6 Things a first-time buyer should know...

Buying your first home is an exciting thing, but make sure you're ready by following the advice below.

1. The Money Prep
Find out exactly how much you have to play with. Visit the local bank and assess your incomes, outgoings and mortgage limit so you can accurately source that property that won’t end up fizzling away into a dream. Get your conveyancing costs and valuation report fees sorted beforehand.

2. What’s more important?
Buying the dream property, particularly within budget, in Gibraltar can be hard work. There are three main things you need to consider and prioritise when searching for a property and that is location, size, and price.

Which of these is more important to you and which would you sacrifice first for that home you really want? Compromise is key when looking for a home and discussing this with our agent is the best way to help us, help you. Changing location or altering your budget could be the key to that ideal home.

3. Understand the area
Do your research on the area you are purchasing in before you sign on the dotted line. Will you require parking permits? Does the property already include one, are there amenities close by that you can benefit from that make that price really worthwhile? Your agent is the perfect person to assist you with this having years of experience in the market and Gibraltar overall.

4. Searching around
See something you like? Add it to your list. Don’t be quick to get fixated on one property because there might just be something that is much better suited to your needs around the next corner. As when buying a car or any costly investment, shop around and see as many properties as you can, to get a good feel of what you want. Help your agent help you by giving them feedback on your viewings, what has worked for you and what has definitely put you off so they can recommend properties that will be more suited to your liking.

5. The offer
Before you place that offer, make sure you are financially in position to do so (see point 1). Discuss the details of the property with your agent like, lease length, potential for development / renovations and anything else you are unclear about and remember to keep the offer fair. Avoid multiple offers too quickly, be patient and ready to come to an agreement that is market fair. The best thing is to listen to the agent’s advice and feedback from owners.

6. Patience is key and be open-minded
It’s important to remember that once all that hard work is over we don’t get our hopes too high until every document is signed, sealed and delivered. This is most important in chain sales. Transactions can take longer than expected, there can be delays and at worst, sales can fall through unexpectedly, so if you’re renting and plan to cancel that contract too soon then keeping this is mind will keep you from stressing or suffering from insomnia in the process. Our agents are always available to help you find your dream property, so don’t hesitate to get in touch with us and we can start you off on your amazing new journey to your dream home. info@npestates.com