It’s always exciting to make the decision to buy your own property. After all, you can say goodbye to that huge monthly rent bill you have to pay. And you can really make the property your own with beautiful decor. Also, best of all you can say farewell to that annoying landlord who pops in every month or two. However, a lot of people go into buying a property without knowing everything that is involved. And then they come to regret it once they own your property. Therefore, here are some ways you can decide whether you are actually ready to buy a home!
You Have Enough Savings
A lot of people make the error of thinking they can go into the bank and easily get a mortgage. But believe me, mortgage and easy are not two words that go together. Even if you have chosen a small house, it can be still hard to get the mortgage provider to let you have a mortgage. For starters, they will take into account your job and earnings. If you haven’t been with your work for long, you will have to say goodbye to getting a mortgage. A lot of the providers will want you working for a company for at least six months. And you will need a letter proving you are a permanent staff member. Then they will look into how much you will be paying out for bills. After all, they will be checking if your wage will cover the mortgage, the bills and all the other payments you have to make. And if it doesn’t, they will not give you a mortgage. On top of all this, they will be expecting you to put down a good sized deposit. Otherwise, they won’t offer you as much when it comes to the mortgage. Therefore, you should wait until you have a few thousand in the bank before you attempt to try and secure your first home!
You Have Backup Savings
When you buy your first home, you are making an agreement that you will pay out money for the mortgage every month. And this is on top of the bills for electricity, water and TV license. Therefore, you need to make sure you can afford to pay these even if you get in a position where you are not earning. Therefore, you shouldn’t even think about buying your own home till you have a thriving savings account at the bank. That way, even if you lose your job, you can make the payments. And it will also help you to pay out for other things you need during the moving process such as your conveyancing solicitor. After all, these lawyers like Bannister Preston will charge around a grand to do all the legal work for you. And not only this, but you also need funds to buy items for your new home!
You're Ready to Settle Down
One thing people forget when considering buying their first home is that they are securing roots. After all, it’s not so easy to sell a property and move quickly like you would do with renting. Therefore, you might have to stick around in a specific area for a good few years. So you should be happy in the current area and be in a job that makes you happy. After all, if you are still planning on doing some travelling in a couple of years, it might not be wise to take on a house. After all, you are taking on a responsibility to pay out for the home every single month. Therefore, you can’t just jet off away for a few months or just quit your job without a worry. So only buy a property if you are in a good place and happy with your life as it is!
You're Ready For Responsibility
When you buy your first home, you are taking on a ton of extra responsibility. Not only when it comes to having to pay out for a mortgage, but also when it comes to DIY and maintenance. You might have been used to calling your landlord who would fix anything when it went wrong. Or if you lived at home, dad would save the day when something happened in the house. But now you have your own home, you need to fix any issues that occur. And it might end up costing you a small fortune. Therefore, you need to be prepared for this occurring if you are to become a homeowner. For one thing, you should get some buildings insurance for your home. That way, you can claim to them, and they will make arrangements to sort your home. It’s also worth contacting a boiler engineer and an electrician who can come out to your home every year. They will be able to fix any problems and stop issues in their tracks before it gets worse! And if you can’t bear the thought of dealing with problems, it might be best to stick to renting for now.
You're in a Stable Relationship
It’s always worth thinking about who you are planning to buy a house with. After all, there might be consequences in the long-run if you make a bad decision. For starters, if you are buying with a friend, you need to consider whether you have a stable relationship. After all, if you and your friend aren’t the closest, you might find things go wrong when you move in together. And it might make for a challenging sale if you both are not talking. And the same thing goes if you buy with your other half. You need to be in a stable long-term relationship before you purchase a house. Otherwise, the relationship might go to pot, and then you will end up with a house neither of you can afford on your own. And it might make for awkward situations such as living under the same roof till you sell!
And remember to check out how much the bills will cost for the humble abode before you take the leap. After all, there might be charges that you don’t know about such as maintenance fees in new developments which make it an expensive buy in the long run.
, by Stacey