First Time Buyers: 5 Things To Consider As You Take That First Step Onto The Property Ladder
If you are considering buying a property for the very first time and taking that
all important first step on the property ladder you may be feeling a sense of excitement and trepidation. We all know that in the current economic climate it is extremely hard to purchase a property, especially when doing so for the very first time. With mortgage companies now being much more selective about who they lend money to, and how much they are willing to lend, as well taking factors such as late credit card payments or loan payments much more seriously when assessing your mortgage application, it can now be much harder to get started on the property ladder. This article looks at five points to consider when attempting to purchase your very first home.1. Saving a deposit.
You should do your research into what mortgage deals are likely to be available to you and ensure that you have a realistic idea about how much you will need to save as a deposit for the property you wish to purchase. Deposits can often be as much as 20% of the property price so you should ensure that you have a savings plan in place to accommodate this before starting out.
2. Factor in all the costs involved in moving house.
As well as saving for your deposit make sure you are aware of the costs involved in purchasing a property which can include solicitors fees, land registry fees, stamp duty, search fees and removal costs. This can add up to thousands of pounds and you should ensure that you have these finances covered.
3. Budget your finances going forward.
With all this saving and planning for the actual costs of paying a deposit and paying the other costs of moving house, make sure you have enough money left to pay your monthly mortgage payments and bills once you have moved into your new home! You should be able to plan your finances in advance and work out your incomings -v- your outgoings. Make sure the former is more than enough to cover the latter before you commit!
4. Research the area in which you wish to buy.
It is important to carefully research the area in which you wish to buy your first property. Consider not only your immediate requirements, such as whether you would be able to easily commute to work and whether there are adequate amenities in the vicinity, but also any future requirements you may have such as schools and playgroups. Check also that there are no plans for developing the area which may significantly affect the street where you wish to live.
5. Take your time.
Buying a property is likely to be the single most expensive transaction you have made in your life to date and it is not, therefore, something that should be rushed into. Take your time in looking at many properties before you decide on the one that is right for you.
Taking your first step on the property ladder is an extremely exciting and rewarding time. With careful planning, saving and research you can ensure that the process goes as smoothly as possible allowing you to sit back and enjoying owning your very first home.
Copyright (c) 2012 Robert Gray
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