Buying your first home is one of life’s most exciting milestones – but it can also feel daunting.
From navigating mortgage applications to understanding local property markets, the journey is full of decisions that can affect your finances, lifestyle, and future happiness.
With so many moving parts, it’s easy to feel overwhelmed, but preparation is key.
Understanding each step and being well-prepared can make the journey smoother and more rewarding. First-time buyers who take the time to plan are often more confident and make better long-term decisions.
Whether you’re dreaming of a cosy flat in the heart of Plymouth, or a family home in the suburbs, knowing what to prioritise can help you move confidently and avoid common pitfalls. Here are ten essential considerations for first-time buyers.
1. Assess Your Financial Readiness
Before you start house hunting, it’s vital to take a realistic look at your finances.
How much can you afford for a deposit? What will your monthly mortgage repayments be, and how will they fit into your overall budget?
Don’t forget additional costs such as Stamp Duty, legal fees, removal costs, and potential home improvements. Being financially prepared ensures you won’t stretch yourself too thin and can also make you a more appealing buyer when making offers.
2. Understand Government Schemes
Several government initiatives exist to support first-time buyers. The First Homes scheme, for example, offers discounts of 30% to 50% on new-build properties in certain areas.
Check eligibility criteria carefully to make sure you can benefit from these schemes and discuss options with your mortgage advisor or estate agent to understand what works best for you.
3. Secure Mortgage Pre-Approval
Obtaining a mortgage in principle is an essential early step. This gives you a clear understanding of how much you can borrow and demonstrates to sellers that you are serious about buying.
Mortgage pre-approval involves a lender assessing your financial situation, including income, savings, and credit history. Having this in place before you start viewing properties can save time and give you an advantage in competitive markets.
4. Choose the Right Property Type
Deciding whether to buy freehold or leasehold is crucial. Freehold means you own both the property and the land it sits on, while leasehold gives you ownership of the property for a set number of years, with the land remaining under another owner.
Leasehold properties may include ground rent and service charges, so understanding the long-term implications is important. Consider the property layout, age, and potential maintenance requirements, as these will influence both costs and lifestyle.
5. Factor in Additional Costs
The purchase price is just the start. You’ll need to budget for surveys, solicitor or conveyancer fees, mortgage arrangement charges, insurance, and any immediate repairs or renovations.
Planning for these expenses upfront avoids unpleasant surprises later and ensures that your move stays on track.
Remember that some properties may require more maintenance than others, so factor in ongoing upkeep costs as part of your decision.
6. Research Your Local Area
Location is as important as the property itself. Investigate local Plymouth schools, transport links, amenities, and future development plans. Is the area well-connected for commuting?
Are there parks, leisure facilities, or shopping nearby? A desirable location can not only enhance your quality of life but also contribute to long-term property value. Spending time in the area, talking to locals, and exploring the neighbourhood at different times of day can give valuable insight into whether it’s the right fit for you.
7. Register Your Interest with a Reputable Estate Agent
Keeping up to date with properties coming to the market is key for first-time buyers, especially in competitive areas.
Registering your interest with Lang Town & Country ensures you receive early notifications about suitable properties, sometimes before they appear online.
This gives you a head start, allowing you to arrange viewings quickly and potentially secure your dream home before others have a chance to make an offer.
8. Conduct Thorough Property Inspections
Before making an offer, arrange a comprehensive survey. This will identify any structural problems, damp issues, or other defects that could become costly in the future.
Knowing the property’s condition beforehand can prevent expensive surprises and may also give you leverage in negotiations.
Consider whether you need a basic homebuyer report, a full structural survey, or a specific report for older or unique properties.
9. Understand the Legal Process
Engaging a qualified solicitor or conveyancer early is essential. They will guide you through contracts, local searches, and all legal requirements.
Understanding the legal aspects can prevent delays or complications later, and ensures you know exactly what you are committing to. Your agent can recommend experienced professionals to handle this process efficiently.
10. Plan for the Future
Think long-term when choosing a property. Will it accommodate potential family growth, career changes, or lifestyle shifts?
Selecting a home that suits your future plans can reduce the likelihood of needing to move again in a few years. Flexibility and foresight are crucial, whether it’s room to grow, space to work from home, or proximity to schools and transport links.
Ready to take the next step?
Buying your first home is a journey that requires careful thought, planning, and the right support.
Lang Town & Country is always happy and on hand to help guide you through the process, with years of experience throughout our teams.
If you’re ready to start your journey, get in touch with us today. Registering your interest ensures you’ll be among the first to hear about properties coming to the market and receive expert advice tailored to your needs.
We look forward to hearing from you.
Plymouth Sales – 01752 256000 / Property@langtownandcountry.com
Plymstock Sales – 01752 456000 / plymstock@langtownandcountry.com
Waterside – 01752 200909 / Waterside@langtownandcountry.com
Lettings – 01752 201010 / enquiries@langtownandcountry.com
Land & New Homes – 01752 278499 / newhomes@langtownandcountry.com
For more information and resources, see our dedicated Buying Guide.
