If you’re tired of renting, you’re in the same boat as the majority of people who are renting right now. Some people are stuck in their situation, but others have the ability to turn it around and buy their own place, they just need a little push to do so.
A lot of the time, we find that people don’t own their home not because they can’t afford to, but because they don’t actually know what they need to do to make this happen. It’s not actually as simple as saving some money and making a purchase, though we wish it were.
Down below, we’re going to be taking a look at some of the different things that you’re going to need to do in order to make this happen for you. It’s time to say goodbye to renting if you’re able, and say hello to the life of a homeowner. If you’re not in the position to do this right now, just sit tight and keep moving towards it because your time will come.
Start Saving What You Can
One of the first things that you should do when you decide that you want to purchase a house for yourself is start saving where you can. The more money that you can save for a deposit, the easier it is for you to purchase a property. The likelihood that you are going to be able to save the total amount needed for a property is slim to none unless you suddenly come into a whole load of cash. Sadly, that’s unlikely to happen, and you’re back to the chances being slim to none.
What you can do though is budget thoroughly and start working on saving for a deposit. Any spare money that you have can go in here, and while it might be tight for a while, there will come a time where things are easier. That time comes when you own your home and you’re not spending so much on rent plus trying to save for this on top of that, but you will get there!
Ideally, you need around 10-20% of the total cost for a deposit. Realistically, you need as low as 5% but your mortgage rate might not be the best, and you’re definitely better off waiting until you’ve got slightly more tucked away.
Look Into Schemes That Can Help
The good news is that there are schemes in place to help people purchase property. Now, not all of them are going to be suitable for you and your situation, which is why you have to research and find which ones are, and if you can get help through them. For example, there are specific schemes that are set up for those who are first time buyers, for those who are a certain age, and other parameters.
The more you research what is available, the more information you’re going to find. You can even employ those that you know to see if they can help you find some more information if you feel as though you’re not finding what you’re looking for.
Get A Mortgage Broker
When it comes to getting a mortgage, you need to get a mortgage broker. Well, you don’t need to, but we strongly recommend that you do. These professionals are essential when it comes to getting the best rates, the best mortgage overall really and that’s not something that you want to miss out on. A lot of the time, they are able to access deals that the general public cannot, meaning that you may miss out on something incredible if you don’t choose a mortgage broker.
More than that though, it takes the stress of this off of your shoulders. Letting a professional handle this means that you can focus on the other aspects of purchasing property, and chime in with the mortgage where you need to. Of course there is paperwork for you to fill out and you have to accept the mortgage that is being offered, but finding one is a real pain in the behind, and if you don’t have to, don’t.
Work On Your Credit Score
In order to get approved for a mortgage you’re going to need to have a few things. One of them is a stable income that is over a certain amount – this number is based on what the mortgage cost would be. The other is a good credit score. It is possible to get a mortgage with a less than stellar score, but it’s hard, it means you get worse rates, and most of the time it’s not worth it in the end. This is especially true when you consider that you can wait a year or so, do the things you need to do to improve your credit score, and then apply.
To do this, you should do things like avoid opening credit accounts, clear off your balances and don’t spend on them. Or, if you do, ensure that you’re paying the account in full every time a bill gets done to show that you are able to do so. The more outstanding debt you have, the lower your score is, and the lower chance you have of being accepted for a mortgage.
Decide On Your Preferences
You’re now going to need to work out what you actually want from a property. There is no point in looking at properties until you know for sure what you do and do not want. That’s not us saying that you have to know specifics, but you do need to know things like how many bedrooms you need, if you want a garden, if a garage is a dealbreaker and so on.
You need to set your expectations and what it is that you’re looking for so that when you start the search, you stay away from things that are not for you.
Set Your Budget
Something else to consider when it comes to buying your own home is the type of budget you have to play with. You may not have much, but as long as you have the deposit available then this is all you need. Work out how much you can realistically afford, perhaps you are being gifted a certain amount from friends and family. This is what a lot of people do, as saving these days is incredibly hard.
Once you have an idea of your budget you could get a mortgage in principle. This gives you a rough idea of the prices you should be looking at. There is no point looking at a home worth £500,000 if you only have £250,000 to spend. Your budget will also give you an idea of the space, rooms, and areas you could move into.
View Properties
Another thing you will need to do at some point is look at different properties that you may be interested in buying. There are so many out there, that it can be a bit overwhelming if you aren’t used to it. Speak to an estate agent who will be able to listen to your wants and needs then find properties to match this. For example, if you are looking for a three bedroom, two bathroom for a set price then look at houses for sale by Harper Macleod.
At times you may need to be flexible with your list of demands, as they may not all be met. So if you want a set garden or driveway space but all your other needs are met then this might be something that you need to give some wiggle room for. As long as everyone has space to sleep and you like the area, you can chop and change other things around the property. You never know there may be space to add a driveway or convert the loft for some extra space.
Set Money Aside For Moving Costs
Lastly, if you are thinking about moving then the costs don’t just end when you purchase the house. You will also need costs for moving and unfortunately, these can soon mount up. There will be costs for cleaning your old property and potentially cleaning your new property. It has been known for sellers to leave their homes in a bit of a state because they don’t see the point in cleaning it if they move out. This is totally unfair to the people moving into your property who, like you, already have enough to deal with when it comes to the move.
So, you have the moving costs which will equate to more if you decide to use a removal company. You then have the costs of cleaners, if you are using them, and you might also want to change the locks in your new home. You never know who has kept a set of keys, and the last thing you want is to be watching TV and someone stroll into your property. The general cost of moving is thought to be around £1000, it can be more if you use professional companies. Make sure you have this money available once your other costs have cleared.
We hope you found this article helpful and it gave you some reassurance that buying your own home is totally possible. While moving can be stressful, if you have your own home at the end of it then it is totally worth it.
