As a first-time buyer, you want to be clear on what you should be doing to feel prepared and ready to buy your first home.

In this guide, we teach you exactly that. Let’s start with the first step and why it matters so much to your success.

Many of the first-time buyers we speak to often ask what is my first step or where should I start?

It’s a great question and something that applies whether you are the type of person who loves to plan ahead or are nearly ready to view properties and want to get prepared.

The first early steps include:

• Deciding if buying is right for you
• Understanding what you can afford
• Working out your deposit, moving costs and saving up
• Learning about what to expect next

Once you complete this first stage buying will start to feel real for you. You will know where you stand and this will give you the confidence to look forwards to what you should be doing next.

Have you completed this first step? Learn about our free first-time buyer mini-course that makes it easy for you to complete this in under 30 minutes >>

Often these steps are just the first part of getting prepared to buy

You are probably saving hard right now and starting to think what else do I need to do so that I feel prepared for this next step in my life.

This includes a lot more than just these basic steps. You probably already know deep down there has to be more to it than that.

The average first-time buyer article you read will focus mostly on the steps of the house buying process. You should definitely learn these so you know what to expect.

However, most of us have other things that are important to us that we want to get right too, before we are confident to start going out and viewing properties to buy.

And it is these important areas that we believe will make the biggest difference, to your success or failure when buying your first home.

It’s all about getting prepared

The next step is all about getting prepared, especially if you are the sort of person who likes to learn and understand things, before feeling confident to take your next steps.

In our experience, many of these areas are not talked about enough, especially number 6. Getting them right can make a massive difference to how happy you will be.

P.S. It’s important to not let this list overwhelm you, as at first it can seem like a lot to take in.

We have put together a quick reference guide for you to download at the end of the article so it is easier for you to keep track of where you are up to.

Let’s start learning what are the other important areas to think about when preparing to buy:

1. Why are you buying?

The reason this is so important is most of your decisions from what you buy, to where, to how you structure the mortgage are all influenced by your reasons behind buying.

For example, if you see this home as the next stage of your family life, this will be very different to if you are treating it like an investment.

Equally, if you plan to move again in a few years vs staying for longer, this will change how you should think about the home as well.

For example, if you buy a new build and plan to move out in 2 years the home may not have increased in value and you may owe more than when you first purchased it! This would mean you would have to find extra savings to move.

So as you can see, these questions about why you are buying and how this home fits into your longer term plans really can make a difference to your success.

2. Understanding how mortgages work and checking you will get approved

When it comes to buying homes, learning about mortgages and how they work is an important step in getting prepared.

Even if you plan to get mortgage advice from a mortgage adviser who gives you more support, many of the first-time buyers we speak to want to have at least a basic understanding of mortgages, so they don’t feel overwhelmed by it all.

Getting approved and finding the best lender are important to get right too.

Some first-time buyers we speak to are over optimistic about how much they can borrow. This can lead to them being disappointed to find out they can’t buy what they had planned, which is sad to see.

Equally, some think they have no chance of getting a mortgage, when actually there might be a specialist lender for them. Either way it’s always best to check before you start looking at properties.

It is easy to think of just leaving it to the last minute and just going to your existing bank. But that decision could cost you thousands of pounds in extra interest and it might not be the best deal for you.

Mortgages at first came seem complicated, but they are easy once you have spent some time learning how they work.

If you are getting a mortgage you might have it for 25-40 years of your life. Understanding them properly can go a long way to saving money longer term. (I’m talking about tens of thousands of pounds in some cases)

And there is no better time to start learning about them than now, whilst you are excited about buying your first home.

3. Deciding how you want to buy

As a first-time buyer today you probably face more decisions than ever, and how you want to buy is one of the first to get right.

From government schemes like Help to Buy and Shared Ownership. To getting help from parents and buying with friends there are lots of things to consider.

Each of these have their benefits, such as allowing you buy sooner or get the home you really want.

However, there can be some drawbacks to each option. This can be a really confusing part of getting prepared, which is working out what is right for your situation.

The aim is to be clear and happy with your choice, so that you can start looking for properties.

4. Narrowing down what you are going to buy

Many first-time buyers we speak to have a good idea initial idea of what they want to buy. If you are anything like us, you have probably been searching on your favourite property websites like Rightmove or Zoopla.

However, research has shown one of the regrets first-time buyers have can be with their choice of property or compromises they made on it’s location.

For example, a long commute that you hadn’t practiced could mean less free time for you or extra expense than you had originally planned.

Or being too far away from friends and family could change your day to day enjoyment of your new home.

Taking time to create a proper wish list that thinks not only about the property itself but your lifestyle is a really important part of getting prepared.

You also want to think about your longer term needs, as moving home is pretty expensive to do.

Once you have a clear idea of what you want to buy, you now need to start to find the best properties.

That’s about knowing about new properties coming to the market first, so you can get in there and secure your dream first home.

5. It can be a large amount of money so budgets matter

Buying this home is probably the largest financial commitment you will have made in your life so far.

With all the recent uncertainty in the economy and job situations right now it’s no wonder we want to get this right.

You want to be happy in your new home so that you can relax and enjoy it without stressing about money. So planning your finances and budget, not just thinking about the mortgage makes sense too.

Owning a property comes with some unexpected expenses. Not only bills like service charges and ground rent in some cases, but also the cost of maintaining the home can run into thousands of pounds each year.

Having a budget for the property you are planning to buy can help you avoid getting into difficulties.

Then there are the larger considerations like wills, insurance and income protection. No one likes to think about the worst happening, but it is better to think about this now, whilst you are getting prepared than leaving it to chance in the future.

6. The sales stage can be complicated

Much of getting prepared to buy is learning and preparing, so you know by the time you find the right home things will go smoothly.

Once your finances are in place and you have worked out what you are going to buy, you can start thinking about the next stage of buying – the sales stage.

You will want to learn how to carry out your viewings the right way, so you avoid expensive surprises or common first-time buyer regrets, as well as the basics of making an offer to buy.

Next, you will want to know about the sales process as well as conveyancing, surveys and the mortgage application process so you have the best chance of your sale going through successfully.

It might surprise you to learn, that getting these steps right can make a massive difference to how smoothly things go for you.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE