Get a good job, get married, buy a nice house – that’s what we’re all expected to do once we’ve started adulting, right? Buying a house is one of the most ‘adult’ things you can do, but are you really ready for the responsibility? There’s a lot to consider when buying a house, so it’s not a decision to take lightly.
Are you really ready to get on the property ladder? Consider some of the following first.
How are your finances?
Property is one of the most expensive purchases you’ll ever make – and it’s not as easy as playing Monopoly. You’ll want to make sure your debts are non-existent or that you’re showing good debt management, and you’ll need to make sure you can afford your mortgage payments and any other payments that will be expected from you as part of home ownership. Look to start cutting your costs and save money to help you get your finances in good shape ready to buy.
Are you ready to save for a deposit?
Saving for a deposit can take a long time, especially for your first property. You’ll need anything from 5 – 20% of the house price to help you get a good mortgage rate, and it’s something that can take years to do. As well as the deposit, you’ll need to save for Stamp Duty, solicitors fees, moving costs and more, which can all take a lot of sacrifices to save up for. When you’re ready to get serious about saving, you can get serious about buying your own home.
Are you ready for the responsibility?
Owning a home comes with many responsibilities, and you need to be ready to accept them before you can buy a property. From finding and dealing with lawyers, to being responsible for all work that needs to be carried out in the property – there is a lot more to do than simply handing over money and moving in.
Are you living in the right area?
Location is everything when it comes to buying a property. It’s difficult to choose a new area to live in, but you might find that property prices are out of reach of where you currently live. While living in the city is great, you might have to consider moving further out to be able to buy a property you can afford. Work out whether you’re really ready to give up your current lifestyle and living arrangements before you take the plunge.
Buying your first property is a big decision, and not one to be taken lightly. There are many things you need to consider, and some things might make you want to wait a few more years before you buy. Speak to others about their house buying experience to get a feel of what’s involved and to help you make the right decision about buying. It is a big decision, but one that will be worth it once you decide to go for it.