If you aren’t on the property ladder yet, then the idea of buying your first home can be a little nerve-racking. If you are feeling apprehensive or unsure about whether you should make the decision, have look at some of the key signs you are ready below.
You’re Income Is Steady
Before you will be considered for a mortgage you need to have a steady income. If you are self-employed, it can be a little more difficult to find a mortgage lender that is willing to lend, however, it’s not completely impossible. You just need to do some extra research.
You Already Have Your Deposit Or Have Started To Save
The next step is for you to have a deposit, or at least be on your way to having it. The more you can save the better your mortgage rate is likely to be. Don’t worry if you are struggling to save a large lump sum, there is a lot of help out there. Do some research and see what schemes are available for first-time buyers.
You Have Found A Location That You Love
One of the best advantages, when you rent a property, is the flexibility, especially when you aren’t quite ready to commit to a location long-term. However, if the area that you are living in already ticks all your boxes, and places such as Bellriver Homes have started to develop in your area, it may be time ot take the plunge. If you already know an area, you are less likely to come across any nasty surprises.
Don’t be too disheartened if you have to move away from your current area, there are also many other areas that will be affordable, and perfect for you. You may even find somewhere that is even more you.
You’re Thinking About Starting A Family
If you are considering starting a family, then buying your first home can provide you with the stability that you need. From getting the nursery ready how you want it to baby-proofing your home, buying your first home enables you to do this without permission from your landlord.
You Want A Future Investment
Renting means that your income is effectively going into someone else pockets, especially their future pockets. If you are looking to invest in your future, buying your own home is a great way to do this. Mortgages typically last around 25 years, so if you buy when younger, the quicker you are able to build up the equity. By the time you retire, you ideally want to be mortgage-free, this gives you some financial freedom and some security.
Can You Afford It
You need to weigh up both the good and the bad when it comes to buying your own home. After all, you will only buy your first home once. It is possible to buy your dream home as your first home, however, most people start off small and start to climb the ladder.
Are you thinking about buying your first home? What plans have you put into place?
The next big thing is, can you afford it? Everything and I mean everything costs money. One of the best ways of totalling up all the expenses you might incur is to use an online cost calculator like https://www.sofi.com/home-affordability-calculator. We recommend this one, it’s free and does all the work for you.