Buying your first home is an experience unlike any other. To make the process easier, we asked a few first time buyers what they wished they had known before buying their first property.
Extra costs
I spent two years saving for a deposit so I could afford to buy my first home. I knew there would be extra costs but I didnt realise how many; the survey, conveyancing and contents insurance all add up so put aside a few extra months of savings to cover these costs.
Stamp duty
After checking mortgage calculators online I knew how much I could afford to pay for a property. However spending over a stamp duty threshold added thousands more in costs, so to purchase the property and pay for stamp duty I had to increase my loan-to-value ratio which means my monthly mortgage payments are larger than I had expected.
I didnt need to buy a home
I grew up with the belief that everyone should strive to own their own home. For years I saved for a deposit and eventually bought the property I live in. I now know that buying a property at this time of my life wasnt the right thing for me to do; as a tenant I changed properties frequently, moving to different areas to experience life across London. Now Im stuck in the same place and miss discovering new areas.
How much it costs to run a home
It might be cheaper to pay a mortgage than rent in some parts of England, but running a home has a number of extra costs. Always have enough money aside in your own kitty just in case the boiler breaks suddenly.
The price of utilities
Council tax, broadband, gas, electric, water Ive had more post (bills) in the first three months of buying a flat than I had in the last three years. I wish I had known exactly how much utilities would cost prior to moving so that I could budget accordingly.
