The Must-Haves For First-Time Home Buyers

The number one thing which first-time home buyers want is, of course, somewhere to call their own, but exactly what that home looks like will vary. So what is it that the modern first-time home buyer wants?

According to a Zoopla survey of more than 2000 first-time buyers and existing homeowners, the most sought after feature of a new home is nothing to do with the house itself, but is the parking. Nearly one in three (29%) respondents who were asked said that what they wanted is a parking space, and second on the list of things buyers wanted was outside space, with 26% of respondents putting this top of their wish-list.

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What limits first-time buyers was of note too. The biggest challenge for first-time buyers is, unsurprisingly, finding property within budget (18%). The next biggest challenge according to the survey is finding property you want within your chosen location (16%).

Sadly, the survey didn’t give advice on what to do to find your perfect first-time home, but there are some general things to keep in mind that could be helpful.

  • Start saving as soon as you can

Usually you need a minimum deposit which is 10% of the price of the property in order to get a mortgage. The sooner you start saving, the sooner you can get on the property ladder.

There are a few different schemes within the Help to Buy scheme. The Equity Loan scheme, being one where first-time buyers can buy a property with a deposit which is just 5% of the property value. You need to secure 80% of the value of the property through your deposit and mortgage, but the government will provide a loan for the rest.

  • Be careful of deals that look too good

Ask yourself:

  • Why is the vendor selling the property?
  • How long has the property been on the market?
  • Is this property in a chain that could fall through?
  • Does the property keep being sold on within a short space of time?