Owning a house is a goal shared by many. Many desire a place they can call their own, various rooms to decorate and transform into their dream spaces.
The number of first-time buyers indicates how many people wanted to achieve this dream. Last year, it was estimated that there were 408,379 mortgaged first-time buyers. These high figures show how more people in the UK are looking to get their foot on the property ladder.
For those hoping to get themselves on the property ladder this year, here are a few things that are worth considering.
Get A Start On Saving
When looking to get a foot on the property ladder, you will need to look into saving as early as possible. Set yourself a goal on the amount that you want to save. If you want to buy a house by yourself, decide on an amount you can save each month. Those of you hoping to buy a home with a significant other, set yourself an amount that both can contribute each month to help you achieve the target amount you have set. A goal amount set and knowing how much you will contribute each month will provide you with a more precise timeline for how long it will take you to reach your goal amount.
Aside from the cost of the property, there are considerable costs involved in the house buying process. One of the main costs is having a deposit ready to put down on the house you want to buy. There is also the cost of stamp duty, survey fees, conveyancing costs, estate agent fees and the fees included for your mortgage.
Sorting Out A Mortgage
An essential step in the house buying process is sorting out a mortgage. Getting a mortgage can be one of the trickier tasks in the mortgage process. Your current financial situation can play an influential role in your success in obtaining a mortgage. Those with a good and healthy financial situation will likely find it easier to get a mortgage to help them purchase a house. Those in a less favourable financial situation might find it more challenging.
However, fear not for those who cannot afford a mortgage; obtaining one is still possible. There are mortgage providers and options available to help you get onto the property ladder. Utilise the support and expert guidance available from companies like MoneyNest, which can help you find the right provider for you and your financial situation. Spend some time finding a mortgage provider and seek financial expert advice about what route is the best option for you.
Area To Live
Choosing where to live is an exciting yet daunting part of the house buying process. Depending on what you can afford will influence the area you can live. You may find that you can afford a property in your desired location, but the house does not have all or most of the amenities you need. For instance, if you wanted to have a three-bedroom home, a property in the area you want to live in within your budget might only be a two-bedroom.
Another reason to choose the right area to live in is saleability. It is likely that the first property you purchase will not be your forever home. When looking for a house, consider if the property’s area is desirable. Investing in a property located in a desirable location will help increase the chances of reselling the property. There will be individuals who want to live in the area your house is located. Your property might be the ideal place they want to move into. Investing in a home that is in a less desirable area will mean you might find it challenging to sell in the future.
Be Open To Compromising
Alongside choosing an area to live in within your budget, you have to consider what your budget can afford. It is unlikely to be your forever home when buying your first home. There might be specific amenities or factors that you should be open to compromise on. These could be the number of bedrooms you have, the property’s location, if there is a driveway, or whether the house is semi-detached or detached.
Being open to compromise on some of these factors could help you expand your property search a bit more. You may find a property that has some of your main amenities but is within your budget and allows you the opportunity to transform the house into a home.
Ensure that you book visits to some of the properties you are interested in. Houses can look different in person compared to photographs, so it is well worth booking visits to properties you are not 100% convinced by the photos.
Getting On The Property Ladder
Keeping these points in mind can help you navigate your way through buying a house. Before you know it, the offer you gave will have been accepted, and you will begin moving in and decorating your home. You will have put yourself on the property ladder, ready to climb the next step.