Buying your first home is an incredible milestone, but getting started can feel overwhelming. Don't worry, though. With a little help from London’s number 1, successfully buying your first home can be smooth, empowering and even (dare we say it) enjoyable.
As you embark on this journey, you’ll need an agency that knows the ropes. We understand the unique challenges first-time buyers face in the property market – from organising your finances to searching in London’s competitive market. We’ve helped countless first-time buyers find their dream homes, and we're looking forward to doing the same for you.
The finances
Start by getting your finances in order. Check your credit score, clear any outstanding debts, and save for a deposit. It's also crucial to budget wisely, accounting for additional costs like property taxes, insurance, maintenance and, if buying a flat, service charges.
Before you start house hunting, secure a mortgage agreement in principle. You can talk to our partner mortgage brokers for a clear idea of what you can borrow. You might be pleasantly surprised with what you can afford, or if you’re not quite at your goals, they can help you figure out exactly how to get there.
The mortgage agreement in principle will help narrow down your search with a precise budget and shows sellers you're a serious buyer – which can be really useful when you’re ready to put in an offer.
The search
Here’s what our local teams recommend for acing the property search:
• Make a list of your needs versus wants. While it's good to have a wish list, being flexible and prioritising your needs will open you up to more options.
• Don't forget to research neighbourhoods too – consider factors like safety, schools, amenities, and commute times.
• Unlike most agents, Foxtons Negotiators aren’t limited to their local patch of London, so if homes in a neighbouring area better suit your requirements, we can show you around.
Tell us what you’re looking for on My Foxtons, and we’ll keep an eye out for you:
The goal
Remember, buying your first home can be an emotional rollercoaster. Stay focused on your long-term goals, and don’t let emotions cloud your judgment. With the right support from experienced professionals, you’ll be well-equipped to make informed decisions throughout your property journey.
More insight for first-time buyers
• Mortgage rates below 4% are back - is it time to buy?
• The documents you need to sell a house
• How to buy a home in London: your checklist after the offer
Source: This article has been reviewed by the Foxtons Sales department. When you’re starting your first purchase in the London property market, you’ll need accurate and helpful information. Our experts are determined to deliver it for you. If you have any questions, ask a Foxtons expert.
