Is Buying a Home Still a Daunting Prospect for Young Professionals?

Buying a house is a big deal and is considered the most expensive thing you will ever acquire. Thus, the purchase needs to get right from the start. Have no fear though, the process of obtaining a mortgage and buying your house can be straightforward if you have the right knowledge and a little bit of luck. Here are a few tips for young professionals that can help simplify the process.

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Seek advice on your mortgage deal

Back in the day, the plan of attack might have been to walk into the nearest high street bank and to explain your business plan and then to ask what their best deal might be. Luckily, there are endless options at your disposal nowadays.

Hundreds of banks, building societies, and mortgage lenders are available, and the tools are there for a consumer to filter through and find the very best deal on the market.

You could use a traditional mortgage broker, or perhaps consider a digital service like, for example, Trussle, a fully-online mortgage broker which allows its users to track mortgage deals and access free advice from qualified advisors. Whether you choose a digital service or a traditional broker, make sure to shop around before settling on a mortgage provider – it could be worth your while.

Budget for a little extra

Sadly, the house-buying process is littered with extra fees and expenses. You will need to pay for a solicitor, you should pay for a detailed survey on the property, and you may need to pay stamp duty.

You should be sure that you are financially ready to purchase a house. If you are unable to save extra funds, then the chances are that financial worries will cloud your mind throughout the process, something that is likely to affect your work and personal life.

If you stay organised and budget for extra expenses, the process will be far easier to handle and will give you peace of mind – even if that does mean a longer period of saving before you can start seriously looking at properties.

Pay for a detailed survey

It will cost several hundred pounds for a detailed survey, but that will be worth the hassle, as you could be alerted to a significant issue with the property. Many buyers choose to take their chances by opting for a basic property survey, which is only likely to protect the potential buyer against very obvious issues.

Some buyers who opt for a basic survey come to regret that decision when they discover a hugely expensive issue with the property once they have moved in. The initial expense might be a large one, but it could still save you money in the long run and even help you negotiate a better price for your property, as Which? explained in their overview of property surveys.

There is a common theme here. Budgeting extra money and doing that extra bit of research is likely to leave you in a good position. Stay organised and do your research, and the chances are that the house buying process will go much more smoothly in the end.

FG Editorial Team
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