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In an age where it is increasingly difficult for first time buyers to get on the first step of the property ladder, there have been many inventive ways that the government have thought of to help buyers make the move. These schemes have worked well at reassuring buyers, however the majority of first time buyers are still put off by the enormity of the process. At JCP Estate Agents we have set out the first couple of steps to hopefully get you off to a flying start.

Getting Started

Your first step is to visit a mortgage advisor to discuss the best options for you. There are so many out there at the moment that it can be quite overwhelming however a switched on advisor will be able to point you in the right direction. At JCP Estate Agents, we know the best mortgage advisors in the business and we would be happy to recommend them to you.

Having a deposit goal to work towards is always beneficial. Try budgeting on a monthly basis to avoid splurging but keep it realistic as there is nothing worse than being too strict with yourself to only ‘fall off the waggon’ in a couple of months. Remember to also compare savings accounts to help your money make money whilst you are saving!

Once you have achieved your deposit goal, arrange to re-visit your mortgage advisor and be prepared for them to require credit history, income taxes and employment history for the past few years. Once this information has been gathered, you will be all ready to begin applying for an agreement in principle (subject to a property valuation). It is always best to have this before you begin to look for a property so that you know exactly what you can afford, after all you wouldn’t go into a supermarket without knowing how much money you had in your purse!

Finding you dream starter home

The time has come to now look seriously at properties and familiarise yourself with your desired area. It is always best to visit the area, step out of the car, walk around and take note of roads that you particularly like. When you stumble upon a local Estate Agents, always pop in to introduce yourself and ask be put on their mailing list for property updates. Many buyers are under the assumption now that all you need is Rightmove or the internet when you are searching for a property however this could not be further from the truth. Local Agents will be able to advise you about properties that are about to come onto the market enabling you to view before other interested buyers. More importantly, some vendors do not want to ‘openly marketed’ their properties and so the only way you will get to know about these properties is by talking to the Estate Agents.  

 

If you are looking to buy your next (or first) home in the area of Oxford, please contact JCP Estate Agents today and we would be happy to hand a helping hand! 

 

29/12/17

First Time Buyers - The First Steps

by Helen Dodd - Associate Director of JCP Estate Agents

Valuation

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