So you’re considering buying your first home? Ahead lies an exciting time full of new beginnings, investment gains, and home decor fun. Before you get to all the perks, it’s time to get the red tape out of the way and deal with the practicalities.
1 . Saving early
Rule number one, if you’re looking to buy, it’s well worth saving early. You may not be entirely certain that you want to purchase a home right now, but if it’s something that you wish to do in the future, you definitely won’t regret saving early. Remember, it’s preferable to put down as large a deposit as possible.
- Assess your budget
When you are looking to get on the property ladder, the first thing that you need to do is assess your budget. You can have a go at doing this yourself with the use of a budgeting app. Mint, for example, is a top app that allows you to track all of your financial accounts in one place from your general bank accounts to credit cards, investments, and loans. Mint uses your income and expenses to create a budget for each category and helps you to determine how much you can stand to save.
- Mortgage shopping
Once you have a good idea of your budget yourself, you should also make an appointment with a mortgage adviser so that they can give you a professional assessment of how much you could potentially borrow. Ensure to take all of the appropriate documents when you go to meet your mortgage adviser, including payslips, details of credit commitments, and various forms of ID.
You should certainly shop for a mortgage before you begin the process of viewing houses. The last thing you’ll want is to find your dream house to then miss out because your mortgage is not yet finalized. Your mortgage lender will complete a credit check to assess your options moving forward. Remember, the sooner you get a mortgage in place, the sooner you’ll be in the best position to start making offers.
With a mortgage sorted, you’ll be ready to get house hunting. Before you do so, it’s a good idea to figure out exactly what you are looking for and define your ‘must-haves.’ Ask yourself what is most important to you, be it the cost, the size, the garden space, or even the neighborhood. If you’re looking to keep costs down, you might be looking for smaller Apartments for Sale as opposed to going for a house on your first buy. Perhaps you’re particularly interested in a new build home that is fully energy efficient? Maybe it’s important to you to be close to a station to commute to work? Whatever your needs are, be sure to define them before you start looking.
Getting on the property ladder can be a long and drawn-out process, so it’s essential to stay patient. It may take a little time to secure a great place, but rest assured, the wait will be worth it. Moving house can be a slightly stressful process, be sure to get organized early to avoid the pressure.