include passports and utility bills, bank statements, self-assessment documents and a letter if you’re being gifted money, for example. An estate agent will be able to help guide you through all of this.

To find an agent in the area you want to buy, select ‘Find agents’ from OnTheMarket’s main navigation.

How to make a competitive offer as a first time buyer

The better informed you are about what local houses are being sold for, the better placed you will be to appreciate what it might be worth offering for a property. Visit OnTheMarket’s ‘Home price guide’ to gain a wider insight into your local market. View our ‘How to make a competitive offer as a first time buyer’ guide for more information.

Start searching for your dream home

Search here, or Download to OnTheMarket App for AndroidiOS and Amazon  to find your perfect first home.

* See www.onthemarket.com/newandexclusive. Agents specify exclusivity.

Content provided by OnTheMarket.com is for information purposes only. Independent and professional advice should be taken before buying, selling, letting or renting property, or buying financial products.

See www.onthemarket.com/newandexclusive. Agents specify exclusivity.