Tips for making an offer on a property as a first-time buyer
Purchasing your first home is an exciting and potentially daunting concept. Making an offer may be especially nerve-wracking if this is your first time. Here are our tips to help you make a successful offer on your first home.
Obtain a mortgage in principle
It’s a smart idea to see a mortgage broker before making an offer so they can determine your precise borrowing capacity. Following your mortgage appointment, you could be able to borrow more than you believe, allowing you to see houses that are worth far more than your initial budget.
Conduct your research
Determine the price at which comparable properties in the area have recently sold and the length of time the property you’re interested in has been on the market.
Utilise your strengths
Sellers sometimes favour first-time buyers because they don’t have to worry about a long chain of people. This means a shorter purchasing process and more flexibility when it comes to exchange and completion.
Do not be alarmed if your first offer is rejected
If your initial offer is reasonable, you should not be concerned if the seller declines it. Bear in mind that this is all a natural part of the negotiating process since the seller is seeking the highest possible price for the property.
Work closely with your agent and the seller to make sure that the price is right for all parties.
If you are a first-time buyer with questions about the purchasing process, contact us for support and guidance.