Owning property is undoubtedly something that most 20-something gentleman aspire to do, but it’s definitely a lot easier said than done, particularly for a first time buyer. Getting on the property ladder has – as we are all aware – become increasingly difficult over the last few years. But instead of shutting the idea down as being one that you’re never going to achieve, it’s time to take a step back and calmly and carefully consider your options. Yes, property may be difficult to obtain, but houses are there to be bought and we’re here to help you on your way.
- CONSERVE MONEY
Being careful with your money is going to be the most important thing in helping you on your way to owning your dream property. You need to start saving, you need to set up flexible ISA’s, and you need to save for a deposit. If you’re serious about buying a home, you need to start getting serious about saving.
2. CHECK YOUR RATING, You need to ensure that you’re actually paying all of your bills on time because you need a good credit rating. You can keep an eye on this really easily if you’re resourceful with the internet – so there really is no excuse. After all, a bad credit rating = no mortgage…
3. … FIND A GOOD BROKER, Finding the right mortgage broker is essential. Getting that side of things sorted is one of the first steps you need to take in buying property. A broker is there to tell exactly how much money you’re able to borrow and what the likely monthly payments on the property will be. After this, you’ll have a much clearer idea of what you can genuinely afford.
4. DO YOUR RESEARCH, It should be obvious that doing your research is a pretty integral part of buying property. Are you looking for a freehold? A leasehold? These are questions that you need to ask yourself before you even start to think about anything else. And once these are answered, remember to…
5. BE REALISTIC, While it would be nice to live down the road from your best friend or girlfriend, you need to be more realistic than that. Once you’ve sorted out your finances and worked out exactly what you can afford, do proper, solid research on a variety of areas. With this, it’s important that you keep an open mind – we all want to live in the most accessible places in the city but this isn’t always possible.
6. BE PATIENT, As with a lot of things in life, buying property is going to take a lot longer than you want it to – or than anyone tells you it’s going to. Most of the time, you’ll be going into a chain, which we all know is totally reliant on any other party involved. You really need to be patient and not rush into this; it’s a longterm and very serious investment that you really don’t want to make any kind of irrational decision on.
7. STRUGGLING WITH AFFORDABILITY? , It’s completely normal to not be able to afford to buy on your own – in fact you’re already cut above most other 20-somethings if you’re even considering it. There are so many schemes out there which are set up to help young people buy property – it just takes a bit of research to find out which one is going to suit you. Once you’ve found out which area you want to live in, take a look at affordable housing options and help to buy schemes in that area.
8. VIEW, VIEW, VIEW, Pictures can only take you half way there and it’s important to view a lot of different types of properties so that you can work out exactly the type of building that you want to live in. Is it a new build? A victorian? Once you’ve got a handle on this, you can narrow your search right down – and this will make your life a whole lot easier.
9. USE A SURVEYOR, Yes, they come with a fee, but it’s an essential fee for you to pay. A surveyor is going to tell you if the property is actually worth the offer you’re making. You need to take advice on values from a professional who will be able to look at comparable sales of similar, nearby properties; don’t always pay attention to the price guide of the property. Make your bid, put your best offer forward and do not go over your budget.
10. SPEED IS IMPORTANT, If your offer is accepted, use recommended professionals for the surveys and due diligence. You need to have all of your ducks in a row and be severe – just not too severe – in trying to secure a date where all of the work will be completed. You’ve got this far and you really don’t want your purchase to be slowed down at this point.
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