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How to Become a First-Time Buyer in Newbury

Posted on March 28, 2024 by Peter Donaldson
How to Become a First-Time Buyer in Newbury

Everyone aspires to own their own house or apartment. The thought of walking in after a hard day at work and knowing that it’s your home is a fantastic feeling. You can decorate it however you want to, and if you’re a dab-hand at DIY, you can add new rooms or convert existing ones. The possibilities are never-ending in your castle.

However, many people are stuck in a cycle of renting from other people. Everyone needs somewhere to live; the first stage is always a rental property. Then, it starts the cycle of paying monthly rent and utilities, balancing a social life, and other expenses. For many younger people, saving for a deposit can be tricky.

Contents

  1. Tips for First-Time Buyers in Newbury
  2. Things to Remember When Researching Properties
  3. Understanding Government Housing Schemes
  4. Buying Renovation Properties at Lower Purchase Costs
  5. Consider Smaller Properties and Using Storage
  6. Self Storage for Plug Gaps in Moving Dates
  7. How to Choose a Reputable Moving Company

Tips for First-Time Buyers in Newbury

Start managing your money and recording everything you spend. This is one of the best money-saving tips that seems obvious, but many people breeze over it. That’s probably because it feels like (and sometimes is) a total pain—the best way to approach it is to treat your personal account as a business. 

Get receipts for everything, put them somewhere at home, and enter all the information into a spreadsheet. You’ll quickly see where you might be overspending and can make some savings.

Put any leftover money into a savings account, preferably an ISA investment, so you can’t withdraw it. This can work in conjunction with your new spending spreadsheet. Go to your bank, ask what sort of accounts they offer, and try to get one that’s relatively low to use. 

Sometimes, banks can provide additional assistance if you mention you want to save up for a mortgage deposit. They may even give you an account with no monthly charge. Now that you’ll be on your way to saving for a deposit, your next line of research should be first-time buyers’ schemes. 

The government has taken a while to get on board, but it now offers various ways for newbies to get their first home. You’ll need to work out what sort of scheme fits your situation. Some examples are Help to Buy, Shared Ownership, First Steps London, and Start Home Scheme, but there are many more.

Our last tip or suggestion is for the more adventurous first-time buyers. Property development offers the chance to buy a house or apartment that needs renovation. The levels of repairs vary, and you’ll need to get in-depth inspections to see what state the property is in. It’s usually very hands-on and requires lots of grit and determination. However, it can not only be rewarding; you may have a knack for it and start doing it for a living.

Things to Remember When Researching Properties

Do specific research on the area you want to buy in. If you’re thinking about a first home, you probably know where you want to live. Some people like to move close by to family or friends for their first home because of the support network. This is an excellent idea because you’ll have an expansive knowledge of the area and its amenities.

Create what we like to call a ‘wish list’. Split it into two sections or make separate lists. The first part is personal things that you want in your home. The second is the budget part, where you cost everything to see if it fits your budget. That part is essential because you need a general idea of your budget. You should speak to a mortgage broker for an informal meeting about what you can afford and what sort of deposit to aim for.

Contact an estate agent to help you search for your home. Not only do they have filtered searches for homes that might suit you, but they also have a lot of knowledge and experience. You can share your wish list and budget with them and leave them to compile suitable places to view.

Understanding Government Housing Schemes

These government schemes pave the way to homeownership for many. Understanding their nuances is critical. Seek guidance from a mortgage broker or your bank’s home loan team for smooth navigation.

Mortgage Guarantee Scheme

Picture achieving your dream home with just a 5% deposit. The Mortgage Guarantee Scheme enables this, instilling confidence in lenders to offer 95% Loan-to-Value deals. It’s a game-changer, making homeownership attainable for those with modest savings.

First Home Scheme

The First Home Scheme is your ticket to affordably owning a new home. Slashing prices by 30-50% for eligible buyers is a golden opportunity to step into homeownership.

Right To Buy Scheme

The Right To Buy Scheme is invaluable for council tenants longing to own their space. Custom discounts make ownership more feasible than ever. It’s like discovering a treasure map leading straight to your castle.

Shared Ownership Scheme

Consider the Shared Ownership Scheme as your guide to homeownership. It’s a gradual approach for those not ready for full ownership, allowing you to increase your stake while enjoying your home.

