Buying a house can be very exciting but also downright confusing, particularly if you’re a first-time buyer. You know you don’t want to keep throwing money away on rent, but that’s about it. Yet knowing what steps you have to take, and what order they have to be in, are all things that it pays to get right first time. As Craig and I are in the process of buying our first home, here’s our take on the steps required to successfully get on the property ladder:

How much are you going to spend?

This isn’t a matter of ambition, but of pure aptitude. You’ll need to assess carefully just how much money you are able to spend. Experts recommend that you don’t fish for housing opportunities that go beyond 3x your annual income, as it’s important not only that you can afford it, but that the purchase won’t cripple you financially. We used a broker to assess our affordability and I’d strongly recommend this as your first port of call on your own housing-buying journey.

You’ll also need a fairly hefty deposit, and access to additional funds for fees and legal costs. There’s a wealth of resources on the internet to get you up to speed on all the hidden costs you’ll need to consider. Finally, today’s Conservative budget has actually alleviated much of the strain on first-time buyer’s purse strings, with some major changes to UK stamp duty. This may well affect you, so head to an online stamp duty calculator to see what this could mean for you.

Decide what’s truly important in terms of house features

Is having an en-suite a crucial feature or just a whim? How about a garden? You need to realistically figure out what your must-have features are, and keep them to a minimum. This way, you can stick to the essentials when house hunting and won’t get sidetracked by other flashy features. Remember - the art to buying any house is compromise, no matter how generous your budget is.

Getting a mortgage

Applying for, and securing a mortgage is the next step. First up, you need to figure out what kind of mortgage works best for you. There are multiple types, and they differ in terms of how you make your payments. You can choose a fixed rate for interest that doesn’t change, or you could gamble with a fluctuating rate that changes based on the market. Either way, it is advised that the monthly payments do not exceed 28% of your monthly income. That number has the potential to go even lower if you have sizeable monthly outgoings, or are self-employed with an inconsistent month-to-month salary.

If you need help, I’d recommend another chat with your broker, or to consult with a mortgage advisor. Many of these offer professional advice for free as they take their commission from your eventual lender, not you.

House hunting and offers

Now for the fun bit - it’s time to go house hunting. Using the house profile you’ve built in the previous step, it’s time to find an affordable house that suits your needs and fits the bill. Try not to be swayed by decor and mod cons as these can be introduced to any property once you’re in. More importantly, pay close attention to room sizes, and check out the scope for extending. Consider how long you envisage the space will last you before the need to trade up in size too - ideally you will be able to introduce a /another child to the space to ensure its longevity.

Don’t be afraid to go back for second or third viewings too. Try to make these appointments at different times of the day to your initial visit so you can better gauge how noisy nearby roads are, and which rooms get the most light throughout the day.

Once you find the ideal home and are completely sure it’s the one for you, you’ll need to put in an offer. In the event your offer is accepted, it will then be time to appoint a solicitor to handle the legal side of things and guide you through to completion. There are many onerous things that can crop up before you exchange contracts, so get a good solicitor like those at Woodgrange Solicitors so you can keep things moving.

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There you have it. The process of getting a house is not that complicated but there are bound to be a few road bumps on the way. I can’t tell you how many times I’ve cried throughout this process, and how many costly mistakes I’ve made. However, in the end it will be totally worth it.