Buying your first home is one of the biggest and most exciting purchases you will make. Although it can be daunting and there are many things that can easily be overlooked, our experts here at Coleman Estates have put together a list of what to expect when buying your first home, and some of the more common questions that they get asked. This way, you’ll know exactly where to start and there are no surprises on the way.

How much should my first home cost?

The first thing you’ll need to know when purchasing your first home is what budget you have to work with. Most mortgage providers require you to have a deposit amount that matches 10% of the value of the property, with the mortgage accounting for the remaining 90% of the property value.

Luckily, Coleman Estates are partnered with Q financial, one of the largest mortgage and financial services companies within the local area meaning we have access to the best mortgages and advice on the market. For a better understanding of how large a mortgage you can obtain, you’ll need something called an Agreement in Principle (AIP).

What is an agreement in principle?

You can find out a rough idea of what mortgage companies are willing to lend you by obtaining an agreement in AIP, which alongside your deposit amount will define a budget area for you to work within. You’ll also need to take into account legal fees, which most properties buyers require to complete the legal side of a purchase.

There’s nothing more disappointing than being unable to get the right mortgage for a property that you’ve already set your heart on, so it’s absolutely worth taking all of this into consideration as the first step in your journey to owning your first home.

How much are legal fees when buying a house?

There are a number of factors to take into account when trying to calculate legal fees, which will be dependent on the value of the property. Primarily, legal fees typically tend to consist of stamp duty (if applicable) a valuation fee, a surveyors fee, and the cost of the solicitor to act upon your behalf. Speak with the agent that you are purchasing the property from as they should be able to recommend you a good solicitor. You should always get a quote from at least 3 different solicitors.

Visit your local estate agent

It’s time to visit your local estate agent. Start by making a list of everything you want from your new home. They will have expert knowledge of the area you want to move to and will be able to advise on which properties best suit your needs and budget. You can also register your details with them for free, and when a suitable property pops up, you can be among the first to know.

Remember that you’re not alone

If you research and prepare yourself, then buying your first home can be very simple. But at Coleman Estates, you don’t have to do it on your own. We care about our clients, and we will always be on hand to offer up the best advice to help make the buying process as easy as it should be. No matter how simple or complicated your question may seem, don’t be afraid to ask our experts for help.

We have been voted one of the top estate agents in the country by Best Estate Agents Guide 2018, so why not come and find out what it is that makes us Telford’s top-rated Estate Agent?