First Time Buyer Mortgage Advice in Lincoln
If you’re a first time buyer in Lincoln, entering the realm of mortgages may seem like a daunting task, especially if you have limited prior knowledge of the process. However, there’s no need for it to be overwhelming.
Adequate preparation is key, which is why we’ve compiled a list of nine essential questions to pose while you’re in the midst of your house hunting journey.
The 9 Most Common Questions:
1. How much interest has there been in the property/development?
When you’ve been surveying various properties and find one that piques your interest, it’s a prudent step to give it careful consideration before committing. Keep in mind that this decision likely represents the most significant financial commitment you’ll make in your life.
The duration of time you have for this deliberation may vary, depending on the level of interest the property has garnered from other potential buyers or inquirers.
Hence, it’s advisable to inquire about the level of interest surrounding the property. A high level of interest suggests that you’ll need to expedite your final decision-making process.
2. Is there a property chain?
Another factor that can significantly influence various aspects of your mortgage process is whether your property is part of a chain or not.
In cases where the property is brand new or involves situations like bereavement or emigration, there typically won’t be an onward chain. In such scenarios, there’s often the potential for a swift transaction, especially if you’re also part of a property chain.
If you don’t need to sell your existing property before purchasing the new one, you’ll find yourself in a more advantageous position compared to others. This lack of dependency on selling a property first can expedite the home-buying process.
Leveraging this advantage can be particularly useful during negotiations regarding the property’s price.
3. What’s included in the sale?
If you’re not purchasing a new build property, there’s a possibility that the previous owner may have chosen to leave some items behind, which can prove highly beneficial. Typically, these items include appliances like washing machines, fridges, freezers, and even sheds that they’ve left for the next occupant.
This can be a real time and money-saver for buyers, which is great news. However, if you neither want nor need these items, you should account for the cost of disposing of them.
For those buying a new build property, you might have the option to purchase additional extras that will be in the property when you move in.
4. What are the neighbours like?
Having insight into your potential neighbours can be invaluable when moving into an unfamiliar area. For many, the quality of their neighbourly relationships can significantly impact their living experience.
New housing developments offer a fresh start, allowing residents to shape the community. However, this can also be a gamble due to the uncertainty of the neighbourhood’s future dynamics.
5. How much does it cost to run?
When considering running costs, it’s essential to factor in the type of house you’re interested in and its location. Explore various aspects such as Council Tax rates and average utility expenses.
You can gather this information by consulting the seller or conducting online research. Having this data at your fingertips will enable you to budget effectively for each property you’re considering.
6. Which way does the house face?
For many first time buyers in Lincoln, having a sunny garden for late summer evenings, ideal for reading books in natural light, is a top priority. Consequently, the orientation of the house becomes significant.
If this is an essential feature for you, you might notice that properties with south-facing gardens come with a higher price tag. This premium is often due to the abundance of sunlight they receive throughout the day.
7. How much work will be required after moving in?
This can greatly influence your budget. To help with your financial planning, here are some key aspects you should investigate:
- Enhancing energy efficiency
- Resolving damp issues
- Updating the interior décor
8. Are you open to offers?
A typical step in the home-buying journey involves initiating negotiations for a property. It’s important to be well-prepared when you’re ready to make an offer on a property you’re interested in.
Additionally, it’s advisable to engage in a conversation with the seller or their estate agent to gain insight into their expectations regarding a suitable price range for the property. Inquire about any previous offers that may have been made and declined prior to presenting your own offer.
9. When can we move in?
Marking a specific date on your calendar will provide you with a clear timeline to organise various tasks in advance. This includes actions like hiring a conveyancing solicitor, packing your belongings, and arranging for a removal van to transport your possessions to your new home.
Date Last Edited: December 11, 2023
