With so many aspects to consider when buying a home, knowing what questions to ask can make all the difference in finding your perfect fit.
This is why we’ve put together some of the most important questions first-time buyers, or any buyers, should be asking – both about the buying process and about specific properties.
Understanding your budget
Before you even start viewing properties, you need to understand what you can afford:
- How much can I afford to borrow?: Use mortgage calculators or speak with a mortgage adviser to determine your borrowing capacity based on your income and outgoings.
- How much deposit do I need?: Most lenders require at least 5-10% of the property value, but a larger deposit typically secures better interest rates.
- What additional costs should I budget for?: Remember to factor in potential stamp duty*, legal fees, surveys, moving costs, and potential renovation expenses.
The mortgage process
Getting your finances in order is a crucial part of buying a property:
- What is the process for getting a mortgage?: From initial application to mortgage offer, understanding each step helps you prepare properly. Read our blog about mortgage tips for first-time buyers to get a better picture.
- Should I get a mortgage in principle?: An agreement-in-principle is a conditional approval from a lender estimating how much they would be willing to lend you. Getting one demonstrates to sellers that you're a serious buyer who can proceed with the purchase. Find out more here.
Questions about the property
When viewing potential homes, we recommend asking questions like:
- What's the area like?: Research transport links, green spaces, local amenities, schools, and crime statistics. Take some time to walk around the neighbourhood to get a proper feel for it. Visit the property and surrounding area a few times and at different times of day, so you can be sure that is the place you’d like to live.
- How long has the property been for sale?: This question can give you negotiating power. Why? Because if the home has been on the market for a longer period of time, there may be a reason for this. Plus, if it has been a while, the seller could be more inclined to accept a lower offer.
- Why is the owner selling?: Understanding their motivation might help with negotiations, but also allows you to create a better picture of how and why the property may be suitable for you.
- Is the broadband any good?: Essential for remote working and streaming. Check coverage during viewings and use internet speed checkers for the postcode.
- What's included in the sale?: Be specific about fixtures, fittings, and appliances. This will help you determine what you’ll need to buy should you decide to purchase the property you’re viewing.
- Is the property in a chain?: Finding out whether this property is dependent on the next person completing their sale could impact your decision. Find out more about property chains here.
- Can I bring my pet?: If you're buying a leasehold property, check for restrictions, as some leasehold properties may have certain regulations concerning pets.
Property specifics
Don't forget these important details:
- What is the council tax band and typical utility costs?: These ongoing expenses affect your monthly budget.
- What is the parking situation?: Especially important in urban areas where parking can be limited.
- Are there any planned developments nearby?: These could affect property value and quality of life.
- What's the difference between freehold and leasehold?: Understanding ownership rights is crucial, particularly for flats. Read our blog about this here.
- Can I see the Energy Performance Certificate (EPC): This indicates energy efficiency and potential heating costs that could be coming your way in future. Often, an EPC also provides insights into how you can improve the energy efficiency of a property.
Making an offer and beyond
Once you've found your dream home, this is where the excitement really kicks in:
- How do I make an offer?: Submit your offer in writing through the estate agent. As a first-time buyer with no chain, make sure to highlight this advantage, as it could not only work in your favour but also speed things up.
- What happens after my offer is accepted?: Understand the conveyancing process, surveys, and timeline to completion.
- Is a survey important?: Yes, we think so. And, although a survey is not legally required, they can identify potential issues and save you money down the line. In most cases, it’s a good idea to have one done.
- How long will the buying process take?: Typically 2-3 months, but can vary depending on circumstances and where the property is located.
Remember, there's no such thing as a silly question when making such a significant investment. We are here to guide you through every step of your property journey. Being thorough now can save you time, money, and stress later.
By asking the right questions, you'll gain confidence in your decision-making and be better equipped to find a home that truly meets your needs and budget.
