Advice to help first time buyers across Yorkshire
The number of first time buyers is at an 11-year high, so to support the increase in demand, one of the region's housebuilders has issued advice about the lesser known elements of purchasing a home.
Miller Homes has just opened Graves Fold in Sheffield, with three other developments to be launched across Yorkshire.
“We see lots of first-time buyers, either singles, couples or friends, who have the means to buy but perhaps hadn’t thought through other things that are needed when becoming a homeowner,” said Sarah Whinfrey, a regional sales manager with the developer.
"Firstly, now is a great time to start budgeting. Getting spending and outgoings in order will help balance the cost of running a home and make sure there is still a little left to enjoy other things. Try downloading a budgeting app to help such as Mint, Pocket Guard or Wally."
There are many types of mortgages, from interest only to repayments, and it may be worth doing online research from a reputable site such as Money Saving Expert which explains each type of mortgage.
Then, when taking professional advice, which is strongly recommended, you are not baffled by the terminology and know that you have the right mortgage on the right terms and a clear financial vision for the future.
Remember your new home and its contents will need to be insured from the day that you own it, even if you don’t move in straight away. A broker can help with this or you can buy direct from many companies, banks, and even supermarkets.
You will also need to consider life insurance and accident/sickness insurance so that you know you can pay your bills or mortgage if incapacitated for any length of time.
Ask your mortgage broker about this or use comparison sites to find out more. Make sure you check the small print and understand which illnesses are actually covered.
Ensure you have everything you need to sustain everyday life, especially if you plan on working from home, such as internet connections, phone lines and satellite TV. Remember these are all added costs.
No matter what your circumstances, you may want to think about making a will now you are a property owner. Check out this website: https://freewillsmonth.org.uk/ for information.
“A little friendly advice can go a long way in helping people understand all aspects of buying a new home so that it becomes an entirely positive experience,” added Sarah.
Miller Homes currently has nine developments across the region with many properties suitable for first-time buyers.
Visit https://www.millerhomes.co.uk/ for information.