Buying your first home is an exciting yet complex journey, and if you’re considering purchasing a property in Faversham, you’re making a great choice. This historic market town in Kent offers a blend of character, convenience, and affordability, making it an excellent place for first-time buyers. With a strong sense of community, picturesque streets, and a variety of property types ranging from period cottages to modern developments, Faversham provides an ideal setting for those looking to get onto the property ladder.
The town’s excellent transport links to London and other parts of Kent make it a practical choice for commuters, while its vibrant town centre, independent shops, markets, and green spaces offer an attractive lifestyle. Whether you’re drawn to Faversham’s rich heritage, its riverside charm, or its growing property market, finding the right home requires careful planning and expert guidance.
Working with experienced estate agents in Faversham can make the process much smoother. They have in-depth knowledge of the local property market, helping you identify the best areas, negotiate prices, and navigate the buying process efficiently. From understanding mortgage options to budgeting and legal requirements, this guide will help you approach the Faversham property market with confidence, ensuring you make informed decisions every step of the way.
1. Why Buy in Faversham?
Faversham is an increasingly popular location for first-time buyers due to several factors:
- Affordable Property Prices – Compared to London and other parts of Kent, Faversham offers great value for money.
- Excellent Transport Links – With direct train services to London St Pancras, Victoria, and Canterbury, it’s ideal for commuters.
- Charming Market Town Atmosphere – The town boasts a rich history, independent shops, and a strong sense of community.
- Good Investment Potential – Property prices in Faversham have been steadily rising, making it a smart long-term investment.
- Great Local Amenities – With good schools, parks, and leisure facilities, it’s perfect for families and young professionals.
If you’re ready to take the first step, let’s look at how to start the buying process.
2. Setting Your Budget
Before you start house hunting, it’s essential to establish a clear budget. This includes:
- Deposit Requirements – Most lenders require at least 5-10% of the property price as a deposit.
- Mortgage Affordability – Your mortgage lender will assess your income, credit history, and financial commitments to determine how much you can borrow.
- Additional Costs – Remember to factor in:
- Stamp Duty (if applicable)
- Legal fees and conveyancing costs
- Surveyor’s fees
- Moving costs
- Home insurance
- Utility connections and council tax
Using a mortgage calculator can help you estimate your monthly repayments and ensure your budget is realistic.
3. Understanding Mortgage Options
Securing a mortgage is one of the most crucial steps in buying your first home. Here are some of the key mortgage options available to first-time buyers:
- Fixed-Rate Mortgages – Your interest rate remains the same for a set period, providing stability in repayments.
- Variable-Rate Mortgages – Your interest rate can fluctuate based on the lender’s terms, meaning payments may go up or down.
- Help to Buy & Shared Ownership Schemes – Government-backed schemes can help first-time buyers afford a home with a smaller deposit.
- Guarantor Mortgages – A family member can secure your mortgage, making it easier to get approved with a lower deposit.
Speaking with a mortgage advisor can help you find the best deal tailored to your financial situation.
4. Choosing the Right Property
Faversham offers a mix of property types, from period cottages to modern developments. Consider the following when choosing your first home:
- Location – Look at transport links, schools, shops, and local amenities. Popular areas include the town centre, Ospringe, and The Creek.
- Property Type – Do you prefer a flat, terraced house, or semi-detached property? Think about long-term suitability.
- New Build vs. Older Property – New builds may come with incentives like lower deposits, but older homes often have more character and space.
- Potential for Growth – Look at areas with upcoming developments or regeneration projects for future value increases.
It’s a good idea to visit properties at different times of the day to get a sense of noise levels, traffic, and overall neighbourhood vibe.
5. Making an Offer
Once you find the perfect property, the next step is making an offer. Here’s how to approach it:
- Know the Market Value – Research similar properties in the area to ensure your offer is competitive.
- Consider the Seller’s Situation – If they’re in a rush to sell, they may accept a lower offer.
- Get a Mortgage in Principle – This shows sellers you’re serious and financially prepared.
- Negotiate – If the initial offer is declined, you can adjust your bid based on feedback.
Once your offer is accepted, you’ll move to the legal and financial processes of buying a home.
6. The Legal Process: Conveyancing Explained
Conveyancing is the legal process of transferring property ownership from the seller to you. This typically involves:
- Hiring a Conveyancer or Solicitor – They will handle contracts, local searches, and legal paperwork.
- Conducting Property Searches – Checks on flood risks, planning permissions, and local development plans.
- Reviewing Contracts – Ensuring there are no hidden clauses or issues with the property.
- Exchanging Contracts – Once everything is agreed, you’ll pay your deposit, and the purchase becomes legally binding.
This process usually takes a few weeks, depending on how quickly all parties respond.
7. Arranging Surveys & Valuations
Before finalising your purchase, it’s advisable to get a property survey to check for structural issues. Options include:
- Basic Valuation – Required by the mortgage lender to confirm the property’s worth.
- Homebuyer’s Report – Highlights potential problems such as damp, roofing issues, and subsidence risks.
- Full Structural Survey – Recommended for older properties, this provides a detailed assessment of the home’s condition.
If significant issues arise, you may be able to negotiate repairs or a lower price with the seller.
8. Completing the Purchase & Moving In
Once contracts are exchanged and all financial aspects are settled, you’ll move towards completion.
- Final Checks – Ensure all agreed repairs and conditions are met before the final payment.
- Completion Day – Your solicitor will transfer funds, and you’ll receive the keys to your new home.
- Moving In – Arrange utilities, update your address, and set up home insurance.
It’s a good idea to create a moving checklist to make the process as stress-free as possible.
9. First-Time Buyer Schemes & Support
The UK government offers several schemes to help first-time buyers get on the property ladder:
- Help to Buy: Equity Loan – Available for new-build properties with only a 5% deposit.
- Shared Ownership – Allows buyers to purchase a share of a property and pay rent on the remaining portion.
- First Homes Scheme – Offers discounts of up to 30% on new-build homes for first-time buyers.
Checking your eligibility for these schemes can significantly reduce your financial burden.
Final Thoughts
Buying your first home in Faversham is an exciting milestone, but it requires careful planning and research. By understanding your budget, securing the right mortgage, and working with professionals throughout the process, you can make informed decisions and avoid common pitfalls.
Faversham’s affordability, excellent transport links, and welcoming community make it a fantastic choice for first-time buyers. Whether you’re looking for a charming period cottage or a modern apartment, this town has something to offer everyone.
If you’re ready to take the first step, start by speaking to a mortgage advisor and estate agent to explore your options. With the right guidance, you’ll be well on your way to owning your first home in Faversham.
