First Time Buyers Guide in Oxford

In recent weeks we have met with a number of first time buyers in Oxford city and it has become so apparent that there are so many buyers with no previous experience that are almost expected to know what they are doing, despite having never bought before. Advice from parents may be slightly outdated and there are also more things to consider now.

Here is a short and concise to do list before making any offers.

Affordability
Speak to an independent mortgage broker. They will be able to find you the best mortgage deal affordable to you. Don’t be put off by interest only deals, the broker will explain, whilst you are only paying the interest, you will be benefitting from the capital appreciation in your property which over time will affect your loan to value ratio.

Other costs when purchasing that we would encourage you to research and factor in are:

Solicitor’s legal fees – you can find very cheap online deals but make sure you choose by recommendation as sometimes a cheaper online option is not always a good choice. A good solicitor, with local experience, recommendations and someone you can make direct contact with is worth the investment.

Surveyor – depending on your purchase there are different levels of survey and a good surveyor will advise which level is required.

Removals – whether it be a removal company or a van hire there are generally costs to consider

Then for some moving in to their first home having never rented then you will need to calculate all your living costs. Ask the estate agent whether there are estimated running costs for gas and electric. Council tax, management charges, water etc.

Research the area – access to bus/train links. School catchments (maybe not yet a  consideration. Visit a property at different times of day, assess the traffic, parking availability etc.
We have tried to share as much knowledge with our first time buyers as we can and we often hear; “I am not sure what else to ask you.” If another query comes after the viewing, drop the agent an email. A few suggestions from us that we would share on viewings are:

How old is the boiler?

Have the electric been checked or updated?

Who are the neighbours?

Is there fibre broadband (don’t always assume in more remote area) Oxford city is extremely well connected, but if it is important to you, check it!

Can you get Deliveroo and take aways delivered. It may not put you off the purchase but always good to know ahead of the move as we have had some shocked buyers used to living in the city, moved out to the country as their family grew and didn’t even consider such things.

Another discussion is around rental contracts – you may feel you are stuck in a years contract and cant yet offer on a property. There may be options, speak to your letting agent and speak to the selling agent. There is always a solution and it is through communication you will find it. Oxford has an incredibly buoyant rental market and the likelihood of finding a new tenant to replace you is extremely high.

We hope some of these tips prove helpful for you on your search and please remember you are not expected to know the process and we are here to help. Ask as many questions as you like and hopefully we can assure this is an exciting time and not too daunting.

Oxford is a wonderful place to live and is so well connected for access to London. However, some first time buyers do struggle with the prices and we encourage you to speak to us. We can share all our knowledge about the areas you may never have heard of that are on Oxford's doorstep but offer more for your money including Garsington, Kidlington and Kennington to name a few.