Being a first-time buyer in Peterborough can be an exciting and exhilarating time, it can also be terrifying! However, when you are with a friendly and professional estate agent – like the team at Letters Group, things will run a lot more smoothly. We are here to help first time buyers in Peterborough so they can enjoy the experience of buying a first home.
One great thing about being a first-time buyer is that you will have a head-start on the property ladder. Sellers love first time buyers as it means there is no chain. You’re not waiting to sell your home before you can buy theirs. Instead you are ready and raring to go.
As long as you have your deposit ready and your mortgage is approved in principle, you can start house hunting. Don’t worry if you haven’t got your mortgage in principle yet. We can book you an appointment with our friendly in-house mortgage advisors to get that sorted for you.
This can be a really tricky bit for first time buyers especially. You need to try really hard to cover your emotions and signals that you give off. Even if you are completely in love with the property, try not to show this off. By hiding your excitement for a house that you’re completely smitten with, we know it’s hard, you will boost your negotiating power.
Remember: the price the house is up for is not it’s true value. It is how much the seller would like you to buy the home for. This means that there will often be room for negotiation, but by going in too low you could offend the seller and have future offers ignored, even if you later decide to match the asking offer. Instead of thinking about the value of the home, think about the value of the home to you. Does it have everything you need and is it in close proximity to everything you want?
You need to think carefully about your first offer. If the home is new to the market, then the owners may get a lot of offers. If someone else offers the asking price straight away, you could miss out on your dream home. If the property has been on the market a long time or the sellers are looking to sell quickly, you may be able to offer a lower amount than the asked price. Reminding the seller that you are a first-time buyer in Peterborough and that you have no chain can often be enough to encourage the acceptance of a lower offer.
The most important thing to remember as a first-time buyer is that you need to set yourself a budget and stick to it. If the seller cannot meet your offer, then don’t be afraid to walk away. You need to buy a house you can afford to live in, and enjoy living in. If they can’t accept your offer, then it’s not the right home for you.
If you’re ready to start house hunting in Peterborough, call our team now. We will take the time to understand what you’re looking for and help you find your dream first home.