Help to Build

Are you dreaming of building your own home? Help to Build makes it a reality with an equity loan to kickstart your project. Whether a rural retreat or an urban oasis, this scheme brings your vision to life.

Buying Renovation Properties at Lower Purchase Costs

Another option for first-time buyers and lower-income earners is fixing up property. It’s a savvy way to bag a bargain, but there are better ways to enter the housing game. You’ll have to consider temporary accommodation while the reconstruction work happens, and you will have plenty of project management tasks. However, it’s the best way to find an affordable route to homeownership.

First, you’ll need to find suitable candidate buildings. Use websites like Trovit and more popular property platforms like Zoopla and Right Move to specify renovations. Second, look for property auctions—online and in-person—in Newbury and Berkshire. Lastly, contact local estate agents and note that you’re looking for a fixer-upper house.

You’ll need to be aware of some considerations, namely, how to budget for renovation projects. Also, contact the council to understand planning permission and any other regulations. It’s worth noting that inspections and surveys are costly, but this is how you make final checks for any structural issues beneath the surface.

Consider Smaller Properties and Using Storage

Many households feel the cost-of-living pinch, which often dents homeownership ambitions. Rising rental costs are also attributed to the increasing gap between tenancy and saving for a deposit. Here’s one trick that current homeowners use that requires a second consideration – smaller, more affordable homes and using storage.

Typically, the smaller the building, the fewer storage provisions are available, including garages and lofts with less square footage. That’s where self storage comes into play—you can rent a unit and use it as an extension of your home. Camp Hopson has several storage users who downsize houses to save money and use storage.

Interestingly, most properties can offer a different high level of security at our storage facilities. Hence, these customers have better protection than most. Moreover, it’s easier to organise and maximise space in their homes with storage because you can move multiple items out of the house entirely.

Self Storage for Plug Gaps in Moving Dates

An unspoken problem lurking beneath the typical home-buying process is gaps in moving dates. This is especially true for people in a mortgage chain, where various parties must vacate and align moving-in dates, which can become messy. Imagine what happens if one part of the chain falls through—it becomes a domino effect.

The result could mean one or more people vacating their homes with nowhere to go or store their possessions. In this scenario, let’s return to self storage and explain how this can assist would-be homeowners. By using storage, you’re taking back control because this will only affect you a little regarding securing your belongings.

Don’t miss out on an ideal home because of moving dates. Negotiating your first house or apartment can be tricky, and there are times when the moving-in and moving-out dates cause issues. If you believe you’ve found the ideal property at an equally suitable price, don’t back out because of moving dates. You can rent a self storage unit from Camp Hopson until it’s time for the big move.

How to Choose a Reputable Moving Company

We’re now considering a brighter future where you’ve navigated the hurdles and are en route to owning your first home. How do you move into the property? You can do it yourself by hiring a van and co-opting some family and friends to help.

The other preferable option is to book a removal company, but not all movers are created equally. Here are some smart tips for finding a moving company with a strong reputation:

  1. Check Google ratings and look for providers with 4.5 and over with plenty of reviews available.
  2. Read a handful of reviews to understand better the service you can expect.
  3. Request at least three quotes from separate companies to gauge costs.
  4. Contact each prospective mover by phone and email to judge how friendly and professional they are.
  5. Ask for BAR (British Association of Removers) accreditation and a Quality Policy.

Once you combine these points, you should see which moving company is the best. The Camp Hopson team is confident we meet each standard.

Camp Hopson – Here to Move You into Your First Home in Newbury

The Camp Hopson team help thousands of people move into new homes yearly. Many first-time buyers have taken the step of moving onto the property ladder. Our prices are affordable, which helps keep costs low, which is vital for a new homeowner.

Camp Hopson offers the best customer service in Newbury and the surrounding areas, which is why we’re Berkshire’s favourite removal company. We know from experience that relocating can be stressful, and that’s not just the moving day. The planning, getting quotes, checking up online, and speaking to estate agents. It can all get overwhelming for first-time buyers.

From your first call to us, you’ll know that customer service is our top priority. Our team is here to help, no matter where you are with your move. Call us even if you’re checking out possible places and stumble across Berkshire. We can answer some questions and give you tips on life in Berkshire.

Removals and storage should be affordable for everyone, so our prices are affordable. If you’re a first-time buyer with any questions, call us, and we’ll happily discuss our range of services.