Mortgage rates are at their highest in 33 years. According to real estate expert Nick Millican, knowing what to buy, or not to buy, is important for first-time buyers. Many first-time buyers spend two-thirds of their income on mortgage payments, and it is a challenge for many to keep up. 

For those who can afford a new home, it might be wise to purchase one that does not require a substantial initial outlay, Nick Millican adds. Home buyers should also consider what it will cost to refurbish their home if needed. Make sure to conduct proper surveys. 

Buyers must also conduct a little research to make sure their choice of contractor, builder, or architect has legitimate credentials. Buyers should also consider any hidden challenges with flats that may have cladding issues. This is because, as Nick Millican shares, there were a number of high-rise properties involved in the cladding scandal. 

Keep in mind that lenders will not lend on buildings without a proper sign off from a recognized surveyor. Make sure everything is in order before any contracts exchange hands. Also, Nick Millican comments, checks that the property is in good order and that the managing agent is on top of repairs. 

Buyers should pay close attention to the condition of a property, rather than just the property type. Also consider the differences in leasehold and freehold properties. Finally, remember that a property’s location matters. Nick Millican has a keen eye for investing and managing real estate assets. He knows that research is a key element for any successful real estate purchase.