With the housing market in a state of shock, and jumping through the necessary hoops to get that crucial mortgage being hard, buying your dream home may feel like it’s at an unattainable reach. Think again.
Here are the 5 most important step you can start taking today to achieving your dream and purchase that home. All these factors presented are of fundamental importance but when followed will place you firmly on the path to success.
1. Shape up financially
Shake off the burden of debt as quickly as possible. Plan how you will get debt free or at a minimum only have a small bank overdraft (with low interest rate). Always start by paying off the debt with the highest interest rates. Have completion date and stick to it.
Learn to budget, how to stick with it, and start using one today. Make saving an essential part of the budget. The two easiest ways to save money is to get debt free and learn to spend less, consider doing both.
Using websites online you can quickly find the crime rate, the average wages, and the change in house prices over the last five years. Certain areas or streets perform better than other, research more why this has occurred in those areas.
Take time to drive around the neighbour to get a feel for the area. See if you can locate a good school (within walking distance), supermarket and local convenience store (check the hours) and of course you can check things like play parks, pubs etc too! See how many house look abandoned or in a bad state. Lastly, how far are you from the office? How easy is it for you to get the train (if you work away a lot) or to the shops?
3. Let the Hunt Begin
Search high and low for properties on the market; make a list of what takes you’re fancy and what rubs you up the wrong way.
When you have a list of what features you are looking for and potential neighbours, then you are ready to find estate agents and let the house hunting begin! Stay focus on what you are after and your price range.
4. Find a Mortgage
Study the types, feature and interest rates currently available on mortgages. Do not rely on the mortgage lender to give you advice, make sure you know all the facts for yourself. Remember it’s their job to sell products. Also when comparing mortgages and their terms, do check how they compare online.
As this is a long term purchase, do not get caught up with short term ideas or see this purchase as a quick way to make money. With that in mind, make sure you pay a fair price and have the confidence to ask for a discount if needed.
Trust the information presented in the home survey, and weigh up if you can afford to take major problems should any arise. In these situation it good to know you can walk away.