Barratt and David Wilson homes reveal where to start when buying your first home

Leading developers David Wilson Homes South Midlands and Barratt Homes Northampton have revealed how first time buyers in Buckinghamshire can get on the property ladder and where they should start when buying their first home.

Buying a house may seem daunting at first and often people don’t even know where to begin, but in this handy checklist, the housebuilders have given their helpful hints and tips on how the process works.

This comes after a survey from the housebuilders revealed that 75% of homebuyers in the county don’t completely understand the process behind buying a new home.

Jackie Day, Sales Director at David Wilson Homes South Midlands, said: “Buying a home is one of the single biggest investments a person will make in their lifetime and people are often overwhelmed by the buying process and don’t know where to start, as our survey has shown.”

Alison Raine, Sales Director at Barratt Homes Northampton, said: “Preparation is certainly key when it comes to purchasing your first home and we want to encourage as many first time buyers as possible to get themselves onto the property ladder and purchase their first home.”

Starting point – Save, save and keep saving for your deposit

The very first step on your journey to becoming a homeowner is to save enough money for a deposit on your new home. The Government’s Help to Buy scheme means you could buy a new build property with a deposit of just 5%. If you don’t take advantage of this you may need to save up to 20% of the value of the home.

If your deposit is fairly low, it’s important to be aware that the mortgage rate may be higher than those who borrow with a bigger deposit.

It may also be worth looking into the Lifetime ISA, which aims to help savers with a deposit for their first home; with a 25% bonus provided by the Government.

Calculation is key – Working out your budget

Make sure you’re aiming towards a home that is achievable in relation to your finances and that you have a strict budget in mind when it comes to looking for your new home.

For those considering Help to Buy, both Barratt and David Wilson Homes have handy Help to Buy Calculator to help you – http://www.barratthomes.co.uk/Offers/Help-to-Buy/ and http://www.dwh.co.uk/Offers/HTB-Calculator/

This shows how much people can borrow using the scheme.

It’s important to remember you’ll also need to budget for other moving costs such as removal and legal fees. For first time buyers Stamp Duty will also need to be paid on properties over £300,000.

Speak to an IFA – Getting your mortgage in principle

Once your budget is set, it’s time to talk to an Independent Financial Adviser (IFA) to get your mortgage Decision in Principle. Once you have agreed on a theoretical mortgage, you’ll be in a much stronger position when viewing houses and eventually making an offer.

Now comes the fun bit – Deciding what you want from your new home

When it comes to choosing your home, make a list of priorities. Have in mind how many bedrooms you would like and what sort of location works best for your lifestyle. This will help to narrow down your search when it comes to searching for your ideal home.

All of Barratt and David Wilson Homes’ properties, along with details about each development, are available on the websites to help you find the home style to suit you.

Time to have a shop around – Choosing your favourite properties and arranging viewings

If your chosen properties are available to view, make sure you ask plenty of questions take notes and snap pictures on your first viewings. Whittle your list down to a handful of favourites, and arrange second viewings.

Barratt Homes and David Wilson Homes both have a selection of properties available to view as show homes at their developments. Sales Advisers will be on hand to answer any questions specifically about the properties or the local area.

If you are buying a new home early into the build process, you will have the advantage of being able to have input in some of the features of your new home. You’ll have the chance to use the David Wilson Homes Expressions or Barratt Homes Choices range which includes options on kitchen units, flooring and fitted wardrobes; giving you the chance to really personalise your home.

Time to make the commitment – Purchasing the house

As a first time buyer, being able to move into your new home straight away with no chain puts you in a great position. The next step would be to make an appointment with the Sales Advisers who will assist you in each step of purchasing the home, including putting down your reservation fee on your new property.

Nearly there – Instructing a conveyancing solicitor
Once the purchase has been processed, it’s time to enlist a conveyancing solicitor who will handle the legal aspect of the sale, including drawing up contracts, contacting Land Registry and paying Stamp Duty if relevant. Barratt and David Wilson Homes can recommend a reputable firm that is familiar with their developments and schemes like Help to Buy.

The finish line – Moving into your new home

Now it’s time to move into your new home.

The amount of time between exchange and completion can vary.

Barratt Homes Northampton currently has homes available at a range of developments in Buckinghamshire including: Brooklands in Milton Keynes and Fairfields in Stony Stratford.

David Wilson Homes South Midlands currently has homes available at a range of developments in Buckinghamshire including: Brooklands in Milton Keynes and Eagles’ Rest in Wavendon.

For more information on any nearby housing developments, please call the Barratt Homes sales team on 0844 811 3399 or the David Wilson Homes sales team on 0844 811 4477. Alternatively you can visit www.barratthomes.co.uk or www.dwh.co.uk.

To find out more about where to start when buying a new home, visit Barratt and David Wilson Homes’ parent company Barratt Developments page: https://www.barratthomes.co.uk/library/Buying-your-first-home-Where-to-start/