Square One - Best place to start for first time buyers

The house buying process is daunting at the best of times and none more so than purchasing your first home.

First time buyers the length and breadth of the country are continually faced with having to compromise when taking their first tentative steps onto the property ladder. Getting the right property for the money often means compromising on location. On the other hand, if the right place is important to keep in close contact with friends and maintain a busy social life, then often the number of rooms or ability to park anywhere near your home has to be lost.

As one of the most successful housebuilders in the South East, Oakdene Homes has great advice for first timers which will enable most home buyers to afford the property they want, with all their requirements catered for as well.

Be realistic when looking for mortgages
Make sure you visit an independent financial adviser before looking at properties. Finding the property of your dreams before knowing how much you can borrow will only lead to heartache when you find out you can’t afford it. Also, if you’re looking to be in a property for only a couple of years before trying to move into a larger property, then make sure you avoid mortgages with heavy redemption fees or length tie-ins.

Get a mortgage offer in principal
Admittedly, an agreement in principal only lasts for six months, but having this paperwork will show both the buyer and the sales consultant or estate agent how much can be spent. It will certainly speed up the paperwork after a property has been reserved or when an offer has been accepted. Many property sales need to be completed within 28 days now, especially as first time buyers are the first link in the property chain and often spur those higher up into moving more quickly.

Agree what you want for your first home
More often than not, first time buyers often purchase a property with someone else, a partner, a friend or even a family member to make it more affordable. It’s surprising how many people differ in what they’re looking for in their first home. By agreeing up front, a lot of time wasting is avoided and you can pinpoint easily what you’re looking for – especially on the internet. Two bathrooms, a car parking space, a garage, a garden or even close access to public transport; all these can be easily researched using the local newspaper or internet before starting to view properties.

Never be afraid to visit more than once
What is the road like at night – is it a hive of activity or a peaceful haven? Make time to speak to some of the neighbours and get a good feel for the area. Also bring someone along for a second opinion, maybe a parent or someone you know who has bought property in the past and see what they think as well. Also never be afraid to ask questions, especially about covenants that may apply to the property. There may be conditions that restrict what you can do, or general maintenance costs for common areas such as car parks or leisure areas. As long as you are aware of what these may be, a budget can be drawn up to meet the expenses without any major surprises.

Look out for things that may go wrong
First time buyers often try to borrow as much as possible to get onto the property ladder, often not making allowance for work that may need to be done urgently on the property within the first 12 months. Having a survey is an essential if you’re purchasing an older property to make sure there are no nasty surprises waiting for you.

Buying a newly built home is an avenue worth pursuing. Covered by the NHBC guarantee, new homes builders will also cover any structural work that may need maintaining or replacing up to 10 years after the property was built. Added to that, new properties come newly decorated and there really is nothing left for first time buyers to do apart from move in.

Be prepared to wait
Don’t be disheartened if nothing is appealing to you straight away. With many properties being added into the market each day, it’s worth waiting for the home of your dreams. Better to be happy having waited then having to put up with something just because it was available.

Look out for incentives that will help your purse strings
Especially with newly built properties, many housebuilders will provide added extras to ease that first step onto the property ladder. Carpets, curtains, light fittings, landscaped gardens – all can reduce the impact on your bank balance and can make the first few years of owning a home somewhat easier.

Don’t forget to save for a rainy day
Over and above budgeting for the normal household costs such as council tax, utilities, TV licence, phone & broadband, it is definitely worthwhile saving at least £50 - £100 a month to build up a savings pot just in case anything goes wrong.

Build on your investment
To make your money work best, try and buy the property you want in areas that are likely to receive investment and regeneration. All work on local environment will add value to your property. Using this same ethos, new homes are more likely to give you an investment boost, especially if you buy early in a development as there can be a considerable increase in the cost of the same style property as a development matures.

Oakdene Homes have a fantastic development which has just opened in Tongham (near Farnham), ideally designed and priced for first time buyers with apartments starting from £190,000. This development should definitely be on your list of properties to see before making the decision to buy a new home.

With fitted carpets included and solicitors fees paid up to a maximum of £500 on all apartments and some properties offering stamp duty paid, its hard to imagine a better way to help people break away from the rental chain.

“If that particular incentive choice isn’t right for our purchasers then there are other options available, such as £5,000 off the house price or even £5,000 cashback after completion of sale,” said Sue Massingham, Sales and Marketing Director of Oakdene Homes. “We want our purchasers to enjoy the experience of buying their first home with Oakdene and these incentives will certainly help.

With just nine two-bedroom apartments remaining at Square One - created with Oakdene Homes’ ethos that all their properties are individual by design - there is no time to waste.

For more information, images and plans for Square One, visit oakdenehomes.co.uk.