Statistician Simran Sokhi, 33, informs us about buying her first home and also the lessons she learned on the way.
I started saving in my first home two years ago. I left the dark, grubby basement studio in Finchley that I was renting for lb900 a month, and moved in with my parents in Buckinghamshire.
Although my commuting costs increased, living at home meant I could start saving in the money I’d previously been paying for rent while still enjoying life.
I was taking a look at places in Buckinghamshire and Berkshire and Hertfordshire but did not know precisely what location I needed – I just knew it needed to be near to London but additionally somewhere I could escape from the town. London can be very intense and I wanted somewhere green.
The highs and lows of house hunting
I did consider shared ownership however i read that selling these properties can be tricky, and you have to pay more and more to reach full ownership.
Some shared-ownership properties are stunning as well as in great areas of London, so I completely understand why people would choose one, however i decided to sacrifice the wonder and proximity to my office for 100% ownership.
I viewed approximately 15 to 20 properties in High Wycombe, Maidenhead and St Albans. I put an offer in on a single property however the estate agent was very aggressive, saying I'd three days to obtain my paperwork in order.
I said I needed per week, and was then gazumped. It dented my confidence for a couple of weeks, however i soon got back on the horse.
Finding the best property
In September, I decided to test searching slightly over my budget on Rightmove, and that is how I found the area I ended up buying.
It's a one-bed flat in a three-storey 1990s building with sandy brickwork. I would not say I got the 'feeling' – I don't really get emotional about material things and so i didn't walk in and say: 'Wow! This is actually the house i wanted!' However, I could see a lot of potential and it seemed like a great flat to get on the property ladder with.
There's a lot of light, there's parking, it's close to the train station and it's inside a gated development, which is important to me. It just ticked my boxes, so I put a deal in.
My first offer was rejected and so i returned for a second viewing. I said that the restroom would need replacing therefore the price required to come down, and finally we met halfway, which felt fair.
Waiting to exchange
The sale took about five months to accomplish, but I didn't mind waiting. I understand a lot of people don't enjoy that aspect but for me it had been a pleasant break from the pressure of making such a huge decision.
It gave me time to process how I was feeling about purchasing a home. As a first-time buyer, everything is totally new, overwhelming and a little bit scary, there used to be moments when I wondered whether I had been doing the right thing.
If I've one suggestion for other first-time buyers, it would be to actually consider who your solicitor is. I had so many questions regarding the management fees, service charges, the lease – it might too happen to be designed in Russian for all I understood of it, and my solicitor seemed irritated after i asked questions.
On the other hand, I found the mortgage process fairly straightforward. I put in a 20% deposit and got a two-year fixed-rate mortgage on the advice which? Mortgage Advisers, who have been really helpful and friendly.
It was great getting them on the other end of the phone to help with questions and reassure me.
My little patch
I officially had become the owner of my flat on 21 January, but I'm still living with my parents as the flat needs new heating, carpets and redecorating.
I had originally been looking for somewhere I could move directly into. I am not a really creative person so I find decorating quite anxiety-inducing – there are just too many paint colours!
Even though I've not moved in yet, owning my very own home gives me a feeling of stability – it's my little patch. I do feel a feeling of accomplishment and it's a really nice feeling to be able to say: 'This is my flat.'
