Faversham is a town located in the Swale district of the county of Kent, south eastern England. So if you are looking for a home in Faversham as a first time home buyer, things can get daunting and overwhelming. For those who aren’t familiar with the jargon and are investing a huge sum of money for the first time, this blog is for you. From looking for estate agents in Faversham to moving in, here are five pieces of advice for first time home buyers in Faversham.
1. Register yourself with an estate agent
Estate agents will quickly become your best friend when you are out to find a home for yourself. They are professionals who will guide you throughout the process of buying a house, answer all your questions and will act as a buffer between the sellers. Look for home estate agents in Faversham who are willing to listen to your requirements and will provide you with the best possible options.
Remember that local knowledge is key to finding the hidden jewels. So even if you are new to Faversham, they will guide you through the general feel of the town, transport, schools, etc.
2. Search online for your new house
Currently, more than 95% of the search for different kinds of properties begin online. While we don’t recommend buying any property solely based on virtual tours, browsing through online listings will give you a fair idea of the current market. You can also begin shortlisting houses or flats you like.
Don’t forget to book some viewings so you can see your home in person. Try to do this as soon as you find properties you like as some of them can get sold instantly.
3. Secure the mortgage
Right before you visit the property, secure your mortgage agreement in principle. By doing so, you will stay in an advantageous position with the sale, and the seller will consider you as a serious buyer who is truly interested in the property.
4. Make the offer
Now that you have found the house of your choice, it is time to make an offer. Your estate agent will guide you through the process as they have a comprehensive idea of the prices of other properties in the area. Once you agree on a number, either your agent or you (depending on whether you hire one) will get in touch with the seller’s estate agent.
5. Opening a file with a solicitor
After considering the offer, you would want to instruct a solicitor or conveyancer. It is their responsibility to handle the legal aspect of the sale- the searches, title deeds and exchanging of contracts. Some estate agencies have their conveyancing team that can be appointed at a fixed fee. The buyer is not required to pay until the process is completed.
Help to Buy Scheme
The Help to Buy scheme is an exclusive government scheme for first time home buyers where up to 20% can be lent with the help of an equity loan.
The new Help to Buy Scheme 2021-2023 has undergone a few changes owing to changes in government legislation. Regional caps are now applicable which state the spending on a home to be between £186,100 and £437,600 on your new house. Depending on its location, the cap is extended to £600,000 in London.
How does the Help to Buy scheme function?
The Help to Buy scheme is a government initiative to help first time home buyers to build their homes faster. With the help of this scheme, only a 5% deposit is required from first time home buyers. The government will provide an equity loan that goes up to 20% of the total value of the new house you are going to buy. It stretches to 40% in London.
In the next phase, you will be able to secure almost 75% of the mortgage and it will make your repayment easier and more affordable while opening opportunities for more competitive lending rates.
Under this scheme, you aren’t required to pay interest or fees on the government equity loan during the first five years of becoming a homeowner. You will have the choice of repaying the equity loan at your convenience without penalty or when you decide to sell the house.
Owning a home is a dream come true for many people. We hope this blog’s collection of pieces of advice for first time home buyers in Faversham makes your search for the perfect home a little easier.