To continue with our commitment to provide first class customer service, here at Belvoir Belfast, we’ve put together a handy guide for first time buyers in Belfast. If you’re taking your first step onto the property ladder and have started your property search for your first house and property purchase but unsure of the process, then don’t hesitate to get in touch with our team who can provide you with expert advice.
First Time Belfast Property Buyer's Guide
Arrange a Free Market Appraisal
Get A Mortgage
As buyers you’ll need a deposit of at least 5% of property prices you are looking at. However, the bigger the deposit you can put down, the more favourable mortgage rate you will be offered, meaning lower interest rates when applying for mortgage deals and paying back the loan. Another good tip is to improve your credit score before applying, as in the long run it will save you thousands.
Then work out how much mortgage you will be able to borrow and decide what mortgage type is right for you.
Finding The One
When looking at moving to a new location or neighbourhood in the City of Belfast make sure you have really researched the area, analyse the market for average house prices, taking into consideration the local amenities such as local schools, transport links, crime levels etc. A good way of working this out is by taking a drive by so get you get a feel for the area.
Before you view a property take some time to write down all questions you want to ask as as first-time homebuyers it’s very easy to get carried away on the day. We know that this is likely to be one of the biggest decisions you make in your life so try to go with your partner so both of your opinions are valued. When looking around be as thorough as possible. Paying extra attention to peeling paint which could be a sign of damp and examining all hidden areas like the loft.
Before you leave the property viewing ask a few key questions such as what the council tax of the area is and what comes included in the house and make them aware you are first time buyers. Remember, as buyers you want to make a lasting impression on the vendor because if you can create a good relationship then it will work in your favour during the negotiation period later and ultimately could affect the purchase price.
Make An Offer
Remember its quite common to offer less than the asking price so make sure to research similar properties and gage the best offer. It’s worth looking how long the property has been on the market because if it has been a considerable amount of time, they may be more open to accept lower.
You always want to portray yourself in the best light in case there’s a vast amount of interest on the property. We’ll make sure to provide the seller with all your favourable information such you’re just getting onto the property ladder as first-time buyers, not in a chain, have a pre-arranged mortgage or your deposit size if it is considerable.
Getting this done will help you assess the condition of the building and any potential problems. There are different types of surveys which we are happy to discuss with you to explain which would be the most suitable.
If it does turn up problems that are not deal breakers but may cause unexpected costs whilst remembering to be reasonable and realistic, it allows a bit of room to renegotiate with the seller to see if you can bargain a better house price.
Exchange And Completion
First up is exchanging the contracts. Once this is done you are legally obliged to proceed with the purchase and required to pay the initial deposit. If you pull out after this point you will lose this deposit.
Then comes completion day. Your lender will transfer your mortgage money to you solicitor who will then pass it on to the seller’s solicitor. As soon as this money hits their bank, we can release the keys and the house is yours!
Moving Out Of Our Old And Into The New
An important part to look into is arranging removals and evaluating whether it is worthwhile to do it yourself instead. If you’re downsizing, then this is time to consider putting things into storage, so you don’t over clutter. A few more things that people never remember are redirecting mail, cancelling deliveries, and arranging final bills to be processed so be sure to add these to your to do list. And finally, as you’re saying your last goodbyes to old memories before making new, make sure to turn everything off and do one last final check.
As moving day creeps up without you noticing, it’s a good job that you were prepared. Now it might be a long day but remember to have a few key items easy to be unpacked so you can have that 5-minute relaxing break for a tea or coffee. A few handy tips when first arriving is to unload your boxes into relevant rooms as this will make the next few days 10x easier. And make sure to give everywhere a deep clean to start off as you mean to go on!
