- Save for a deposit: Saving a deposit is one of the most important things first time buyers can do when buying property. The larger the deposit, the smaller the mortgage will be and the less interest will be paid over the life of the loan.
- Get a mortgage pre-approval: Getting a mortgage pre-approved will give first time buyers an idea of how much they can afford to spend on a property and will help them to narrow down their search.
- Shop around for a mortgage: First time buyers should shop around for a mortgage to find the best interest rates and terms.
- Consider co-buying: Co-buying a property with friends or family can help first time buyers to afford a property that they may not be able to afford on their own.
- Renting out a room: Renting out a room to a tenant can help first time buyers to cover the costs of their mortgage and other expenses.
- Be realistic: First time buyers should be realistic about what they can afford and should not stretch themselves financially to buy a property. It's better to wait and save more money before buying a property than to take on a mortgage they can't afford.
- Seek advice: First time buyers should seek advice from a financial advisor, estate agent, or mortgage broker to get a better understanding of the process of buying a property and the best options available to them.