Buying your first home is an exciting milestone and a dream come true for many. But alongside the excitement, it’s natural to feel a bit overwhelmed by everything that needs to be done. From saving for a deposit to setting up your new home, the process can seem daunting. That's why we've created this comprehensive guide to help first-time buyers unlock the door to their dream home.

Understanding your financial readiness

Becoming a homeowner is an exciting milestone, but it's important to ensure that your finances are in order before embarking on this journey. Knowing where you stand financially will help you determine your budget and what type of home you can afford.

Assessing your finances

Start by evaluating your current financial situation, including your income, expenses, savings and any outstanding debts. This is the foundation of your home-buying journey. Consider creating a detailed budget to track your monthly expenses and see how much you can realistically allocate towards a mortgage.

Credit score

One of the most crucial aspects to consider is your credit score. Lenders will use your credit score to determine your loan eligibility and the interest rate you'll qualify for on a mortgage. If your credit score is on the lower end, it's a good idea to take steps to improve it before applying for a mortgage. This may involve paying off outstanding debts, disputing errors in your credit report and making all your payments on time.

Debt-to-income ratio

In addition to your credit score, it's essential to evaluate your debt-to-income ratio. Lenders will want to see that you have a stable source of income and that your debt is manageable, so they'll typically look for a debt-to-income ratio of no more than (approximately) 40%. This means your monthly debt payments shouldn't exceed 40% of your gross monthly income. If your ratio is higher, you may need to work on reducing your debt before applying for a mortgage.

If the mortgage jargon is already confusing you, fear not! Vivly Living’s trusted independent mortgage broker, David Bussey, wrote a handy guide, ‘Mortgage Mastery by David Bussey - demystifying mortgage jargon: a beginner's guide to understanding terminology’ to break down the definitions of the most popular terminology.

The deposit

One of the biggest financial commitments when buying a home is the deposit. Typically, you’ll need to save between 5-20% of the home’s purchase price. The larger the deposit, the better your mortgage rates will likely be. Start saving as early as possible and explore any government schemes available to first-time buyers. These can sometimes help you get on the property ladder sooner than you’d expect. Also, there are recommended bank accounts that will help boost your savings for a deposit, so it's a good idea to do research into these at this stage of the house buying process.

Budgeting beyond the house price

Additional costs

When buying a home, there are a variety of additional costs you’ll need to budget for. These might include solicitor fees, survey costs and insurance. These expenses can add up quickly, so it’s important to factor them into your overall budget early on.

Moving day costs

Moving into your new home comes with its own set of expenses, whether that’s hiring professional movers, renting a van or purchasing packing materials. Start by getting quotes from local movers - consider it an investment in making your move as smooth and stress-free as possible. Don’t forget to buy lots of tea, coffee and biscuits for the people that are helping you move - it can be very tiring!

Switching over bills

Once you’ve bought your home, you’ll need to handle the practicalities of moving in, which includes setting up your utilities. This means contacting providers to organise your new accounts for electricity, water, gas, council tax and internet.

If you’re moving from a rental property, you may be able to just transfer the accounts over to your new home, but you’ll need to check that your providers cover the area you’re moving to. To ensure a seamless transition, schedule the switchover well before your move and inform your current providers of your moving date. This way, you can avoid any unnecessary disruption to your services and make the moving process as smooth as possible.

Because your Vivly Living property is brand new, you’ll have a bit more to arrange before you arrive as you’ll be the first person to live at the address:

Internet: it often takes a few weeks to arrange for an engineer to visit your property to set up a broadband connection.

Bins: you should contact your local council department to arrange for wheelie bins to be delivered to the property, they may take a couple of weeks to arrive. Find out online when the bin collection days are.

Warranty registration: register the warranty for your appliances, this needs to be done by the homeowner. You will find all the warranty details in your Vivly Living handover pack.

Additionally, the Vivly Living aftercare team will provide you with details of the current utility providers for gas electricity and water and the final meter readings from the time of the sales completion. We will provide the utility companies with the meter readings and your name as the new homeowner(s), as well as the local authority for Council Tax.

Preparing for the move

Moving into your first home is a big step, and with a bit of preparation, you can make the process much easier for yourself.

Decluttering before moving

One of the best ways to streamline your move is by decluttering beforehand. Take this opportunity to go through your belongings and decide what you really need. Items that don’t make the cut, but are still in good condition, can be donated, sold or recycled. Selling these unwanted items on reselling sites like Vinted or Depop can make you a bit of passive income. That means more money for your big move!

Packing tips

When it comes to packing, organisation is key. Start packing early and do it one room at a time. A useful tip is to use binbags to pack the clothes from your wardrobe on their hangers (a bit like a suit carrier) - this will reduce packing/unpacking time and will save space in the moving van. Also, consider creating a ‘first-night’ box with essentials like toiletries, a change of clothes and basic kitchen items - don’t forget the kettle for that all important mid-move brew! You’ll thank yourself later as this will save you from rummaging through boxes on the first night in your new home.

Settling into your new home

Once the boxes are unpacked, there are still a few more steps to take to make your new house feel like home.

Change of address

Don’t forget to update your address with important companies. This includes your bank, your employer and any subscription services you use. We recommend setting up a postal redirect with Royal Mail to ensure that you receive any post which might go to your old address.

Exploring your new area

Finally, take some time to explore your new area. Discovering local amenities like supermarkets, cafes, parks and restaurants will help you feel more at home. It’s also a great way to meet your new neighbours and start building connections in your community. Why not read our blog about 'Shop Local Month: discover hidden gems in Shepley, Holmfirth, Denby Dale and Skelmanthorpe with Kirsty' to get some inspiration on where to start?

Stay connected

To make sure you don’t miss any more home buying tips, be sure to subscribe to our newsletter and follow @vivlyliving on social media. We’d also love to hear from you - if you have any questions or topics you’d like us to cover, feel free to get in touch.

Remember, the home-buying process can be an emotional rollercoaster, with both highs and lows. As you settle into your new home, remember to take some time to celebrate this exciting milestone. Enjoy the process of making your new house a home, and don't hesitate to reach out to us at Vivly Living if you have any questions or concerns along the way.