6 Essential questions every first-time buyer needs to ask

Buying your first home is a huge step for anyone. No doubt you’ll have been planning and saving up for it for years and now you’re finally ready to take the plunge into homeownership. Well, you couldn’t have chosen a more unusual year in which to make your move! But while 2020 is a year like no other, it could also be the perfect time to buy property. Take a look at our recent blog here to find out why.

Before you commit your hard-earned cash into what might be the biggest investment you ever make, you need to be absolutely sure that you’re choosing the right property. Keep your feet firmly on the ground and don’t get carried away by the excitement of it all until you’ve got satisfactory answers to these essential questions that we highly recommend all first-time buyers should ask.

1. Can I afford the property?

Rule Number One is to get your finances in order and establish a clear idea of a realistic budget before you commit to buying your first property. What are your monthly household incomings and outgoings? How much could you comfortably repay per month? Factor in unforeseen circumstances that could materially affect your finances (illness, unemployment, divorce…) and leave enough headroom. Here’s a handy budget planner to help.

How much are you able to borrow and what deposit can you put down? If you save more than 5%, you’ll get access to a wider range of cheaper mortgages. If you haven’t already, go and see an independent mortgage broker who will explain all the options available to first-time buyers, help you get the best deal and secure a mortgage offer in principle. This will enable you to be a credible buyer who can proceed as soon as the right property comes along.

2. Leasehold or freehold?

Property in England and Wales is typically sold either on a leasehold or freehold basis. As a leaseholder, you will have to pay an annual service charge to the freeholder towards the upkeep of the building and communal areas. There may also be ground rent to pay. Make sure you know how much these bills are going to be! The recent leasehold scandal has shown how easy it is for inexperienced buyers to sign legally binding lease contracts containing onerous clauses, without realising what they were getting themselves into.

Also be aware that a leasehold property is, in essence, a depreciating asset. “As the lease runs down, the property value falls until the lease has expired when, at least in theory, the asset reverts back to the freeholder,” explains Shakil Ahmed, a specialist in lease extension services. By contrast, if you own a freehold property (usually a house), you own the building and the land it is built on – a very different proposition indeed.

3. Is the location right?

The choice of location for your first own home is important for two reasons. One, it’s where you will be living in the foreseeable future, so the area needs to offer exactly what you need. Check local amenities such as shops and restaurants, local schools and transport links, green spaces and recreational facilities. Find out what the neighbours are like, and the parking. Is the area safe or does it have a crime problem?

Two, the location will play a big role in your home’s resale value, as and when you’re ready to move on. If you’re in the catchment area for a good school, for example, this can add value to the property, even if you don’t have any children yourself. Here are some useful tips to help you choose the right location for your new home.

4. Does the property suit my needs?

Whether you’re looking for a home for yourself, with a partner or a young family, your budget and the location will largely determine the size of property you can buy. The number of bedrooms is clearly key, but they are not the be-all and end-all.

Consider things like natural daylight. West or south-facing rooms are typically brighter than north or east-facing properties, and the presence of nearby buildings or trees can also compromise the light. Rooms with a view, on the other hand, tend to be light and airy and increase the potential resale value of the property.

Think beyond beds, sofas and dining tables and look for ample storage space for all those bits and pieces that don’t need to be on show. From coats and shoes to toys and bikes, DIY tools and Christmas decorations, there should be enough space for you and your belongings. New builds are notorious for not offering enough storage, with recent data showing that today’s new homes are the smallest they’ve been in 100 years!

5. Is the flat/house in good condition?

It should go without saying that a major investment such as a property must be thoroughly scrutinised to ensure it is in good condition and, crucially, worth the money you are shelling out. Don’t think for a minute that you will be able to tell a ‘bad’ property from a ‘good’ one since many building problems won’t be obvious to the untrained eye.

This is where a property survey can be worth its weight in gold. Find a reputable RICS accredited surveyor and ask them to recommend the right level of survey for your first home. For a few hundred pounds, the surveyor will give you a professional appraisal of any potential issues with the building including serious defects such as damp, timber rot, structural movement and more, plus plenty of valuable advice on how to proceed with your purchase.

6. Are there any planned developments in the area?

Finally, it’s important to find out about any future development plans in the neighbourhood that could affect the value of the property. Are there proposals for major residential housing developments nearby, new road layouts planned or long-term construction works in the pipeline? It could dramatically change the look and feel of the area.

That said, development doesn’t have to spell bad news. The promise of better transport links, for instance, may mean short-term disruption but could enhance the appeal of the area in the longer term. There are many neighbourhood regeneration schemes that aim to increase the attractiveness of the local area for residents and/or businesses, such as these Manchester schemes. Check the local council website for information about planning applications in and around your chosen property.

EAN Content

Content shared by this account is either news shared free by third parties or sponsored (paid for) content from third parties. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website. As an Amazon Associate, I earn from qualifying purchases.

You May Also Enjoy

Breaking News

FMB Supports Construction Leadership Council’s Health and Wellbeing Strategy

The Construction Leadership Council (CLC) Health, Safety and Wellbeing Strategy is a welcome and much needed new initiative to help drive industry change, says the Federation of Master Builders (FMB). The FMB’s CEO Brian Berry has joined more than 140 industry leaders at the Construction Leadership Council’s launch of its comprehensive Health, Safety and Wellbeing…
Read More
Clacton on Sea cash injection
Breaking News

20% Property Premium to Live Beside Britain’s Best Beaches

The latest research from eXp UK has found that homebuyers hoping to live by one of Britain’s best beaches can expect to pay almost 20% more on average compared to the wider local market, amounting to a seaside property premium of over £46,000. The research* by eXp UK analysed property prices in postcode districts surrounding…
Read More
Breaking News

Houseboats hand London homebuyers 57% saving

Houseboats hand London homebuyers 57% saving versus bricks and mortar The latest research from Benham and Reeves has found that London homebuyers could save as much as 57% on their property purchase by choosing a houseboat over a traditional bricks and mortar home, with the average cost of a houseboat across the capital coming in…
Read More
Breaking News

Silverstone fails to take pole when it comes to race track property premiums

The latest research from Yopa has found that while Silverstone may be the spiritual home of British motorsport and host of this weekend’s Formula 1 Grand Prix, it is far from the most prestigious racing venue when it comes to local property prices. In fact, homes near other race circuits across Britain command far higher…
Read More
Breaking News

Section 8 Reforms: What Landlords Need to Know About Longer Notice Periods and Stricter Rules

By Allison Thompson, National Lettings Managing Director, LRG As the Renters’ Rights Bill continues its progress through the House of Lords, landlords should be preparing for a much tighter framework around possession. One of the most significant changes proposed is the reform of Section 8, the legal route for regaining possession where a specific reason…
Read More
New Build for Merseyside
Breaking News

British new-build demand sees quarterly decline

The latest new-build market insight from Property Inspect has revealed that buyer demand for new-build homes remained largely static between the first and second quarter of this year, although buyer appetites for new homes remained robust in a number of major cities. The New-Build Demand Index (Q2 2025) from Property Inspect provides a view of…
Read More