Home,sweet Home

worth being as prepared as possible.

It’s thought huge mortgage hikes and the cost of living crisis will push house prices down by about 8 per cent in 2023, according to a forecast by Halifax - but that doesn’t mean you’re guaranteed a bargain. In fact, the average house price right now is £362,438. Whew.

plenty of other costs you need to be considering once you’ve had your allimportant offer accepted.

Before deciding if a property is right, you’ll need to investigate whether you’ll have a ground rent or service charge to pay, which is a monthly fee to help to cover general maintenance and cleaning in block buildings.

YOU’VE already spent years dreaming up your living space on Pinterest, stashed away a few Diptyque candles, and have your eyes on the perfect wallpaper - but getting there is the hard part.

It’s no secret that working your way up to buying your first home is a turbulent (and expensive) journey, but with hidden costs and long waits on the cards for those ready to take the leap, it’s

Of course, auction houses, doeruppers, and shared ownership schemes are all options too, and once you’re moved in, all ill will be forgotten. Here’s what you should know about buying your first (or forever) home…

Costs don’t end at your deposit (but don’t cut corners)

The 10 per cent deposit mark is always seen as the big goal for first-time buyers, but because nothing is ever straightforward in life, there are

Once you’re happy, you’ll also need to get the property surveyed. It’s costly, and can slow down your moving in process, but trust us when we say you’ll be thankful when they spot an error that could cost you thousands in the long-run.

“You’ll need to consider estate agent fees, capital gains tax, and energy performance certificates”, says Jess Mitchell, branch manager at leading Nottinghamshire estate agent –Gascoines

“There are also moving costs, removals, and repair bills - not to mention filling your property with lots of lovely furniture. On average, these can total approximately £5,000 on top of your deposit.”

Don’t be afraid to bargain like David Dickinson

Just because a house is listed online for a certain price, that isn’t the price you need to pay. If someone is selling their property, of course they’re looking to get as much as possible, but if you don’t think it’s worth that, don’t be afraid to offer lower.

Check land registry websites and other properties for sale in the area to compare prices, consider how much work will need doing for you to be able to move in, and even snoop around and see how long it’s been on the market. You’d be surprised at the discounts sellers are willing to give for a quick sale.

Sellers can even be attracted to people with no chain (AKA, you don’t need to sell your current home to move), and those with a mortgage-in-principle (a written statement of how much you could borrow from a lender), as it speeds up the process massively.

Take full advantage of being a first-time owner

It’s a great time to be a first-time buyer because the government are so deparate to get younger people on the housing ladder, there are plenty of schemes and benefits in place to help with your purchase.

Bank accounts such as Help to Buy or Lifetime ISAs allow you to get a bonus for saving up your deposit, and you’ll also pay no stamp duty on your property up to the value of £425,000 - which can save thousands.

Jess adds: “One of the most popular schemes available now is shared ownership, where you buy a share of the property from the landlord, usually the council or housing association, and pay rent on the remaining share.”

Many banks are now offering deposit options as low as five per cent to attract more first-time buyers too, so your dream of owning your own place feels closer than ever.

Location, location, location

You’ve found the dream house, and you love the area. So, what now? Well, you’ll have to dig a little deeper. You don’t want to move in before finding out a huge tower block is being built in front of your window.

“Make sure you know exactly what is around your property, so you’re not shocked to discover it after you’ve moved in”, Jess advises.

Check your surroundings and planning permissions, check wifi speeds for the area, and make sure there’s parking availability. They may sound like minor details, but it’ll save plenty of hassle in years to come.

Get to know the lingo

Chain: If you need to sell your house before you can buy a new house, and the seller of the house you’re buying needs to buy a new house before you can move in - that’s a chain. It’s a bunch of complications that will slow down the process, but are sometimes unavoidable.

Exchanging: This is when both parties swap and sign the contracts, and you put down your deposit.

Completing: Moving day! This is when you’ll get the keys, and the property is officially yours.