Buying a home for the first time can be a minefield. With so much information out there, it can be hard to know where to start. So today we bring you a quick and easy to read summary of the most important things to consider when buying your first home. This will help you become a first-time homeowner.
1. Find out what you can rent
Before you start looking for a property, it's important to understand what you can borrow from your mortgage lender. This amount is calculated taking into account your household income and deposit amount. The amount you can borrow varies depending on the lender, and so does the interest rate.
Using a mortgage broker like Alexander Hall will make things easier for you as they will introduce you to a variety of deals without having to search on your own. 
2. Always be flexible
You might be interested in a particular area, perhaps because you've been renting in the area for a while and know the area well. But don't be too disappointed if you find out it's not a place you can buy it from. .
Explore areas you've never been to before, test your commute, and listen to your real estate agent's suggestions. Around 35% of buyers are open to discovering what different areas of London have to offer, so they end up buying in an area they didn't consider when they started their search .
When buying a home for the first time, it's easy to get confused by things like finishes and size, but in many cases, the numbers are what say the most.
3. Buy what's best for you now.
London's property market tends to be faster-paced than markets outside the capital, meaning buyers often only stay in a property for a short to medium term. If you're stepping onto the property ladder for the first time, your first purchase doesn't have to be your forever home. Sometimes it's important to buy what you can afford now so that you can afford what you really want in the future.
Don't push yourself too hard and work within a reasonable budget. It's better to live in a small place far from the station and still be able to enjoy London life to the fullest than to struggle to buy something you can't afford. .
4. Think about commitment
Purchasing real estate is a big purchase. There are contracts to follow and it's not always quick or easy if you want to sell.
If you are buying a property with another person, such as a partner, family member or friend, you will need to consider what long-term contracts you will need and how ownership of the property will be divided when it is sold. Buying with others means you can probably afford something bigger.
5. Beware of additional costs
We've put together a handy guide to explain the costs of moving, but be aware that you'll have to pay things like stamp duty and legal fees before you can finalize your property purchase. This means you need to have money readily available in addition to your deposit.
From November 2017, first-time buyers buying property worth up to £300,000 will be exempt from paying stamp duty and will pay the adjusted rate of tax up to £500,000. That means a lot of people can save money.
6. It may take some time
Once you've made an offer on a property, there are many things to consider that will affect how long the process will take.
When you are chained, you become dependent on others to protect your timescale. But things don't always go as planned, especially when you also have to take into account lawyers, surveyors, site visits, etc.
Of course, there are many other things to consider when buying property, but these are the main points to consider before taking the plunge and buying your first home.
