Buying your first home can be difficult, but you shouldn’t let this put you off. There are ways in which you can make buying your first property a little simpler, from taking advantage of Help to Buy schemes, making a savings plan and asking for help if you need it. It is also important that you remain realistic when it comes to choosing your first property – it probably won’t be everything you’ve dreamed of but getting a boost up onto the property ladder is an essential starting point. Read on to find out more about how you can make it easier for yourself below.
If you choose a property that is not all you’ve dreamed of, or you need more space now than you did when you moved in, single storey extensions can be a great way of creating a new element within your home, which can add resale value, as well as comfort for you and your family.
Start saving
If you’re looking to purchase your first home to get you onto the housing ladder, you’re going to need to get saving. This is one of the first factors to consider as soon as you have made the decision that you want to move out. When buying your first house or renting in apartments near Lansing, you’ll need to consider how much you’ll need to put down as a deposit (which all depends on the property you choose) as well as any other fees you may come across throughout the process. Look at your income and decide how much you can afford to put into your savings each month – if you think you’re not going to have much left of your pay cheque, you could start looking at cutting back on unnecessary purchases so that you can save that little bit more for a house of your own.
Be realistic
When it comes to getting onto the property ladder, you’re probably going to realise that your first home is not going to be your dream home. You should remain realistic when searching for properties, this way, you will be able to find something that you can afford. When you have your savings in order and you’re well on your way to having enough for a deposit, you can get your documents together and visit a mortgage advisor so that you can have a more accurate idea of how much you can afford to spend on your property and the monthly payments that come with it.
Help to Buy
There are schemes in place that are specifically made for those of us that are trying to buy a property for the first time. A help-to-buy ISA allows you to put a set amount of your savings away each month, and depending on how much you save, the government will then give you a bonus of up to £3000 towards for first home. Help to Buy schemes can work well for first-time buyers, as the extra funds supplied to you by the government, on top of what you’ve already saved, can give you a boost towards securing the property you want.
Ask for help
When it comes to getting a leg up on the housing market, you shouldn’t feel like you can’t ask for help. Whether that’s in the form of a help-to-buy scheme, asking your bank what the best option for you is, or asking your parents! If your parents are willing to help, they may be able to offer you some extra funds to go towards your goal of owning a property and it goes without saying that their repayment options are likely to be more favourable than your banks! If your parents can’t help you with the financial side of things, there are other ways they can help you – for example, they could ask as a guarantor on your mortgage, which means they must pay if you for any reason can’t make a mortgage repayment. This type of loan is sometimes recommended if you have bad credit.
