With stamp duty changes, interest rates fluctuating and property prices up and down it’s challenging for a first time buyer to navigate the market. While there are changes, it is possible to make a few right moves if you are buying a home in 2025. Here are five top tips for first time buyers.
Knowledge Is Power
2025 means a lot of changes for property buyers and it is worth arming yourself with what’s going on and how it can affect you. The beginning of the year has sparked a major rush for first time buyers to complete conveyancing racing. This is to beat the stamp duty increases that take place on the 1st April. While it may be too late for you to save, being aware of the new charges and how they impact the purchase price of your property can give you a clear picture of your budget expectations. You can use the stamp duty calculator to assess the amount you will have to pay based on the purchase price of your property.
Location Is Key
If you are buying your first home this year, doing your location research and being sure you’re clear on where you want to live is key to a successful purchase. Location is a careful balance of property prices, convenience and your deal breakers. It is good to have a list of what is important to you in terms of area. Do you need a good school? Supermarkets? Transport? The property prices in an area are affected by many factors such as jobs, transport links and how much renovation is being invested. While some areas have peaked, other areas still have a lot of upside potential. If you are looking to make money in the long term, speaking to an experienced estate agent can help you get a deeper understanding of a location’s potential. To inform your decision on where to buy.
Preparation Keeps Things Simple
Tempting as it is to leave everything till the last minute, staying one step ahead of your property purchase will allow you to strike while the iron is hot. As one of the best law firms in London, we can help take conveyancing off your list of things to do. Having a solicitor to handle your legal work (especially when you are a first time buyer) can help put you in a better position when putting an offer forward and negotiating. Being able to move quickly is often considered a benefit to sellers in an unpredictable market. Having your finances in order will also help you to keep things simple. Speaking to a financial advisor prior to viewings will help manage your expectations and give you confidence to put an offer forward.
Be Energy Efficient
This goes for you as well as your home. First let’s talk about your home. Being aware of the energy performance of a property will help make sure you keep bills down and manage the long term living costs of your new home. It is recommended to find a home with an EPC rating of C or higher, this can also help improve the resale value of your property. You can read our latest article on EPC updates here. As for you, managing your energy when buying a home is important to keep stress down and enjoy the process – and remember when you open the door for the first time, it will all be worth it.
Patience Is A Virtue
Sometimes finding the perfect property can be a waiting game, it can take lots of research and viewings before finding the ideal home. While you may be lucky and come across your dream property sooner, be prepared to take your time. Buying your first home is a big deal and you want to make sure you choose the right location, mortgage product and solicitor to take care of your conveyancing. At Waterstone Legal, we provide a transparent fixed-fee service that is highly recommended by many local estate agents. The service includes your full legal work and access to a private portal to track important updates 24/7. Having the right team by your side can ensure you complete on your dream home when you find it without any complications.
The Wrap Up
Buying your first home is one of the most exciting, precious moments in life. Taking your time, doing your research and being prepared to strike while the iron is hot will set you up for a successful purchase. Make sure you have your finances in place and are aware of the full costs of your purchase, including stamp duty. Speak to an estate agent to help you choose the right location and have an experienced and the best conveyancing lawyer ready to go. So when you do find the perfect home, you can make sure it’s all yours.
