Are you looking to get on the property ladder as a first-time buyer? Maybe you're thinking about buying your first home but you just don’t know where to start. Either way, this guide will help you to find out everything you need to know about the housing market, and how you could make your first property investment a great one.
Housing surveys have shown that housing deposits are now falling, but as a first-time buyer, you still need to put down as much as you can. If you can put some money away as often as you can from an early age, then this will help you towards your saving goal more than you realize. It’s also worth trying to explore any products that will help you to save as well. If you save into a fully-fledged savings account then you may be able to get a huge bonus and you would be surprised at how much this could help you to reach your saving goals.
If you just don’t know which saving account could help you, then it would be wise for you to speak with a financial advisor. When you do, you will soon find that you are able to make the most out of every decision you make and that you can also save even more money. If you have a property already and want to buy your first investment property then it may be worth exploring homeowner loans instead.
The next thing that you need to do is sit down and work out your budget. If you can do this with a financial advisor, then this is fantastic. If not you can have a peek at this website to help you. A mortgage advisor will look at the income you have and your debts. They will also look at your deposit as well, as this will help them to make an overall assessment of how much you could take out. It’s vital that you do this at the start of your housing hunt if possible as this will help you to make sure that your search is as realistic as possible.
It’s vital that you get an offer in principle as well. Different banks call these different things, but ultimately, it shows that you have the right amount of financial activity in place and that the bank sees you as being an attractive buyer. Some property owners do not want you to look around their home until you have an offer in principle either, so it’s worth exploring this as soon as you can.
There is simply nothing worse than falling in love with a property that is out of your budget. You have to make sure that you explore the areas that you can actually afford to buy in so that you can consider the type of property you want before you go ahead and begin your search. Of course, if you are going to be buying a property abroad, you may wish to seek the advice of a property expert like Simon Conn who specializes in helping people understand the process of buying homes overseas. Chances are, things are going to work slightly differently in the country you are looking to move to, so doing your research and asking for help is perhaps going to be even more important.
Wherever you are looking to move to, you will find that some areas are more desirable than others, and it’s true that you may not be able to get the ideal property in the ideal area with your first property purchase. That being said, you should always focus on buying the worst property in the best area, rather than the best property in the worst area.
When you have made an offer on the home that you want, you will then need to ensure that you have all of the right paperwork in order. This will help you to get the process moving. You need to try and make sure that you have your ID and that you also have your utility bills ready too. You need to make sure that you have them ready to share with your estate agent if possible. If you don’t then you may find that you end up struggling to go ahead with the mortgage purchase.
When taking out your mortgage, it’s important to know that your agreement may have expired, depending on how long it takes you to find the right home. It’s helpful to have your recent payslips or even your bank statements available when you speak to your mortgage advisor. If you ensure that this is the case, then you should be able to get the whole process moving quickly.
House buys never follow the timescale you hope for. It may take you months on end to find a property that is suited to your needs. On top of this, you may find that the transactions take quite a lot longer as well. Buying a property is quite possibly one of the biggest decisions that you will ever make in your life. So you have to make sure that you don’t end up rushing it if possible.
If you can avoid rushing things, then you will be much more confident in making decisions. You may even find that you are able to explore other options that you might not know were available.
When you begin your home search, you have to make sure that you use a good agent. Your agent will help you to ensure that you make a good offer. They will also make sure that they only show you properties that suit both your criteria and budget. Little things like this can really help you to ensure that you are being looked after throughout your first purchase.
Remember that if you're not in a chain, then you will be at an advantage when making offers. Your seller won’t have to wait for you to sell your own property. This can help you out much more than you realize.
Of course, if you want to get on the property market then this is easier said than done. But if you take the right steps there’s no reason at all why you can't get a property you love. If you are declined for a mortgage, there are other ways for you to get on the property ladder. So don’t give up and explore them.
Are you ready to buy your very first home? Have you already made that dream come true? Share your thoughts with the SOCIÉTÉ community in the comments below.