Many of us will agree, that life was so much easier when you were a child. Your food was made for you, you had a roof over your head and you didn’t have to do anything other than school and just enjoy life. We all took it for granted, of course, and now that we are an adult or venturing into the big wide world, it can often feel very overwhelming some of the choices that we now need to make.
There is no denying, that art some stage in your life, you make have the ambition to finally own your home. Maybe you currently still live with your parents and now feel the time is right, or maybe you just have it as a dream of yours for the future. It may have come to a point where you would like to make it your reality, rather than leaving it a dream. But what is it that you need to think about to enable you to make that big step? Here are some of the things to consider.
Why now might be the right time for you?
When is the right time to buy a property? The answer is that there never really is a right time to do it, you just need to be able to be in a position to do it. However, there can be milestones in your life that start you on the road of thinking about getting onto the property ladder. It could be things like getting married. That is a huge milestone in your life and the start of a journey as a couple, so it might be just the push you need to make the commitment official in another why and buy a place together. It might be your age that gets you thinking about it. Hitting your twenties, or even getting overwhelmed because you are entering your thirties or forties and are still not on the property ladder. There can be so many stages in life that gets you thinking about security and putting down routes, and while there is never the perfect time, being prepared for when it is will always be a bright idea.
Getting your deposit together
One of the first things that you need to do when it comes to buying a house is to think about your deposit. Everyone needs to be able to put down some from of deposit on a house. They are expensive purchases to make, and so the chances are that you need to think about a mortgage and look at the deals for them. Many will have varying deposit amounts, but ideally it would be a good idea to get 10% of the purchase price together before you proceed. Saving for the deposit can be hard to do, especially if you are private renting a house as well. But little and often can soon mount up. People tend to take on extra hours at work if they can, boost their sales targets and work hard to increase their disposable income which can then be used to save money for your house deposit.
Making it possible to be credible for a mortgage
As we have already mentioned, it is difficult to buy a house these days without having some from of mortgage on it. You may have your 10% deposit, but that doesn’t mean that you will automatically qualify for a mortgage. You need to think about getting yourself credible for a mortgage. This might mean thinking about your job, and how long you have been doing it for. Whether you have a permanent contract or whether it is temporary, and finding a job that can give you some commitment. It might also mean looking at your credit history and working hard to increase your credit score. This might mean you need to pay off any debts you have before putting in a mortgage application, or working hard in a new job with better income or prospects for at least six months to show that it is a long term thing.
Making it happen
Of course, the big thing to do is to finally make it happen. There is so much paperwork to go through, and the application process might feel long and drawn out. You may have to provide bank statements, you may have to think about showing payslips and your work contract. There might be a lot of scanning to do, a lot of documents to send off, and you might also feel like you could do with some expert advice. This is when enlisting the help of a mortgage advisor or broker, and even having a financial advisor on hand to help could help you to make the right choices when it comes to your next big move.
Where do you want to live?
Once you have everything in place, you can start to think about the areas that you want to live and think about the locality of the new place. Things to take into consideration first and foremost would be the commute to work or to local schools. The last thing you want to do is to buy a place that then doubles your travel time to work and back. You might also want to decide whether you want city living or the country life. So the areas that you choose will definitely take advantage of this.
Do you buy a new house or an older one?
Another decision that you might need to make is to consider something like the type of house that you will buy. The thing to remember would be whether or not you want work to do on the house, or whether or not you would prefer to have something that is ready done. This is when a new house might be the option, and developments from builders like Redrow might be an option to consider. A house where the kitchen is done, the bathroom has never been used and you feel like it is a blank canvas. However, you don’t have much say over the layout etc, so this is when an older house could come into its own. Enabling you to renovate the rooms, knock down walls and make the space work for you.
What do you want from your new place?
Having just mentioned a little about an older house, you might also want to decide upon how much work you want to take on. There are some old houses that have been made up beautifully, or require only a few cosmetic changes. Whereas there are others that will require you to do more extensive work.
What about the future?
While you may be making a big commitment anyway when it comes to buying a house, you also need to take some time to think about the future. It might be that you need to consider things such as whether or not you are going to have a baby in the future, or add to your family. Will the new place be big enough and last you, or will you need to think about moving again in the future? It isn’t so hard to buy and sell properties every few years, but it can be a very stressful process. So bare that in mind.
Do you need to buy a house that you live in?
Finally, sometimes getting on the property ladder doesn’t necessarily mean that you need to buy a house that you live in. It can often mean that you can buy a house to rent out locally or one where you have an holiday house abroad. It can be a great way to get on the ladder without the need to cause too much upheaval to your life.
Let’s hope that these considerations help you finally make that plunge to get on the property ladder.