6 questions first time buyers should ask themselves

Buying your first home is one of the most exciting and overwhelming milestones in life. With so many decisions to make and costs to juggle, it’s easy to get swept up in Rightmove listings and forget to pause and reflect.

Before you dive into viewings and mortgage calculators, ask yourself these key questions to make sure you're financially and emotionally ready.

1. Why do I want to buy a home right now?\

It sounds simple, but understanding your motivation can shape your entire journey. Are you tired of renting? Want stability? Planning a family? Or are you buying because everyone else seems to be?

Renting provides you with flexibility to up and move as and when you need to pretty easily, whereas purchasing a property is a huge commitment and comes with high transaction costs.

There’s no right or wrong answer but clarity here helps you avoid rushed decisions.

2. How long do I plan to stay in this home?

If you’re buying with the intention of moving again in 2–3 years, you may need to factor in potential resale value, local demand, or whether the area is on the up. If it’s your long-term home, your priorities might be different: school catchment, commute times, or space to grow.

3. What can I really afford, not just on paper, but in real life as a first time buyer

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Mortgage calculators are useful but they don’t show the full picture. Think beyond the monthly repayments:

• Can you afford council tax, energy bills, service charge, repairs, furniture?

• Do you have a buffer for unexpected costs (like a broken boiler)?

• Will you still have money left for travel, food, and a life outside your home?

  
  

Be honest with yourself as you don’t want to be “house poor”.

4. Am I eligible for any first-time buyer schemes?

From Lifetime ISAs to Shared Ownership and First Homes, there’s a growing number of schemes out there but each has its own pros, cons, and eligibility criteria.

Take the time to explore all your options as you might qualify for something that makes buying a home more realistic.

5. What am I willing to compromise on?

You might not get everything on your wishlist and that’s okay. So ask yourself:

• Is location more important than size?

• Could I renovate a home over time?

• Do I need a garden, or just want one?

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Knowing your must-haves vs nice-to-haves early on helps keep your search focused which is important, otherwise you could be viewing too many properties.

6. Do I understand the homebuying process or do I need help?

Buying a home involves solicitors, mortgage brokers, surveys, insurance, and more. It’s okay not to know it all and you're not expected to either.

Don’t be afraid to ask questions, read guides (like the ones on this site!), or speak to a mortgage advisor. Knowledge is power especially when it comes to property.

Your first home doesn’t have to be your forever home but it’s still a huge financial and emotional commitment. The more honest you are with yourself now, the better choices you’ll make along the way.