A lot of people today worry about when they are going to be able to buy their first property. The UK housing market is something that has received a lot of attention lately, with mortgages seemingly more difficult to attain than ever before. With that in mind, if you are lucky enough to be purchasing a house in your 20’s or you are thinking of doing so, read on to discover some of the important things you need to know first:
- Don’t let your emotions choose your first home – A lot of people make the mistake of letting their emotions take over, rather than choosing a home that matches their lifestyle needs.
- There is no rush – For some reason, there seems to be this almighty rush to buy a house. There is no time limit. There is no right or wrong time to buy a house. If you think you’d be able to purchase a house more comfortably within the next year or two, wait.
- You can shop around for your mortgage lender – Many first-time buyers simply go for the first mortgage offer they are made. However, there are many different finance options available, and companies like Belgravia Property Finance explain them in full. Remember, it is all about finding the best deal for you – something that you can comfortably afford to repay.
- It will feel like it is never going to happen – Buying a property is a long journey. Firstly, you will probably go through endless property searches until you find the right one for you. Once you have found a house you love, this is only the beginning. You may get outbid, or even if your offer is accepted, the process after this can be a long one. It can feel like it is never going to happen, so be patient.
- You will feel like you are broke – You are going to have heaps of money going out your account. Not only do you need to put the deposit down, but also you will need to pay legal fees, as well as fund the removal process, property inspections, and such like. When all of this comes out of your account, it can feel like you’re poor!
- Choose a comfortable number and stick with it – You need to determine your comfortable figure, and make sure you stick with it, no matter how much you fall in love with a specific property. Getting caught in a bidding war can be a nightmare. Not only will overbidding cost you more money, but also you may find that you have to contribute more money to the property upfront from your own pocket. This is because banks demand an appraisal of all properties, and you may need to pay the difference if both figures do not align.
Get pre-approved first – Last but not least, get pre-approved for a mortgage before you start the process. You don’t want to fall in love with a property when you are not in a position to put a serious offer in.