Book a Property Valuation
logo

Buying your first home in 2024

Posted on: Wednesday, January 10, 2024

The New Year brings a fresh start and an opportunity for change, so it’s no wonder that thousands of first-time buyers get their moving plans into gear in January. If getting on the property ladder is your New Year’s resolution, here’s how to take your first step.

 

Know your savings goal

Saving up that crucial deposit could well be the most challenging part of the journey, so it’s important to know exactly what your savings goal is. Depending on your location, you may need to save for a deposit of at least 5% of the property price, which means you’ll also need a 95% mortgage. However, if you can afford to aim higher, a bigger deposit means you’ll be offered a mortgage with a lower interest rate, and seeing as interest rates have yet to recover from 2023’s economy, having a larger deposit could be crucial to securing a house in 2024.

 

Factor in the extra costs

Saving for a deposit is one thing, but there are a few additional costs that need to be factored into your overall budget. From conveyancing fees and surveys to removal companies, the finer details can add up quickly, so you must be prepared for them. 2023 saw permanent cuts to Stamp Duty land tax for first-time buyers, so at least there’s one less thing to add to the list.

 

Give your savings a boost

If you’re eligible for a chance to top up your savings – which most first-time buyers are – don’t miss out on your opportunity to receive a helping hand. Government schemes are designed to help you get your foot onto the ladder faster, with some schemes offering a 25% bonus on your house savings. The government often provides incentives and schemes to support first-time buyers. Stay informed about initiatives such as Help to Buy, shared ownership, or stamp duty exemptions that may apply to your situation. Your estate agent can guide you through the application process and maximise the benefits available to you.

 

Work out how much you can borrow

Once your deposit and budget are at the ready, you’ll be able to gauge how much you can borrow

Once your deposit and budget are at the ready, you’ll be able to gauge how much you can borrow. It’s important to speak to a mortgage broker first, as they will be able to advise you on the best deals for your situation, and also the deals that your application is most likely to be approved for. It’s important to note that if you’re buying with another person, both your salaries will be taken into account, as well as the size of your deposit, your credit scores and your monthly outgoings. 

Use our mortgage calculator to estimate how much you could borrow.

 

Get a mortgage agreement in principle

Getting an agreement in principle will fare well with whoever you’re buying from, as this shows that you’re a reliable applicant. In 2024, mortgage options are expanding, and finding the right one is essential. Research various mortgage products, interest rates, and repayment terms before making any decisions. 

 

Search for your first home

With your budget and financing in place, it's time to start the exciting journey of finding your dream home. Clearly define your priorities, such as location, property size, and amenities. Utilise online platforms, virtual tours, and expert advice from your estate agent to streamline your property search and find the perfect match.

 

Contact us

Make this year one to remember. Contact your local Guild Member to help you get started on your journey towards homeownership.

 

What Our
Clients Say

"

I would highly recommend Hardings. Their knowledge of the local area is outstanding, and they give honest and reliable advice. They have always been my partner of choice when buying and selling.

Rhiannon Prothero

"

Have used Hardings for many year on both personal and commercial property deals. Have always found them to be transparent, honest, authentic, and a pleasure to work with. Will continue to use in the future.

TB

"

I would highly recommend Hardings Estate Agents. They have excellent knowledge of Windsor and the surrounding areas, and are extremely professional, responsive and courteous. I would not hesitate to using them again the future. I recently dealt with Milica who was instrumental in securing us our new home in Windsor as well as the sale of our existing property. She was a fab negotiator and a real pleasure to work with from beginning to end. Thank you!

Jonathon Beresford

"

Hardings of Windsor managed our purchase with complete professionalism and went over and above in my opinion to manage the transaction and chain, resulting in a really smooth purchase. Milica at Hardings constantly provided timely updates and managed respective solicitors and the chain effectively, always responding quickly to queries. The whole transaction would not have happened without Milicas' focus on making all parties comfortable and satisfying all queries, not only professional but a delightful and welcoming personal approach that was a constant throughout. Thanks Hardings! Thanks Milica!

Stuart Blatch

"

I would recommend using Hardings estate agents when buying or selling your property. Dominic (Scully) was always available, helpful and genuinely interested in my purchase and always calm and compassionate. If I ever move again my first choice will be Hardings.

Cath Powell

"

Dom and the team at Hardings were so helpful and efficient when I purchased my flat - friendly and professional service and kept us up-to-date the whole way through the process. It was my first time buying and so was very nervous but they helped me feel at ease.

Freppell

"

We bought and sold through Hardings and can't recommend their professional service enough. The whole Team are really lovely, we were kept informed throughout the process and never had to chase anything.

Natalie Quint

"

I used Hardings when I bought my property as well as when I sold it and the service has been fantastic both times. I very much recommend Hardings!

Therese Jouini

"

We recently purchased our new home with Hardings Estate Agents. The whole team there were very helpful and flexible with us, arranging viewings quickly on the same day. They were always quick to respond and if ever our point of contact was not there, the service did not change as they work well together as a team. We received a personalised service, which allowed the sale to proceed quickly. Thank you all and we recommend Hardings Estate Agents without hesitation.

Mike B

"

What a pleasure it was to deal with Milica from Hardings. She sourced the perfect property for me and my family (while we were still abroad) and worked endlessly to put the deal together. I would give more than 5 stars if at all possible!

C D

"

Fantastic customer service and made what could have been stressful a total breeze. Dominic and Louisa were brilliant in helping me and my parents buy and sell our houses - reliable, helpful and thoughtful. Thank you!

Eloise Harris

"

Thank you, Dominic and Louisa - having not moved for over 30 years you helped me all the way, step by step. You were always polite, communicative, reassuring and very supportive. Would recommend Hardings wholeheartedly.

Anna Bowen
How Much is Your Property Worth?

How Much is Your Property Worth?

A senior member of our sales team will visit your property to discuss current market trends and how your home; based on size, condition and location should be pitched to achieve the best possible price and buyer. Coupled with an excellent understanding of the local market we do a detailed analysis of what else has sold and what is coming onto the market so we can give you the best chance to capitalise on your biggest asset.

Book a Valuation