There can be many issues for those looking to buy their first property. However, with the right advice and plan, you can still get on the property ladder.
There is also a major challenge due to the high demand for properties in today’s market and a reduced supply of properties for sale.
From getting the right information, to ensuring you need have a good team around you to help keep things going smoothly, here are eight top tips from experts Philip Armstrong, Emma McCormick, Thomas Greenway and Glynis Hobson to help you in the buying process.
5. Get a mortgage advisor early
Sometimes you may want to just jump in and start visiting properties before you even know what you can afford, but that’s not the smartest move. Emma McCormick from EMC Property Hunters NI explained: “The earlier you get a mortgage advisor, the better. They will be able to help you find properties that you can afford and will help ensure you are never disheartened. A good advisor will know what suits your situation the best, and will know who you are going to be most likely approved by.”For more advice from Emma go to emcpropertyhuntersni.co.uk Photo: Emma McCormick
6. Consider co-ownership
Glynis Hobson is director of customer services at Co-Ownership, Northern Ireland’s only shared ownership provider said “It’s tough for first-time buyers in Northern Ireland, particularly with the rises in interest rates and the significant increases to everyone’s cost-of-living.”She said that, for many people, co-ownership can make getting on the property ladder more accessible.“Owning a home isn’t as accessible as it once was, and for those without a very high income, or access to ‘the bank of mum and dad’, the dream of becoming homeowners feels unattainable” she said.“This is where Co-Ownership comes in, we offer a proven solution by providing an alternative and affordable route to first-time buyers through our Co-Own product. Co-Own brings home ownership within reach and for many solves their issues of not having a deposit or not being able to afford high mortgage repayments. Customers purchase the share of the home they can afford, usually between 50 and 90 per cent, and we purchase the remaining share.”Find out more about co-ownership at co-ownership.org Photo: Glynis Hobson
7. Be realistic
Purchasing your first home is a very exciting time, but it is important to not overstretch yourself to avoid disappointment down the road. “Know your budget and your maximum price”, said Emma, adding: “This makes it easier for you to know to walk away if something goes above your budget price. If the sale falls through, don’t be afraid to ask why. Keeping a realistic and open mindset is very important.” Photo: pexels
8. Be aware of the conveyancing process
The legal process to purchase any property is complicated and long. Make sure you use your solicitor as much as possible, they are the specialists in this area. O’Reilly Stewart Solicitors’ associate solicitor Thomas Greenaway said: “Even when you have a ‘sale agreed’, this does not mean that the house has been purchased. There then is a complex legal process which could take up to 12 weeks to ensure the house is legally in order, and your mortgage lender is agreeable to lend money for the purchase.” Photo: Brian Morrison