In's & Outs of Buying your first property BY
CHARLOTTE
NICHOLE
The idea of buying your very first home is a huge deal. That’s been drilled into us
KNOWING WHAT TO EXPECT
Buying a property isn’t as cut and dry as you may think. There is a lot to be said for purchasing a property, whether it be your first or ninth. You will need to be prepared mentally for the challenge. Chances are, it will be a long and possibly overdrawn process, and that’s not even considering the time it takes you to save. Mortgage applications and property purchases can take months to go through, so this is something to consider, and be aware of.
since its considered a huge and rather valuable investment. Whilst buying a property may not be something for everyone, nor be achievable for many, it should not be down played as huge accomplishment, especially in this current property climate. Your hard earned cash is being put into a property that will one day completely be your own. How awesome is that! Whether
SAVING
Next up, you need to start saving. And this can take years! You will often need 5-10 percent of the property value in savings as your deposit. And this can be overwhelming when you’re looking at somewhere that costs £200,000! But if you’re really determined to buy your own place, unfortunately it is the process in order to get you your own home. Consider things like help to buy equity loans and saving help if you are really struggling to find the cash. Be aware, the equity loan however, can only be used on a new build property.
the investment becomes your retirement income, or something to leave to your family, its something of a financial safety net as so to speak. Whilst the rental market has a ‘black mark’ against it, it’s no surprise many of us consider buying before renting. Buying your very first property is something for a large consideration. Here’s everything you need to know, going alone, with your partner or friend, and the real in’s and out’s of property ownership.
SEARCHING
Now you’ve pooled in the funds, and prepared yourself, you’re going to want to start the property search. And trust me, it’s not as easy as you may think. Whether you are purchasing through help to buy or not, finding a house can be a long process.Really make sure you leave yourself enough time to find, and don’t put too much pressure on yourself. Purchasing your first home will by no means be your forever property, however, choosing a sensible property now can save you cash in the long run. Consider your future desires and if you can, purchase a property that will give you the scope to live there for a pro-longed period.
JULY
2019
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