Moving in with your partner after years together is an exciting milestone, but going through the property market as first-time buyers can feel overwhelming. With 341,068 first-time buyers in the UK in 2024, up 19% from 287,060 first-time buyers in 2023, you’re certainly not alone in taking this important step. The average first-time buyer now spends £311,034 on their first home, making careful planning essential. Here’s your essential checklist for couple goals when buying your first home together.
1. Get Your Finances Sorted
DO get a mortgage Agreement in Principle (AIP) before you start viewing homes. This pre-approval tells you exactly how much a lender is willing to give you, so you know your budget and can be taken seriously by sellers. The average first-time buyer deposit was £61,090 in 2024, 20% of the purchase price, highlighting the importance of understanding your financial position from the outset.
DON’T start viewing properties before you know what you can truly afford. Falling in love with a home that’s out of your budget can lead to major disappointment and wasted time. With house prices varying across regions, from £180,834 in the North East to £511,514 in London, knowing your limits prevents heartache later.
2. Research the Area, Not Just the Property
DO look beyond the home’s front door. Walk the neighbourhood at different times of the day, and check out local schools, transport links, and future development plans. A good location can make or break your living experience. ONS analysis shows that first-time mortgage buyers are now purchasing homes further from the capital compared to 10 years earlier, as buyers seek more affordable and rural locations.
DON’T focus solely on aesthetics. A fresh coat of paint or a beautifully staged living room can be deceiving. Look at the home’s structure, check for damp, and consider the layout and potential for a future extension. Remember, you can change décor, but structural issues are costly to address.
3. Prepare for the Legal Side
DO appoint a reliable solicitor to help out with your property purchase as early as possible. They will handle all the legal work, including searches and contracts, and are essential for protecting your interests throughout the transaction.
DON’T rush the legal process. It’s tempting to push for a quick completion, but cutting corners on legal searches could mean you miss important information about the property, such as flood risk or upcoming construction. This due diligence protects your investment in the long term.
4. Stay Objective and Ask Questions
DO ask plenty of questions during viewings. Enquire about the reason for the sale, any issues with the property, and neighbourhood dynamics. A good estate agent will be honest and transparent. Knowing the right questions to ask when viewing a house can reveal important details that influence your decision.
DON’T get emotionally attached too early. It’s easy to get carried away, but falling in love with a house can cloud your judgement, making you more likely to overpay or ignore obvious red flags. Stay rational until the deal is sealed, and remember that the average first-time buyer is now 33 years old, so taking time to make the right decision is perfectly acceptable.
Purchasing your first home together is a significant step that needs careful planning and realistic expectations. When following these dos and don’ts, you’ll be better positioned to go through the process successfully and find a home that truly suits both your needs and budget.