Everything first-time buyers need to know — from budget planning and mortgage options to making an offer and closing the deal with AgencyAPP Platform.
A Step-by-Step Guide for First-Time Buyers
Buying your first home is one of the most significant financial decisions you will ever make. At AgencyAPP Platform, we work with hundreds of buyers each year and understand the questions, doubts, and excitement that come with the journey. This guide walks you through every step so nothing catches you by surprise.
Step 1 — Understand Your Budget
Before you start viewing properties, establish a realistic budget. This means more than just knowing your savings. You need to factor in:
- Deposit: typically 10–20% of the purchase price
- Notary and legal fees: usually 1–3% of the purchase price
- Agent commission: varies by market; confirm in advance
- Moving costs and immediate renovations: often underestimated
- Monthly running costs: mortgage repayments, utilities, condominium fees if applicable
A good rule of thumb: your total housing costs should not exceed 30–35% of your net monthly income.
Step 2 — Get a Mortgage Pre-Approval
A mortgage pre-approval tells you exactly how much a lender is willing to offer. It also makes you a more credible buyer when you make an offer. Most banks require recent payslips, tax returns, bank statements, and a copy of your ID. The process typically takes one to two weeks.
If you are self-employed or have income from multiple sources, speak to a mortgage broker who specialises in complex cases — the criteria differ significantly from those applied to salaried employees.
Step 3 — Define Your Must-Haves
Create two lists: non-negotiable requirements (number of bedrooms, proximity to schools, budget ceiling) and nice-to-haves (garden, parking, specific neighbourhood). Be honest with yourself. Viewing dozens of properties without a clear brief wastes time and can lead to emotional decisions.
Our agents at AgencyAPP Platform will send you properties that match your criteria from day one, so the search stays focused.
Step 4 — Book Viewings and Ask the Right Questions
During viewings, look beyond the furnishings and décor. Pay attention to the natural light at different times of day, the condition of windows and roof, signs of damp or structural movement, and the noise level from neighbours or traffic.
Key questions to ask:
- How old is the boiler and electrical system?
- Are there any active disputes with the condominium or neighbours?
- What is the energy rating and what are typical annual utility bills?
- How long has the property been on the market and have there been any price reductions?
Step 5 — Make an Offer
Once you find the right property, your agent will guide you through making a competitive offer. In most markets, this is done formally in writing with a deposit of 1–2% to demonstrate commitment. Your agent will advise on the right price based on comparable recent sales.
Step 6 — Due Diligence and Legal Checks
Before signing anything binding, a qualified notary or conveyancer will verify:
- The seller is the legal owner
- There are no mortgages, liens, or encumbrances on the property
- Planning and building permits are in order
- There are no unpaid condominium fees
Do not skip this step. Issues discovered after signing can be expensive and time-consuming to resolve.
Step 7 — Sign and Complete
The final step is the notarial deed (rogito in Italy, skjøte in Norway) signed before a notary. At this point, the balance of the purchase price is transferred and the keys are handed over. Congratulations — you are a homeowner.
AgencyAPP Platform agents are with you at every stage. Contact us to start your search today.
