While there
is a large emotional component that goes along with owing your own home and you
take on significantly more responsibilities. You can also enjoy all the
benefits of making your own decisions and taking pride in the results, so don’t
be scared take the plunge.
Just as mum or dad used
to say do your homework!
This house buying
process requires research, time, dedication and application. As a first time
homebuyer it can be life changing because it puts you in charge of home
maintenance, repairs and taxes.
Paying your
mortgage each month is a serious obligation.
Paying on time is a big step in establishing credit rating for you to
use in acquiring another property in the future. If you apply the same organisation and
determination to house hunting that you would to searching for a job or even
shopping for a car you will be successful in your endeavours.
Fact or Fiction
The media
continues to suggest that first time buyers get the raw end of the deal with high
deposit requirements and shortage of available funds, is this strictly
true? Although the deposit for first
time buyers in the main is around 10% when previously it had been 5%, the price
of property has dropped and so a smaller loan is needed.
The average
mortgage can be around £100,000 but repayments would be lower than those say
back in 2007, with new initiatives for first time buyers coming onto the market
all the time. Also providing the buying price is not £125,000 or more then
there is no stamp duty to pay.
So while a
first time buyer may have to find a bigger deposit lower prices and no stamp
duty can balance this out, so don’t be deterred.
Jump the hurdles and
get to the finish line!
Once a
prospective first time buyer has faced the first and most sensitive hurdle
their own fears the next hurdle is the down payment. Be diligent in your saving and consider the
following:
·
Don’t
be afraid to start small. Just because
you may qualify for a large loan does not mean it is a smart financial decision
to buy as large as home as possible.
Take a careful detailed look at your family budget and your housing
needs before you decide how much you can really afford.
·
Don’t
get caught up in finding your dream house at outset, that is likely to come two
or three homes down the road.
·
Be
aware as first time buyers and getting on the ladder you make have to sacrifices.
Don’t be discouraged if you can’t afford a home like your mum and dad’s when
you are buying your first home.
·
Keep
your eye on the ball, buying a solid home you can later sell when you want in
probably a few years when you may want to trade up is the end goal.
And finally
be an educated buyer and do your research, understand the steps necessary
before you take the plunge.
And remember
through all this process you will be in the expert hands of an estate agent David Jordan Estate Agents an estate agent that
excels in all areas of the house buying process and will take you every step of
the way.
The time is
now David Jordan Estate Agents is here to make
it a clean run whether buying, selling or letting.
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