Your first house that you own yourself is an amazing thing, and becoming a homeowner is an incredible life milestone. Getting there is a hard task, however, but you can make it easier with some savvy tips and common sense.
- Get straight to work saving up for a house deposit. Deposits aren’t cheap, so the earlier you start saving the better. Even if you’re not planning on buying for a while, get into the habit of paying into savings account as often as you can. When you’re ready to buy, your savings will already be well on the way to where you need them to be.
- Consult a mortgage advisor, like an ITIN mortgage company. A mortgage advisor can help you to get your finances in good order before you apply for a mortgage. They will advise you on savings and working out a budget for buying a house. To appear like a better option to a seller, you can also get a mortgage offer in principle, to show you will actually be able to buy their house.
- Do your research to find the best area for you to live in. Look into average house prices in different areas, and try to visit any area you’re considering at different times of day so you know what to expect when you move there.
- Be ready with your paperwork. If you have an offer accepted, you’ll can speeds things up by having your paperwork all ready to go. The estate agent will need copies of your ID and bank statements to get started. To get your mortgage confirmed, you will need bank statements and proof of identity, such as bills or payslips..
- Choose a professional estate agent to help you find your dream home and give you guidance through the sometimes complex and stressful process of buying a house. They can help you find the right place and the buying process a little smoother.
- Don’t forget that the price of the house is not the only cost you’ll have to cover. When you’re saving for your deposit, remember that you’ll also need to pay for costs like any surveys, fees from solicitors, agents fees, hiring movers, insurance for your new home, and you may even have to pay for mortgage arrangements.
- Before you start saving, use the excuse to give your finances an audit. Are you in the best position to make such a large purchase and get approved for a mortgage. Cut out any spending that you don’t need to be doing. Reduce your television package, or swap to cheaper energy suppliers. Cancel magazine subscriptions that you aren’t reading, or cancel gym memberships that you don’t use. Swap nights out for nights in to save some more. Check your credit report and make sure there are no nasty surprises in there. Correct any errors and deal with anything dragging your rating down. Stay up to date with bills to avoid any finance issues, and pay off any outstanding debts. Try and pay off your credit card too.
