What nobody tells you about buying your first home
As a first time home-buyer, you’ll navigate a process you’ve never undertaken before. You may have heard stories from friends and family members who’ve given you some insights on what to expect, or you might be embarking on your path to homeownership as a complete novice. In any case, it’s good to know what’s in store when buying your first home.
Even though the home-buying process is fairly standardised, everyone’s experience is unique, and your path to homeownership may look slightly different if you’re pursuing a buying scheme (more on those below). So, to help you prepare for the exciting journey ahead, we’ve compiled a list of first time buyer tips and lesser-known things that nobody tells you about purchasing a home.
You could be eligible for several buying schemes
Many first time buyers are unaware of the myriad homeownership schemes they could be eligible for. From government-backed schemes like Shared Ownership, Rent to Buy and First Homes to developer-led initiatives such as Deposit Unlock and Discount Full Ownership, numerous products could help you step onto the property ladder.
Read this guide to first time buying schemes to learn more about the various initiatives available.
Visit homes and areas at different times to decide on a location
When viewing properties, it’s wise to do so at different times of the day. This will give you a better feel for the place and whether you can see yourself living there. Likewise, visiting neighbourhoods during the day and evening will provide a more accurate impression of the area’s atmosphere, the sense of community, and how you would feel as one of its residents.
You’ll need to save for more than the deposit
Buying a home involves several expenses. The type of costs and amounts vary depending on factors like the purchase price and whether the property is a new-build. Charges in addition to the deposit can include:
- Reservation fee
- Valuation fee
- Property survey
- Mortgage broker/product fees
- Conveyancer fee
- Stamp Duty Land Tax
- Removals
Bearing this in mind, it’s wise to budget accordingly to ensure you can manage financially. Housing associations often recommend setting aside £3,000 to £5,000 for buying-related expenses.
The buying process might take longer than anticipated
The timescale between finding a home and completion can vary depending on numerous factors, such as whether the property is ready to move into or in a chain. For instance, if you’re buying a new-build Shared Ownership home that’s ready for occupancy, the process typically takes 1-3 months. On the other hand, if the property is still being built or it’s a resale home and the seller is in a chain, the process may take longer. Similarly, buying a property outright usually takes around 3-6 months but can vary depending on individual circumstances.
Service charges can vary each year
A service charge is a fee, usually billed annually or monthly, that covers the management costs, maintenance of communal areas and building-related expenses (like building insurance) in properties with shared spaces, such as apartment blocks. Service charges usually apply to leasehold homes, but some freehold properties in new-build developments may be subject to them too. Typically, the charge is based on the costs incurred, so it can go up or down depending on expenditure. However, some leases provide a fixed service charge instead, so you should always check the terms of your lease to see how yours will be calculated.
Most Shared Ownership homes are leasehold properties and, therefore, incur a service charge. Efforts are being made within the sector to make service charges more transparent with the introduction of the Shared Ownership Code. As of June 2025, housing associations that adopt the Code commit to providing a Service Charge Information Document and letting shared owners know if their service charge will rise significantly above estimates or inflation.
Your monthly payments include more than your mortgage
It goes without saying that you’ll have energy and water bills to pay each month. But there may be other monthly costs to consider alongside your mortgage and utilities. For instance, your service charge (if applicable), council tax and home insurance. If you buy a Shared Ownership home, you’ll also have to pay subsidised rent to your housing association on the share you don’t own. Check out our guide to Shared Ownership costs and affordability for more information.
Collecting the keys is a feeling beyond compare
Collecting the keys to your first property is the moment every first time home-buyer looks forward to. Excitement, joy and a sense of accomplishment are just some of the emotions that will likely arise on the day. After all, they’re more than just keys; they represent finally having your own place and the security, stability and responsibility that comes with this.
You might become a DIY and decorating pro
Picking paint colours, furniture shopping, and putting your own stamp on the place are all part and parcel of becoming a homeowner. Whether you buy outright or through a homeownership scheme, you’ll have the creative freedom to decorate as you please. You’ll also be responsible for any repairs and the maintenance of your home, so the chances of learning your way around a toolkit are quite high!
Check out our buyer checklist for a step-by-step guide to navigating the home-buying process with confidence. From finding your space to sorting the legal stuff, we’re here to help you turn the dream of homeownership into reality.
At Share to Buy, we make your choice easier with a selection of new-build homes and resale properties across England, available through alternative homeownership schemes such as Shared Ownership. Get your home-buying journey underway using our property portal.
