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Are You Ready To Buy Your First Home?

  07 Nov 2016

Buying your first home is a hugely exciting time for most people but it is likely to be the most stressful and important decision a person makes in their life. This means anyone looking to buy their first home has to be honest and ask themselves “are you ready to buy your first home?”

If you can’t answer that question or any of the other questions you should ask, you may find it is better to reappraise your current situation or what you are looking for with respect to a property.

First of all, when it comes to buying your first home, this should be your main priority in life. If you have other goals at this time, such as studying at University, saving for a wedding or placing money into a retirement fund, you have to ask whether you can meet these aims and afford to buy a home.

You should also give some thought as to where you see your life heading in the next few years. It is impossible for anyone to say for certainty what will happen but you should be able to make realistic outlines on what you expect or hope to see in your life. When looking to buy your first home, you should at least be looking to stay for five years in order to recoup the upfront costs involved with the project.

Your finances need to be suitable

The biggest issue for the vast majority of first time property buyers is finance. It is best to seek to a mortgage advisor or financial advisor as early as possible and create an outline of what a mortgage will mean financially for you.

In looking to qualify for a mortgage, the average assessment suggests that mortgage payments should come to no more than 43% of a person’s or couple’s monthly income. This means people need to consider all of their income and expenditure to work out what they can afford. A recommended step is to arrange to go through the loan prequalification process as this will provide a quick oversight on what is the likely outcome of a loan application and what a person can afford.

It is also crucial to think beyond your mortgage payments. There are many other fees and charges associated with obtaining a mortgage and buying a home, such as solicitor fees and stamp duty changers, where applicable.

You then have council tax and your monthly household bills so you can’t just budget for the mortgage and then think that you have taken care of your finances. It is important to have as much information as you can possibly gather in order to project how much money you’ll really need each month to afford your new home.

Check your credit score

In addition to available finance and affordability, your credit score is hugely important in obtaining a mortgage. It is now possible to obtain a free copy of your credit score which will provide you with a guide as to how companies will view your credit score.

If your score isn’t favourable, it is better to focus on improving the score as opposed to focusing on obtaining a mortgage, at least in the short term.

Focus on the deposit

The deposit is another hugely important factor. The more money you can afford to pay up front, the smaller the mortgage needs to be, which means you’ll improve your chances of obtaining finance if you can provide the lump sum up front. This means you need to look to save as much money as you possibly can before examining your mortgage options.

There is a lot to be said for investing in property and this style of investment can help you to lead a happy life with loved ones. However, this isn’t a decision to rush into and you need to give buying a property serious consideration. There will be plenty of assistance available for people looking to buy their first home but you need to be honest and realistic about what you hope to achieve with your property.

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